SEC Info - Physicians Realty Trust, et al. - ‘10-K’ for 12/31/16

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Physicians Realty Trust, et al. – ‘10-K’ for 12/31/16 – ‘EX-101.LAB’

On: Friday, 2/24/17, at 9:51am ET · For: 12/31/16 · Accession #: 1574540-17-7 · File #s: 1-36007, 333-205034-01

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/24/17  Physicians Realty Trust           10-K       12/31/16  112:31M
          Physicians Realty L.P.

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.88M 
 2: EX-10.9     Material Contract                                   HTML    102K 
 5: EX-21.1     Subsidiaries List                                   HTML     77K 
 6: EX-23.1     Consent of Experts or Counsel                       HTML     30K 
 7: EX-23.2     Consent of Experts or Counsel                       HTML     30K 
 3: EX-12.1     Statement re: Computation of Ratios                 HTML     46K 
 4: EX-12.2     Statement re: Computation of Ratios                 HTML     47K 
 8: EX-31.1     Certification -- §302 - SOA'02                      HTML     36K 
 9: EX-31.2     Certification -- §302 - SOA'02                      HTML     36K 
10: EX-31.3     Certification -- §302 - SOA'02                      HTML     36K 
11: EX-31.4     Certification -- §302 - SOA'02                      HTML     36K 
12: EX-32.1     Certification -- §906 - SOA'02                      HTML     33K 
13: EX-32.2     Certification -- §906 - SOA'02                      HTML     33K 
20: R1          Document and Entity Information                     HTML     63K 
21: R2          Consolidated Balance Sheets                         HTML    174K 
22: R3          Consolidated Balance Sheets (Parenthetical)         HTML     54K 
23: R4          Consolidated Statements of Operations               HTML    201K 
24: R5          Consolidated Statements of Comprehensive Income     HTML     60K 
                Statement                                                        
25: R6          Consolidated and Combined Statement of Equity       HTML    106K 
26: R7          Consolidated Statements of Changes in Capital       HTML    136K 
27: R8          Consolidated Statements of Cash Flows               HTML    263K 
28: R9          Organization and Business                           HTML     85K 
29: R10         Summary of Significant Accounting Policies          HTML    145K 
30: R11         Acquisitions and Dispositions                       HTML    509K 
31: R12         Intangibles                                         HTML    112K 
32: R13         Other Assets                                        HTML     46K 
33: R14         Debt                                                HTML     99K 
34: R15         Derivatives                                         HTML     48K 
35: R16         Accrued Expenses and Other Liabilities              HTML     47K 
36: R17         Stock-based Compensation                            HTML    107K 
37: R18         Fair Value Measurements                             HTML     69K 
38: R19         Tenant Operating Leases                             HTML     39K 
39: R20         Rent Expense                                        HTML     42K 
40: R21         Credit Concentration                                HTML     62K 
41: R22         Earnings Per Share and Earnings Per Unit            HTML    107K 
42: R23         Subsequent Events                                   HTML     46K 
43: R24         Quarterly Data                                      HTML    167K 
44: R25         Schedule Iii - Real Estate and Accumulated          HTML   1.87M 
                Depreciation                                                     
45: R26         Summary of Significant Accounting Policies -        HTML    189K 
                (Policies)                                                       
46: R27         Organization and Business - (Tables)                HTML     72K 
47: R28         Summary of Significant Accounting Policies -        HTML     80K 
                (Tables)                                                         
48: R29         Acquisitions and Dispositions - (Tables)            HTML    509K 
49: R30         Intangibles - (Tables)                              HTML    113K 
50: R31         Other Assets - (Tables)                             HTML     46K 
51: R32         Debt - (Tables)                                     HTML     87K 
52: R33         Derivatives - (Tables)                              HTML     37K 
53: R34         Accrued Expenses and Other Liabilities - (Tables)   HTML     47K 
54: R35         Stock-based Compensation - (Tables)                 HTML     92K 
55: R36         Fair Value Measurements - (Tables)                  HTML     64K 
56: R37         Tenant Operating Leases - (Tables)                  HTML     37K 
57: R38         Rent Expense - (Tables)                             HTML     37K 
58: R39         Credit Concentration - (Tables)                     HTML     64K 
59: R40         Earnings Per Share and Earnings Per Unit -          HTML    105K 
                (Tables)                                                         
60: R41         Subsequent Events - (Tables)                        HTML     44K 
61: R42         Quarterly Data - (Tables)                           HTML    162K 
62: R43         Organization and Business - (Details)               HTML     78K 
63: R44         Organization and Business - Schedule of Issuance    HTML     55K 
                and Sale of Common Stock (Details)                               
64: R45         Summary of Significant Accounting Policies -        HTML     31K 
                Principals of Consolidation (Details)                            
65: R46         Summary of Significant Accounting Policies -        HTML    100K 
                Noncontrolling Interests (Details)                               
66: R47         Summary of Significant Accounting Policies -        HTML     45K 
                Dividends and Distributions (Details)                            
67: R48         Summary of Significant Accounting Policies - Tax    HTML     38K 
                Status of Dividends and Distributions (Details)                  
68: R49         Summary of Significant Accounting Policies -        HTML     32K 
                Impairment of Intangible and Long-Lived Assets                   
                (Details)                                                        
69: R50         Summary of Significant Accounting Policies -        HTML     42K 
                Investments in Unconsolidated Entities (Details)                 
70: R51         Summary of Significant Accounting Policies - Real   HTML     37K 
                Estate Loans Receivable (Details)                                
71: R52         Summary of Significant Accounting Policies -        HTML     31K 
                Escrow Revenue (Details)                                         
72: R53         Summary of Significant Accounting Policies -        HTML     31K 
                Derivative Instruments (Details)                                 
73: R54         Summary of Significant Accounting Policies -        HTML     31K 
                Tenant Receivables, Net (Details)                                
74: R55         Summary of Significant Accounting Policies -        HTML     31K 
                Rental Revenue (Details)                                         
75: R56         Summary of Significant Accounting Policies - New    HTML     32K 
                Accounting Pronouncements (Details)                              
76: R57         Acquisitions and Dispositions - (Details)           HTML     62K 
77: R58         Acquisitions and Dispositions - 2016 Acquisitions   HTML   1.14M 
                (Details)                                                        
78: R59         2015 Acquisitions (Details)                         HTML    799K 
79: R60         Acquisitions and Dispositions - Assets Acquired     HTML     74K 
                and Liabilities Assumed (Details)                                
80: R61         Acquisitions and Dispositions - Pro Forma           HTML     76K 
                Information (Details)                                            
81: R62         Intangibles - (Details)                             HTML     50K 
82: R63         Intangibles - Carrying Amount of Intangible Assets  HTML     64K 
                and Liabilities (Details)                                        
83: R64         Intangibles - Acquired Lease Intangible             HTML     51K 
                Amortization (Details)                                           
84: R65         Intangibles - Amortization of Acquired Lease        HTML     56K 
                Intangibles (Details)                                            
85: R66         Other Assets - Additional Information (Details)     HTML     53K 
86: R67         Debt - (Details)                                    HTML    117K 
87: R68         Debt - Summary of Debt (Details)                    HTML     91K 
88: R69         Debt - Investment Grade Rating Schedule (Details)   HTML     65K 
89: R70         Debt - Principal Payments Due on Debt (Details)     HTML     49K 
90: R71         Derivatives - (Details)                             HTML     37K 
91: R72         Derivatives - Fair Value Interest Rate Swaps        HTML     54K 
                (Details)                                                        
92: R73         Accrued Expenses and Other Liabilities - (Details)  HTML     55K 
93: R74         Stock-based Compensation - (Details)                HTML     95K 
94: R75         Stock-based Compensation - Summary of Non-Vested    HTML     57K 
                Restricted Common Shares (Details)                               
95: R76         Stock-based Compensation - Weighted Average Grant   HTML     46K 
                Date Fair Value Assumptions (Details)                            
96: R77         Stock-based Compensation - Trust Restricted Share   HTML     58K 
                Activity (Details)                                               
97: R78         Fair Value Measurements - (Details)                 HTML     41K 
98: R79         Fair Value Measurements - Fair Value Financial      HTML     66K 
                Instruments (Details)                                            
99: R80         Tenant Operating Leases - (Details)                 HTML     44K 
100: R81         Rent Expense - (Details)                            HTML     40K  
101: R82         Rent Expense - Schedule of Minimum Lease            HTML     58K  
                Obligations (Details)                                            
102: R83         Credit Concentration - (Details)                    HTML     38K  
103: R84         Credit Concentration - Top Five Tenant Credit       HTML     50K  
                Concentrations (Details)                                         
104: R85         Credit Concentration - Top Five Geographic          HTML     50K  
                Concentrations (Details)                                         
105: R86         Earnings Per Share and Earnings Per Unit -          HTML    150K  
                Additional Information (Details)                                 
106: R87         Subsequent Events - Additional Information          HTML     79K  
                (Details)                                                        
107: R88         Quarterly Data - Additional Information (Details)   HTML     97K  
108: R89         Schedule Iii - Real Estate and Accumulated          HTML   1.58M  
                Depreciation (Details)                                           
109: R90         Schedule Iii - Real Estate and Accumulated          HTML     60K  
                Depreciation (Details 2)                                         
111: XML         IDEA XML File -- Filing Summary                      XML    188K  
110: EXCEL       IDEA Workbook of Financial Reports                  XLSX    202K  
14: EX-101.INS  XBRL Instance -- doc-20161231                        XML  10.67M 
16: EX-101.CAL  XBRL Calculations -- doc-20161231_cal                XML    341K 
17: EX-101.DEF  XBRL Definitions -- doc-20161231_def                 XML   1.76M 
18: EX-101.LAB  XBRL Labels -- doc-20161231_lab                      XML   3.32M 
19: EX-101.PRE  XBRL Presentations -- doc-20161231_pre               XML   2.08M 
15: EX-101.SCH  XBRL Schema -- doc-20161231                          XSD    432K 
112: ZIP         XBRL Zipped Folder -- 0001574540-17-000007-xbrl      Zip    661K

‘EX-101.LAB’ — XBRL Labels — doc-20161231_lab

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<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Additional Paid in Capital </link:label>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Additional Paid-in Capital [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember_106574CD3DEE2A141BDF6720080E97A7" xlink:type="arc"/>

<link:label id="lab_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Deficit </link:label>

<link:label id="lab_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Retained Earnings [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1" xlink:to="lab_us-gaap_RetainedEarningsMember_A1F72F3CBD886BAD071C6720080E30D1" xlink:type="arc"/>

<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C_terseLabel_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>

<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C_label_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:label="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C" xlink:to="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_31214915EAF83E693F606720080E110C" xlink:type="arc"/>

<link:label id="lab_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total Noncontrolling Interests </link:label>

<link:label id="lab_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="loc_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE" xlink:to="lab_us-gaap_NoncontrollingInterestMember_08D547DAD7942ADDB5136720080E26DE" xlink:type="arc"/>

<link:label id="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7_terseLabel_en-US" xlink:label="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Operating Partnership Noncontrolling interest </link:label>

<link:label id="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7_label_en-US" xlink:label="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Partnership Noncontrolling Interest [Member] </link:label>

<link:label id="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7_documentation_en-US" xlink:label="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to operating partnership noncontrolling interest. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OperatingPartnershipNoncontrollingInterestMember" xlink:label="loc_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:to="lab_doc_OperatingPartnershipNoncontrollingInterestMember_DF5C34130E5DE3233EA66720080E10B7" xlink:type="arc"/>

<link:label id="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612_terseLabel_en-US" xlink:label="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partially Owned Properties Noncontrolling Interest </link:label>

<link:label id="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612_label_en-US" xlink:label="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partially Owned Properties Noncontrolling Interest [Member] </link:label>

<link:label id="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612_documentation_en-US" xlink:label="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to partially owned properties noncontrolling interest. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PartiallyOwnedPropertiesNoncontrollingInterestMember" xlink:label="loc_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:to="lab_doc_PartiallyOwnedPropertiesNoncontrollingInterestMember_8BE4B994B9D883A68B026720080E9612" xlink:type="arc"/>

<link:label id="lab_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Statement [Line Items] </link:label>

<link:label id="lab_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9_label_en-US" xlink:label="lab_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9" xlink:to="lab_us-gaap_StatementLineItems_336404EE298E6730E9316720080E4BA9" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_5841387F2D004E830C4A6720080E3C13" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Shareholders' equity, beginning balance </link:label>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_64AB4C0ABA578A0D979D6720080E7658" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net proceeds from sale of common shares </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Value, New Issues </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_8E3130A637913EC209866720080EB796" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Restricted share award grants, net </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Value, Restricted Stock Award, Gross </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_B4B101BFBAE18C9327D06720080FB577" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Issuance of common shares in connection with the Ziegler shared service amendment payment </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Value, Issued for Services </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueIssuedForServices" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueIssuedForServices_0A12C7CA13E7795406A26720080FE001" xlink:type="arc"/>

<link:label id="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C_negatedLabel_en-US" xlink:label="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Purchase of OP Units </link:label>

<link:label id="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C_label_en-US" xlink:label="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Units Purchased During Period </link:label>

<link:label id="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C_documentation_en-US" xlink:label="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the value of the Operating Partnership units purchased during the period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnitsPurchasedDuringPeriod" xlink:label="loc_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:to="lab_doc_UnitsPurchasedDuringPeriod_A6B05D187F9D08A7CEC96720080FA29C" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Conversion of OP Units </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Value, Conversion of Units </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_91A68ED7530A721393376720080F2A98" xlink:type="arc"/>

<link:label id="lab_us-gaap_DividendsCommonStock_981084309515006E5C726720080F3C39_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock_981084309515006E5C726720080F3C39" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Dividends/distributions declared </link:label>

<link:label id="lab_us-gaap_DividendsCommonStock_981084309515006E5C726720080F3C39_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStock_981084309515006E5C726720080F3C39" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dividends, Common Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_us-gaap_DividendsCommonStock_981084309515006E5C726720080F3C39" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Preferred distributions </link:label>

<link:label id="lab_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C_label_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dividends, Preferred Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="loc_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C" xlink:to="lab_us-gaap_DividendsPreferredStock_D2F1BDAEDCCE7EBFFF356720080F2B0C" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Issuance of common shares and OP Units in connection with acquisitions </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Value, Acquisitions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_73CE2821A6D69408BC496720080F7D4C" xlink:type="arc"/>

<link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Contributions </link:label>

<link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Increase from Subsidiary Equity Issuance </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:label="loc_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6" xlink:to="lab_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_D81C16C29549CD09D2286720080F6DA6" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Distributions </link:label>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831" xlink:to="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_A638B332E3511EE92CF06720080F0831" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Change in market value of Redeemable Noncontrolling Interests in Operating Partnership </link:label>

<link:label id="lab_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1_label_en-US" xlink:label="lab_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Change in Redemption Value </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestChangeInRedemptionValue" xlink:label="loc_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1" xlink:to="lab_us-gaap_MinorityInterestChangeInRedemptionValue_7A669EAFD3EE39E947EA6720080F4AB1" xlink:type="arc"/>

<link:label id="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59_negatedLabel_en-US" xlink:label="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Reclassification of Noncontrolling Interest - partially owned properties </link:label>

<link:label id="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59_label_en-US" xlink:label="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reclassification of Noncontrolling Interest - Partially Owned Properties </link:label>

<link:label id="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59_documentation_en-US" xlink:label="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Reclassification of Noncontrolling Interest - Partially Owned Properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties" xlink:label="loc_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:to="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_C3B6A159E394B080A5056720080FAA59" xlink:type="arc"/>

<link:label id="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18_negatedLabel_en-US" xlink:label="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Buyout of Noncontrolling Interests - partially owned properties </link:label>

<link:label id="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18_label_en-US" xlink:label="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Buyout of Noncontrolling Interest - Partially Owned Properties </link:label>

<link:label id="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18_documentation_en-US" xlink:label="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Buyout of Noncontrolling Interest - Partially Owned Properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties" xlink:label="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:to="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_477DA389D3D5D1836E496720080F9F18" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Change in fair value of interest rate swap agreements </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_9491329B3ECF93F33D2D6720080F682A" xlink:type="arc"/>

<link:label id="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04_terseLabel_en-US" xlink:label="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Adjustment for Noncontrolling Interests ownership in Operating Partnership </link:label>

<link:label id="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04_label_en-US" xlink:label="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Adjustments for Minority Interest in Operating Partnerships </link:label>

<link:label id="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04_documentation_en-US" xlink:label="lab_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the adjustment for carrying amount of the equity interests owned by noncontrolling partners in an operating partnership. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AdjustmentsForMinorityInterestInOperatingPartnerships" xlink:label="loc_doc_AdjustmentsForMinorityInterestInOperatingPartnerships_21BC6E2025799172E0D16720080F8A04" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_423A495458320E31E2AF67200810B678_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_423A495458320E31E2AF67200810B678" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Shareholders' equity, ending balance </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_423A495458320E31E2AF67200810B678" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_423A495458320E31E2AF67200810B678" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_423A495458320E31E2AF67200810B678" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_CD91A325391852715552675CFA50248A_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_CD91A325391852715552675CFA50248A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net (loss) income </link:label>

<link:label id="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_CD91A325391852715552675CFA50248A_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_CD91A325391852715552675CFA50248A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_CD91A325391852715552675CFA50248A" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessCombinationsAbstract_53525ABB459339EDBFA55C27803F2CF1_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationsAbstract_53525ABB459339EDBFA55C27803F2CF1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combinations [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="loc_us-gaap_BusinessCombinationsAbstract_53525ABB459339EDBFA55C27803F2CF1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationsAbstract_53525ABB459339EDBFA55C27803F2CF1" xlink:to="lab_us-gaap_BusinessCombinationsAbstract_53525ABB459339EDBFA55C27803F2CF1" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable_461F1F69152F1002E2D15C27803F86E3_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable_461F1F69152F1002E2D15C27803F86E3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable_461F1F69152F1002E2D15C27803F86E3_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable_461F1F69152F1002E2D15C27803F86E3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTable_461F1F69152F1002E2D15C27803F86E3" xlink:type="locator"/>

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<link:label id="lab_dei_LegalEntityAxis_0A7808981C2011B1BF1D5C27803F0D06_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis_0A7808981C2011B1BF1D5C27803F0D06" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Legal Entity [Axis] </link:label>

<link:label id="lab_dei_LegalEntityAxis_0A7808981C2011B1BF1D5C27803F0D06_label_en-US" xlink:label="lab_dei_LegalEntityAxis_0A7808981C2011B1BF1D5C27803F0D06" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Legal Entity [Axis] </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_0A7808981C2011B1BF1D5C27803F0D06" xlink:type="locator"/>

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<link:label id="lab_dei_EntityDomain_110A5D83ECFD7A826DA35C27803F1ABE_terseLabel_en-US" xlink:label="lab_dei_EntityDomain_110A5D83ECFD7A826DA35C27803F1ABE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity [Domain] </link:label>

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<link:label id="lab_doc_PhysiciansRealtyLPMember_6BB28D6977F7178769235C27803FE083_label_en-US" xlink:label="lab_doc_PhysiciansRealtyLPMember_6BB28D6977F7178769235C27803FE083" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Physicians Realty L P [Member] </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaRevenue_29255B04C7DA10A85D7B5C278040F6EC_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaRevenue_29255B04C7DA10A85D7B5C278040F6EC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Revenue </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_3E9FFD4057E375D418BB5C2780404124_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss_3E9FFD4057E375D418BB5C2780404124" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Net Income (Loss) </link:label>

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<link:label id="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D_terseLabel_en-US" xlink:label="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net income available to common shareholders </link:label>

<link:label id="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D_label_en-US" xlink:label="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisitions Pro Forma Net Income (Loss) Available to Common Shareholders </link:label>

<link:label id="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D_documentation_en-US" xlink:label="lab_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The pro forma net income (loss) for the period attributable to common shareholders as if the business combination or combinations had been completed at the beginning of a period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders" xlink:label="loc_doc_BusinessAcquisitionsProFormaNetIncomeLossAvailableToCommonShareholders_203CC57CD6D34ECCF7D75C278040EB2D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_0EBC5DCC1BC81FE37FC65C278040EA74_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_0EBC5DCC1BC81FE37FC65C278040EA74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per share basic (in dollars per share) </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_0EBC5DCC1BC81FE37FC65C278040EA74_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_0EBC5DCC1BC81FE37FC65C278040EA74" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Share, Basic </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_0EBC5DCC1BC81FE37FC65C278040EA74" xlink:type="locator"/>

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<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830_terseLabel_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per unit basic (in dollars per share) </link:label>

<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830_label_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Unit, Basic </link:label>

<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830_documentation_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Unit, Basic </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessAcquisitionProFormaEarningsPerUnitBasic" xlink:label="loc_doc_BusinessAcquisitionProFormaEarningsPerUnitBasic_90441AD363BAE822666C5C2780403830" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_FF1FFA86E425011D1CAE5C27804022FB_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_FF1FFA86E425011D1CAE5C27804022FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per share diluted (in dollars per share) </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_FF1FFA86E425011D1CAE5C27804022FB_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_FF1FFA86E425011D1CAE5C27804022FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Share, Diluted </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_FF1FFA86E425011D1CAE5C27804022FB" xlink:type="locator"/>

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<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9_terseLabel_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per unit diluted (in dollars per share) </link:label>

<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9_label_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Unit, Diluted </link:label>

<link:label id="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9_documentation_en-US" xlink:label="lab_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Unit, Diluted </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted" xlink:label="loc_doc_BusinessAcquisitionProFormaEarningsPerUnitDiluted_F6558417227D886AD4DE5C278040E3F9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_D5D2CE72BBBE58BAB55C5C2780403EFF_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_D5D2CE72BBBE58BAB55C5C2780403EFF" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common shares - basic (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_D5D2CE72BBBE58BAB55C5C2780403EFF_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_D5D2CE72BBBE58BAB55C5C2780403EFF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_D5D2CE72BBBE58BAB55C5C2780403EFF" xlink:type="locator"/>

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<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_F5D0F402DCAC2B23DE665C278040D707_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_F5D0F402DCAC2B23DE665C278040D707" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common shares - diluted (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_F5D0F402DCAC2B23DE665C278040D707_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_F5D0F402DCAC2B23DE665C278040D707" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_F5D0F402DCAC2B23DE665C278040D707" xlink:type="locator"/>

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<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_5D8AE61812ACC9C35C785C2780401B26_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_5D8AE61812ACC9C35C785C2780401B26" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common units - basic (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_5D8AE61812ACC9C35C785C2780401B26_label_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_5D8AE61812ACC9C35C785C2780401B26" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Limited Partnership Units Outstanding, Basic </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:label="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_5D8AE61812ACC9C35C785C2780401B26" xlink:type="locator"/>

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<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_DABFFFE1D7815DE7D07A5C278040F1AA_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_DABFFFE1D7815DE7D07A5C278040F1AA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common units - diluted (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_DABFFFE1D7815DE7D07A5C278040F1AA_label_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_DABFFFE1D7815DE7D07A5C278040F1AA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Limited Partnership Units Outstanding, Diluted </link:label>

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<link:label id="lab_us-gaap_AccountingPoliciesAbstract_B8F646E75ECC50E859C2111BB11E32F6_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract_F3FFE419F152506CBC89E784FA2FCBB4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_F3FFE419F152506CBC89E784FA2FCBB4" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_63D1F48F62FB49140FB1111BB11E3E44_terseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock_4981E872BBC25620BD88AA76C3F208EC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Summary of Significant Accounting Policies </link:label>

<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_63D1F48F62FB49140FB1111BB11E3E44_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock_4981E872BBC25620BD88AA76C3F208EC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock_4981E872BBC25620BD88AA76C3F208EC" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskTable_92BD799848410B2974D53893710B45CE_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTable_92BD799848410B2974D53893710B45CE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk [Table] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskTable_92BD799848410B2974D53893710B45CE_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTable_92BD799848410B2974D53893710B45CE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="loc_us-gaap_ConcentrationRiskTable_92BD799848410B2974D53893710B45CE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_D47997881E91502EBE0A3893710B87D9_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_D47997881E91502EBE0A3893710B87D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_D47997881E91502EBE0A3893710B87D9_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_D47997881E91502EBE0A3893710B87D9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis_D47997881E91502EBE0A3893710B87D9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_F9A12B62D90B05F358ED38937112D0A5_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain_F9A12B62D90B05F358ED38937112D0A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_F9A12B62D90B05F358ED38937112D0A5_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain_F9A12B62D90B05F358ED38937112D0A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain_F9A12B62D90B05F358ED38937112D0A5" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SalesRevenueServicesNetMember_894ACA8434D7F0CBFA69389559F8B1E7_terseLabel_en-US" xlink:label="lab_us-gaap_SalesRevenueServicesNetMember_894ACA8434D7F0CBFA69389559F8B1E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sales Revenue, Services, Net </link:label>

<link:label id="lab_us-gaap_SalesRevenueServicesNetMember_894ACA8434D7F0CBFA69389559F8B1E7_label_en-US" xlink:label="lab_us-gaap_SalesRevenueServicesNetMember_894ACA8434D7F0CBFA69389559F8B1E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sales Revenue, Services, Net [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueServicesNetMember" xlink:label="loc_us-gaap_SalesRevenueServicesNetMember_894ACA8434D7F0CBFA69389559F8B1E7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_AA645115B9C6908B289038937117388E_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis_AA645115B9C6908B289038937117388E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_AA645115B9C6908B289038937117388E_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis_AA645115B9C6908B289038937117388E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis_AA645115B9C6908B289038937117388E" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_584CAE1164ECADA2A638389371180EB6_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain_584CAE1164ECADA2A638389371180EB6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_584CAE1164ECADA2A638389371180EB6_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain_584CAE1164ECADA2A638389371180EB6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain_584CAE1164ECADA2A638389371180EB6" xlink:type="locator"/>

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<link:label id="lab_us-gaap_CustomerConcentrationRiskMember_90DE68174D772C9CB04738955A64786D_terseLabel_en-US" xlink:label="lab_us-gaap_CustomerConcentrationRiskMember_90DE68174D772C9CB04738955A64786D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Customer Concentration Risk </link:label>

<link:label id="lab_us-gaap_CustomerConcentrationRiskMember_90DE68174D772C9CB04738955A64786D_label_en-US" xlink:label="lab_us-gaap_CustomerConcentrationRiskMember_90DE68174D772C9CB04738955A64786D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Customer Concentration Risk [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="loc_us-gaap_CustomerConcentrationRiskMember_90DE68174D772C9CB04738955A64786D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_GeographicConcentrationRiskMember_303FE91881197DDAB5AD38959FF1D66B_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicConcentrationRiskMember_303FE91881197DDAB5AD38959FF1D66B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Geographic Concentration Risk </link:label>

<link:label id="lab_us-gaap_GeographicConcentrationRiskMember_303FE91881197DDAB5AD38959FF1D66B_label_en-US" xlink:label="lab_us-gaap_GeographicConcentrationRiskMember_303FE91881197DDAB5AD38959FF1D66B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Geographic Concentration Risk [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicConcentrationRiskMember" xlink:label="loc_us-gaap_GeographicConcentrationRiskMember_303FE91881197DDAB5AD38959FF1D66B" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ConcentrationRiskLineItems_315A929A02A1E8001AA6389371191677_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskLineItems_315A929A02A1E8001AA6389371191677" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration Risk [Line Items] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskLineItems_315A929A02A1E8001AA6389371191677_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskLineItems_315A929A02A1E8001AA6389371191677" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="loc_us-gaap_ConcentrationRiskLineItems_315A929A02A1E8001AA6389371191677" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_D5109ABDB0AAEBE9A88F389384B7EBD3_terseLabel_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_D5109ABDB0AAEBE9A88F389384B7EBD3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedules of Concentration of Risk, by Risk Factor </link:label>

<link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_D5109ABDB0AAEBE9A88F389384B7EBD3_label_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_D5109ABDB0AAEBE9A88F389384B7EBD3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedules of Concentration of Risk, by Risk Factor [Table Text Block] </link:label>

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<link:label id="lab_us-gaap_LeasesAbstract_A21B7CD85A821DAB729A33892D7FC5FF_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract_A21B7CD85A821DAB729A33892D7FC5FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Leases [Abstract] </link:label>

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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_80A252486AC8B738703A33892D80F009_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_80A252486AC8B738703A33892D80F009" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Future minimum rental payments on non-cancelable leases </link:label>

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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_7210AA51110F5D49496333892D80FB40_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_7210AA51110F5D49496333892D80FB40" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, Current </link:label>

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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_9F235CA8E086CF6DA97833892D80E0B5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_9F235CA8E086CF6DA97833892D80E0B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2018 </link:label>

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<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_9F235CA8E086CF6DA97833892D80E0B5" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2019 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Three Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_F8B84EC0B187BD697F6233892D8011A4" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2020 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Four Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_1D674FD54466A06E4C3533892D80A077" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Five Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_AC307D5F8C95677CE47333892D80C0B6" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Thereafter </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, Thereafter </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_C6B5B70385987A929CE833892D805C6E" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_423628063A8BD04CA82D33892D808207" xlink:type="arc"/>

<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Principles of Consolidation </link:label>

<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock_C413C4F8430F32D7B3E343CA090D39E7" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interests </link:label>

<link:label id="lab_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock" xlink:label="loc_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5" xlink:to="lab_us-gaap_BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock_E722DE984F5FCFB7605E43CA090D57C5" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Dividends and Distributions </link:label>

<link:label id="lab_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityPolicyTextBlock" xlink:label="loc_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469" xlink:to="lab_us-gaap_StockholdersEquityPolicyTextBlock_20FF33F80C0ECF814BC643CA090DC469" xlink:type="arc"/>

<link:label id="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2_terseLabel_en-US" xlink:label="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tax Status of Dividends and Distributions [Policy Text Block] </link:label>

<link:label id="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2_label_en-US" xlink:label="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Tax Status of Dividends and Distributions [Policy Text Block] </link:label>

<link:label id="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2_documentation_en-US" xlink:label="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tax Status of Dividends and Distributions [Policy Text Block] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TaxStatusofDividendsandDistributionsPolicyTextBlock" xlink:label="loc_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:to="lab_doc_TaxStatusofDividendsandDistributionsPolicyTextBlock_AD39ED50245BF977477143CA090DC8C2" xlink:type="arc"/>

<link:label id="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37_terseLabel_en-US" xlink:label="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Purchase of Investment Properties </link:label>

<link:label id="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37_label_en-US" xlink:label="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment Property [Policy Text Block] </link:label>

<link:label id="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37_documentation_en-US" xlink:label="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Disclosure of accounting policy for depreciation, amortization, and other related costs of investment properties. May include useful lives of property held, amortization of tenant improvements, and expense methodology for costs of maintenance and repairs. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_InvestmentPropertyPolicyTextBlock" xlink:label="loc_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:to="lab_doc_InvestmentPropertyPolicyTextBlock_FC888F1DF6770FBAD22F43CA090D7E37" xlink:type="arc"/>

<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible and Long-Lived Assets </link:label>

<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9_label_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9" xlink:to="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_0825002F740955DC5C6C43CA090DD7E9" xlink:type="arc"/>

<link:label id="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Assets Held for Sale and Discontinued Operations </link:label>

<link:label id="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Discontinued Operations, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:label="loc_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420" xlink:to="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_F97B942465A30BEFC14E43CA090D6420" xlink:type="arc"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Investments in Unconsolidated Entities </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Method Investments, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="loc_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3" xlink:to="lab_us-gaap_EquityMethodInvestmentsPolicy_EBDE6ADCEF09487C983643CA090D18D3" xlink:type="arc"/>

<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real Estate Loans Receivable </link:label>

<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F_label_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finance, Loans and Leases Receivable, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:label="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F" xlink:to="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_D91FECFA4C85E80C765443CA090D317F" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash and Cash Equivalents </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash and Cash Equivalents, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_4A428CDB21E9B94C8EC543CA090EA9FB" xlink:type="arc"/>

<link:label id="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4_terseLabel_en-US" xlink:label="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Escrow Reserves </link:label>

<link:label id="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4_label_en-US" xlink:label="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Escrow Reserves [Policy Text Block] </link:label>

<link:label id="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4_documentation_en-US" xlink:label="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Escrow Reserves [Policy Text Block] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EscrowReservesPolicyTextBlock" xlink:label="loc_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:to="lab_doc_EscrowReservesPolicyTextBlock_F970D2930BD0B13EDDC043CA091303A4" xlink:type="arc"/>

<link:label id="lab_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Deferred Costs </link:label>

<link:label id="lab_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D_label_en-US" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Deferred Charges, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="loc_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D" xlink:to="lab_us-gaap_DeferredChargesPolicyTextBlock_3AB47A417DF2AEA6BCB443CA0913B77D" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivative Instruments </link:label>

<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivatives, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock_7E9098436F1C6041665A43CA09133510" xlink:type="arc"/>

<link:label id="lab_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tenant receivables, net </link:label>

<link:label id="lab_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599_label_en-US" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Receivables, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" xlink:label="loc_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599" xlink:to="lab_us-gaap_ReceivablesPolicyTextBlock_D601FA0BBE72DD5E773C43CA09131599" xlink:type="arc"/>

<link:label id="lab_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Rental Revenue </link:label>

<link:label id="lab_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Revenue Recognition Leases [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueRecognitionLeases" xlink:label="loc_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB" xlink:to="lab_us-gaap_RevenueRecognitionLeases_966D40BE6B84FF33596743CA091373FB" xlink:type="arc"/>

<link:label id="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425_terseLabel_en-US" xlink:label="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Expense Recoveries </link:label>

<link:label id="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425_label_en-US" xlink:label="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Expense Recoveries [Policy Text Block] </link:label>

<link:label id="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425_documentation_en-US" xlink:label="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Disclosure of expense recoveries related to tenant reimbursements. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ExpenseRecoveriesPolicyTextBlock" xlink:label="loc_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:to="lab_doc_ExpenseRecoveriesPolicyTextBlock_068FFCA56F18E198C3C843CA09130425" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Income Taxes </link:label>

<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock_78436C92D2375B4F41A243CA091476DF" xlink:type="arc"/>

<link:label id="lab_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A_terseLabel_en-US" xlink:label="lab_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Management Estimates </link:label>

<link:label id="lab_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A_label_en-US" xlink:label="lab_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Use of Estimates, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A" xlink:to="lab_us-gaap_UseOfEstimates_3B433AAAF6853C2C836E43CA0914E24A" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Contingent Liabilities </link:label>

<link:label id="lab_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combinations Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationsPolicy" xlink:label="loc_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F" xlink:to="lab_us-gaap_BusinessCombinationsPolicy_4F5ED3074D4E932177B243CA0914175F" xlink:type="arc"/>

<link:label id="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58_terseLabel_en-US" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Reclassifications </link:label>

<link:label id="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58_label_en-US" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reclassification, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58" xlink:to="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_4240BBFD5D570F21BB3F43CA0914FD58" xlink:type="arc"/>

<link:label id="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Segment Reporting </link:label>

<link:label id="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0_label_en-US" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Segment Reporting, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0" xlink:to="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_AF0B5BF43F12E4CE843943CA091402A0" xlink:type="arc"/>

<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> New Accounting Pronouncements </link:label>

<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> New Accounting Pronouncements, Policy [Policy Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_995F1D6E6719C74CBE2E43CA09146E65" xlink:type="arc"/>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_806BCD6F280BB1C20A7A111BB13ADCDE_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_A4017FFD42B5589DA923E889C6F88301" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Disclosure of Compensation Related Costs, Share-based Payments [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_A4017FFD42B5589DA923E889C6F88301" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_A4017FFD42B5589DA923E889C6F88301" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_A4017FFD42B5589DA923E889C6F88301" xlink:type="arc"/>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_80EE8BD043CFCCB3454A111BB13ADBFA_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_FC49BE40B78853048B549222106F2892" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Stock-based Compensation </link:label>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_80EE8BD043CFCCB3454A111BB13ADBFA_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_FC49BE40B78853048B549222106F2892" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Disclosure of Compensation Related Costs, Share-based Payments [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_FC49BE40B78853048B549222106F2892" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock_FDD48DAB0470700D9C174966C92A8828_terseLabel_en-US" xlink:label="lab_us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock_FDD48DAB0470700D9C174966C92A8828" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquisitions and Dispositions </link:label>

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<link:label id="lab_doc_EquityIncentivePlan2013PlanMember_B1F1DDB1DDAC8BE54E556C350393A1B4_terseLabel_en-US" xlink:label="lab_doc_EquityIncentivePlan2013PlanMember_B1F1DDB1DDAC8BE54E556C350393A1B4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2013 Plan </link:label>

<link:label id="lab_doc_EquityIncentivePlan2013PlanMember_B1F1DDB1DDAC8BE54E556C350393A1B4_label_en-US" xlink:label="lab_doc_EquityIncentivePlan2013PlanMember_B1F1DDB1DDAC8BE54E556C350393A1B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Incentive Plan 2013 Plan [Member] </link:label>

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<link:label id="lab_us-gaap_AwardTypeAxis_EAE219F37DEFD67FB6076C3503937E77_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis_EAE219F37DEFD67FB6076C3503937E77" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Award Type [Axis] </link:label>

<link:label id="lab_us-gaap_AwardTypeAxis_EAE219F37DEFD67FB6076C3503937E77_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis_EAE219F37DEFD67FB6076C3503937E77" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Award Type [Axis] </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9F8E8097EECEAB30ACE16C350393CDC9_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_9F8E8097EECEAB30ACE16C350393CDC9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity Award [Domain] </link:label>

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<link:label id="lab_us-gaap_RestrictedStockMember_0C3EDC949B419BD78D306C3503936BF4_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockMember_0C3EDC949B419BD78D306C3503936BF4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Restricted common shares </link:label>

<link:label id="lab_us-gaap_RestrictedStockMember_0C3EDC949B419BD78D306C3503936BF4_label_en-US" xlink:label="lab_us-gaap_RestrictedStockMember_0C3EDC949B419BD78D306C3503936BF4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Restricted Stock [Member] </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_5106377CAF386B2F65FF6C3503932072_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_5106377CAF386B2F65FF6C3503932072" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_EA9D6C7826BAC0A2E4456C3503947209_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_EA9D6C7826BAC0A2E4456C3503947209" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Forfeited (in shares) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_EA9D6C7826BAC0A2E4456C3503947209_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_EA9D6C7826BAC0A2E4456C3503947209" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_E2C9A25C2DB4CCD974CE6C3503949FF0_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_E2C9A25C2DB4CCD974CE6C3503949FF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted Average Grant Date Fair Value </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_E2C9A25C2DB4CCD974CE6C3503949FF0_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_E2C9A25C2DB4CCD974CE6C3503949FF0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2FBD512A36E6698E07F76C35039476A5_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2FBD512A36E6698E07F76C35039476A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_01E8A70A12375C2DB9426C350394E939_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_01E8A70A12375C2DB9426C350394E939" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Grant date value (in dollars per share) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_01E8A70A12375C2DB9426C350394E939_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_01E8A70A12375C2DB9426C350394E939" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_01E8A70A12375C2DB9426C350394E939" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6AABA7F9824D566408366C350394E4D2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6AABA7F9824D566408366C350394E4D2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Vested (in dollars per share) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6AABA7F9824D566408366C350394E4D2_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6AABA7F9824D566408366C350394E4D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6AABA7F9824D566408366C350394E4D2" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Forfeited (in dollars per share) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_8DF2F03CBC5B413693FF6C350393046D" xlink:type="arc"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_D007EE04D8F7C754C77A6C3503943923_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_D007EE04D8F7C754C77A6C3503943923" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Non-vested at beginning of period (in dollars per share) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_D007EE04D8F7C754C77A6C3503943923" xlink:type="locator"/>

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<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_F600E7D16EF63DBAB5626176F25B6614" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RangeMember_8307F27C0BB3172AEA7B6176F25B3B43_label_en-US" xlink:label="lab_us-gaap_RangeMember_8307F27C0BB3172AEA7B6176F25B3B43" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Range [Domain] </link:label>

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<link:label id="lab_us-gaap_MinimumMember_EDC5C3D984525A308D326176F25B4900_label_en-US" xlink:label="lab_us-gaap_MinimumMember_EDC5C3D984525A308D326176F25B4900" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Minimum [Member] </link:label>

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<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_69D8F0D7ABE45BC8BD986176F25B933A_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember_69D8F0D7ABE45BC8BD986176F25B933A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_9B6455CF35D08A351E076176F25B9478_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_9B6455CF35D08A351E076176F25B9478" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Volatility </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_9B6455CF35D08A351E076176F25B9478_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_9B6455CF35D08A351E076176F25B9478" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_9B6455CF35D08A351E076176F25B9478" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_0DA341F2C07D071A35DA6176F25B6AF6_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_0DA341F2C07D071A35DA6176F25B6AF6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Expected term in years </link:label>

<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_0DA341F2C07D071A35DA6176F25B6AF6_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_0DA341F2C07D071A35DA6176F25B6AF6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_0DA341F2C07D071A35DA6176F25B6AF6" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_7488E31C77E26A3114956176F25BB3A7_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_7488E31C77E26A3114956176F25BB3A7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Risk-free rate </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_7488E31C77E26A3114956176F25BB3A7_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_7488E31C77E26A3114956176F25BB3A7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_7488E31C77E26A3114956176F25BB3A7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SharePrice_9F3F27B5AC08D9C06A036176F25BC627_terseLabel_en-US" xlink:label="lab_us-gaap_SharePrice_9F3F27B5AC08D9C06A036176F25BC627" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Stock price (per share) </link:label>

<link:label id="lab_us-gaap_SharePrice_9F3F27B5AC08D9C06A036176F25BC627_label_en-US" xlink:label="lab_us-gaap_SharePrice_9F3F27B5AC08D9C06A036176F25BC627" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share Price </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="loc_us-gaap_SharePrice_9F3F27B5AC08D9C06A036176F25BC627" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_4AAB228B27720D4EE29A6CE22CA88673_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_4AAB228B27720D4EE29A6CE22CA88673" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_4AAB228B27720D4EE29A6CE22CA88673_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_4AAB228B27720D4EE29A6CE22CA88673" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_4AAB228B27720D4EE29A6CE22CA88673" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OtherCommitmentsAxis_95B9F0203EB709C60E806CE22CA89F5D_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis_95B9F0203EB709C60E806CE22CA89F5D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Other Commitments [Axis] </link:label>

<link:label id="lab_us-gaap_OtherCommitmentsAxis_95B9F0203EB709C60E806CE22CA89F5D_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis_95B9F0203EB709C60E806CE22CA89F5D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Commitments [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherCommitmentsAxis" xlink:label="loc_us-gaap_OtherCommitmentsAxis_95B9F0203EB709C60E806CE22CA89F5D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Other Commitments [Domain] </link:label>

<link:label id="lab_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Commitments [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherCommitmentsDomain" xlink:label="loc_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277" xlink:to="lab_us-gaap_OtherCommitmentsDomain_BA6CD2C3AF136AC48C126CE22CA8E277" xlink:type="arc"/>

<link:label id="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A_terseLabel_en-US" xlink:label="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Near-term capital expenditure commitments </link:label>

<link:label id="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A_label_en-US" xlink:label="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Near-term capital expenditure commitments [Member] </link:label>

<link:label id="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A_documentation_en-US" xlink:label="lab_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Near-term capital expenditure commitments [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NeartermcapitalexpenditurecommitmentsMember" xlink:label="loc_doc_NeartermcapitalexpenditurecommitmentsMember_81B99E3BE1038C58A1F46CE22CA9328A" xlink:type="locator"/>

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<link:label id="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740_terseLabel_en-US" xlink:label="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Committed tenant improvement allowances </link:label>

<link:label id="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740_label_en-US" xlink:label="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Committed tenant improvement allowances [Member] </link:label>

<link:label id="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740_documentation_en-US" xlink:label="lab_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Committed tenant improvement allowances [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CommittedtenantimprovementallowancesMember" xlink:label="loc_doc_CommittedtenantimprovementallowancesMember_BC71872E7B3C9044D3DF6CE22CA9D740" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1EDC763C40C90E7B1A4F6CE22CA9692A_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1EDC763C40C90E7B1A4F6CE22CA9692A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real Estate, Type of Property [Axis] </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1EDC763C40C90E7B1A4F6CE22CA9692A_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1EDC763C40C90E7B1A4F6CE22CA9692A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate, Type of Property [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_1EDC763C40C90E7B1A4F6CE22CA9692A" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_6065CD606CCEAA5DD32F6CE22CA9F1A8_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_6065CD606CCEAA5DD32F6CE22CA9F1A8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real Estate [Domain] </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_6065CD606CCEAA5DD32F6CE22CA9F1A8_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_6065CD606CCEAA5DD32F6CE22CA9F1A8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_6065CD606CCEAA5DD32F6CE22CA9F1A8" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LoansMember_503C225982D4BF4414936CE22CA9AB7F_terseLabel_en-US" xlink:label="lab_us-gaap_LoansMember_503C225982D4BF4414936CE22CA9AB7F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Loans </link:label>

<link:label id="lab_us-gaap_LoansMember_503C225982D4BF4414936CE22CA9AB7F_label_en-US" xlink:label="lab_us-gaap_LoansMember_503C225982D4BF4414936CE22CA9AB7F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Loans [Member] </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionAxis_8CA34157F28B661D3D5A6CE22CA966C2_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis_8CA34157F28B661D3D5A6CE22CA966C2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business Acquisition [Axis] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionAxis_8CA34157F28B661D3D5A6CE22CA966C2_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis_8CA34157F28B661D3D5A6CE22CA966C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition [Axis] </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain_F07A1616ACA47CE3A3A66CE22CA99026" xlink:type="arc"/>

<link:label id="lab_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Series of Individually Immaterial Business Acquisitions [Member] </link:label>

<link:label id="lab_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA_label_en-US" xlink:label="lab_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Series of Individually Immaterial Business Acquisitions [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember" xlink:label="loc_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA" xlink:to="lab_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_8603DEDE269191F420526CE22CAA85BA" xlink:type="arc"/>

<link:label id="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6_terseLabel_en-US" xlink:label="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CHI Portfolio </link:label>

<link:label id="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6_label_en-US" xlink:label="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CHI Portfolio [Member] </link:label>

<link:label id="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6_documentation_en-US" xlink:label="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CHI Portfolio [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CHIPortfolioMember" xlink:label="loc_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:to="lab_doc_CHIPortfolioMember_511815A49D2657297FF06CE22CAAFEA6" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business Acquisition [Line Items] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="loc_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8" xlink:to="lab_us-gaap_BusinessAcquisitionLineItems_E12153FD9AFF865D8FEF6CE22CAA7BB8" xlink:type="arc"/>

<link:label id="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883_terseLabel_en-US" xlink:label="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of operating healthcare properties </link:label>

<link:label id="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883_label_en-US" xlink:label="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Operating Healthcare Properties </link:label>

<link:label id="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883_documentation_en-US" xlink:label="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of Operating Healthcare Properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberofOperatingHealthcareProperties" xlink:label="loc_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:to="lab_doc_NumberofOperatingHealthcareProperties_A0E1319CD578474D24B36CE22CAAA883" xlink:type="arc"/>

<link:label id="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931_terseLabel_en-US" xlink:label="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of condominium units </link:label>

<link:label id="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931_label_en-US" xlink:label="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number Of Condominium Units </link:label>

<link:label id="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931_documentation_en-US" xlink:label="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of Condominium Units acquired </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberOfCondominiumUnits" xlink:label="loc_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:to="lab_doc_NumberOfCondominiumUnits_20A1FD14EAFF7E4C82806CE22CAA1931" xlink:type="arc"/>

<link:label id="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B_terseLabel_en-US" xlink:label="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of land parcels </link:label>

<link:label id="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B_label_en-US" xlink:label="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Land Parcels </link:label>

<link:label id="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B_documentation_en-US" xlink:label="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of Land Parcels acquired </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberofLandParcels" xlink:label="loc_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:to="lab_doc_NumberofLandParcels_BEDFBAC40897AC3E0DB26CE22CAA469B" xlink:type="arc"/>

<link:label id="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4_terseLabel_en-US" xlink:label="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of states in which operating healthcare properties and land parcel located </link:label>

<link:label id="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4_label_en-US" xlink:label="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number Of States In Which Operating Healthcare Properties And Land Parcel Located </link:label>

<link:label id="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4_documentation_en-US" xlink:label="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number Of States In Which Operating Healthcare Properties And Land Parcel Located </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated" xlink:label="loc_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:to="lab_doc_NumberOfStatesInWhichOperatingHealthcarePropertiesAndLandParcelLocated_CFF090364DC2BF399B516CE22CAABEF4" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Aggregate purchase price </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire Businesses, Gross </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesGross_E8639EA22AAAF9B9F6996CE22CAAE95E" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Joint venture investments </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire Interest in Joint Venture </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:label="loc_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF" xlink:to="lab_us-gaap_PaymentsToAcquireInterestInJointVenture_31E006C5DC52A55585E76D43249FB6EF" xlink:type="arc"/>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Loan investments </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, New Mortgage Loans </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_92A9CDEBC018E36DCFC76CE22CAB3087" xlink:type="arc"/>

<link:label id="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E_terseLabel_en-US" xlink:label="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Buyout of redeemable noncontrolling interest </link:label>

<link:label id="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E_label_en-US" xlink:label="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Buyout of Redeemable Noncontrolling Interest </link:label>

<link:label id="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E_documentation_en-US" xlink:label="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Buyout of Redeemable Noncontrolling Interest </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BuyoutofRedeemableNoncontrollingInterest" xlink:label="loc_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:to="lab_doc_BuyoutofRedeemableNoncontrollingInterest_34762A02E580F40EF5A56CE22CAB9E1E" xlink:type="arc"/>

<link:label id="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_9BE88819EDC20EEF49166CE22CABCCBC_terseLabel_en-US" xlink:label="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_9BE88819EDC20EEF49166CE22CABCCBC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Buyout of noncontrolling interests - partially owned properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties" xlink:label="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_9BE88819EDC20EEF49166CE22CABCCBC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_9BE88819EDC20EEF49166CE22CABCCBC" xlink:to="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_9BE88819EDC20EEF49166CE22CABCCBC" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquisition price </link:label>

<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Consideration Transferred </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferred1_EE79F3E3C3C87E4D72016CE22CAB6539" xlink:type="arc"/>

<link:label id="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9_terseLabel_en-US" xlink:label="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Capital committed to fund future improvements </link:label>

<link:label id="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9_label_en-US" xlink:label="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Capital Committed to Fund Future Improvements </link:label>

<link:label id="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9_documentation_en-US" xlink:label="lab_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business Combination, Capital Committed to Fund Future Improvements </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements" xlink:label="loc_doc_BusinessCombinationCapitalCommittedtoFundFutureImprovements_BE19ADBBE036897D77146CE22CAB6DF9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeInstrumentDetailAbstract_9970C7595898C54C95BD6CE22BD02F82_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentDetailAbstract_9970C7595898C54C95BD6CE22BD02F82" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Instrument Detail [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentDetailAbstract" xlink:label="loc_us-gaap_DerivativeInstrumentDetailAbstract_9970C7595898C54C95BD6CE22BD02F82" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentDetailAbstract_9970C7595898C54C95BD6CE22BD02F82" xlink:to="lab_us-gaap_DerivativeInstrumentDetailAbstract_9970C7595898C54C95BD6CE22BD02F82" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivatives </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_5F5E108B8973AADFF1506CE22BD0689C" xlink:type="arc"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5C08E79B34997CAD6D0B334AA17F324E_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5C08E79B34997CAD6D0B334AA17F324E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Net [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5C08E79B34997CAD6D0B334AA17F324E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5C08E79B34997CAD6D0B334AA17F324E" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5C08E79B34997CAD6D0B334AA17F324E" xlink:type="arc"/>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2_terseLabel_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue) </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2_label_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite Lived Intangible Assets and below Market Leases Future Amortization [Abstract] </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2_documentation_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> No definition available. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract" xlink:label="loc_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:to="lab_doc_FiniteLivedIntangibleAssetsAndBelowMarketLeasesFutureAmortizationAbstract_F6B63E54415D30AF2930334AA1841BE2" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> 2017 </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Decrease Increase Of Rental Income For Next Twelve Months </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amortization Decrease Increase Of Rental Income For Next Twelve Months </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeForNextTwelveMonths_D122AD3C39EB10947717334AA1851E41" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> 2018 </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income Year Two </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases during the second fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearTwo_B51D40F3530D85A3A1D1334AA1857F4C" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> 2019 </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income Year Three </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases during the third fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearThree_66DA152EB8C1574142AF334AA185C8C4" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> 2020 </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income Year Four </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases during the fourth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFour_E4643EE329EEF3443A60334AA185CBC7" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income Year Five </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases during the fifth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeYearFive_EA5FA40C2FCC5F6F0723334AA1857B46" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005_negatedLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Thereafter </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income After Year Five </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases after the fifth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncomeAfterYearFive_A63014DC3B40ACE86380334AA1858005" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55_negatedTotalLabel_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55_label_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization decrease (increase) Of Rental Income </link:label>

<link:label id="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55_documentation_en-US" xlink:label="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of decrease (increase) to rental revenue expected from leases. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationDecreaseIncreaseOfRentalIncome" xlink:label="loc_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:to="lab_doc_AmortizationDecreaseIncreaseOfRentalIncome_AB11E13CCFEA7DE7B08D334AA185DB55" xlink:type="arc"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses) </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_085B282D2AD4E4B60B0E334AA185FDF5" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2017 </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease Of Operating Expense For Next Twelve Months </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease Of Operating Expense For Next Twelve Months </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseForNextTwelveMonths_A211BCD9D6E92AC0DFD7334AA18578E8" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2018 </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase (Decrease) Of Operating Expense Year Two </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases during the second fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearTwo_B434794AC85E41AECCC4334AA185C0AE" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2019 </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease of Operating Expense Year Three </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases during the third fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearThree_547F5B9A045F1BBAD77C334AA185E167" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2020 </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease of Operating Expense Year Four </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases during the fourth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFour_C029047525D0A41A86E4334AA185CA1B" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease of Operating Expense Year Five </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases during the fifth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseYearFive_66221D92A2B6FDD4E3F3334AA1853581" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89_terseLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Thereafter </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease of Operating Expense After Year Five </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases after the fifth fiscal year following the latest fiscal year. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenseAfterYearFive_618943DEED25C2AA42FA334AA185AB89" xlink:type="arc"/>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B_totalLabel_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B_label_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization Increase Decrease Of Operating Expenses </link:label>

<link:label id="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B_documentation_en-US" xlink:label="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net amount of increase (decrease) to operating expense expected from leases. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AmortizationIncreaseDecreaseOfOperatingExpenses" xlink:label="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:to="lab_doc_AmortizationIncreaseDecreaseOfOperatingExpenses_FC0B9A7C62A9E833EFAC334AA185849B" xlink:type="arc"/>

<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_872EC9955C064711209E6794734B06FE_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract_872EC9955C064711209E6794734B06FE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_872EC9955C064711209E6794734B06FE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_872EC9955C064711209E6794734B06FE" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract_872EC9955C064711209E6794734B06FE" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Common stock, shares outstanding (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Shares, Outstanding </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955" xlink:to="lab_us-gaap_CommonStockSharesOutstanding_715F1392C480BDC2939A6794734BE955" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Common stock, par value (in dollars per share) </link:label>

<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Par or Stated Value Per Share </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare_1B05E571E1BE372B60116794734B1FDD" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Common stock, shares authorized (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3" xlink:to="lab_us-gaap_CommonStockSharesAuthorized_96FA9124DD839CB1A1536794734B95A3" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Common stock, shares issued (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Shares, Issued </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2" xlink:to="lab_us-gaap_CommonStockSharesIssued_937DE159435D780BE72F6794734B00E2" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partners' Capital, Number of Units, Par Value and Other Disclosures [Abstract] </link:label>

<link:label id="lab_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital, Number of Units, Par Value and Other Disclosures [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract" xlink:label="loc_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727" xlink:to="lab_us-gaap_PartnersCapitalNumberOfUnitsParValueAndOtherDisclosuresAbstract_61D379E175AA3CB5F1A26794734BC727" xlink:type="arc"/>

<link:label id="lab_us-gaap_GeneralPartnersCapitalAccountUnitsIssued_FFC1488C33CCE4208C696794734B9BD7_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccountUnitsIssued_FFC1488C33CCE4208C696794734B9BD7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> General Partner units issued (in units) </link:label>

<link:label id="lab_us-gaap_GeneralPartnersCapitalAccountUnitsIssued_FFC1488C33CCE4208C696794734B9BD7_label_en-US" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccountUnitsIssued_FFC1488C33CCE4208C696794734B9BD7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> General Partners' Capital Account, Units Issued </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralPartnersCapitalAccountUnitsIssued" xlink:label="loc_us-gaap_GeneralPartnersCapitalAccountUnitsIssued_FFC1488C33CCE4208C696794734B9BD7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding_7BEB199A8AF79532DA726794734BAC0F_label_en-US" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding_7BEB199A8AF79532DA726794734BAC0F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> General Partners' Capital Account, Units Outstanding </link:label>

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<link:label id="lab_us-gaap_LimitedPartnersCapitalAccountUnitsIssued_B566C63555B4984CE14B6794734B88F8_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsIssued_B566C63555B4984CE14B6794734B88F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Limited Partner units issued (in units) </link:label>

<link:label id="lab_us-gaap_LimitedPartnersCapitalAccountUnitsIssued_B566C63555B4984CE14B6794734B88F8_label_en-US" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsIssued_B566C63555B4984CE14B6794734B88F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Limited Partners' Capital Account, Units Issued </link:label>

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<link:label id="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding_CFC41E913E6FE57489846794734B1381_label_en-US" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding_CFC41E913E6FE57489846794734B1381" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Limited Partners' Capital Account, Units Outstanding </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xlink:label="loc_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding_CFC41E913E6FE57489846794734B1381" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DebtInstrumentTable_6CC632B87F0BE32E3E666C34AF47B653_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable_6CC632B87F0BE32E3E666C34AF47B653" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentTable_6CC632B87F0BE32E3E666C34AF47B653_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable_6CC632B87F0BE32E3E666C34AF47B653" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_6CC632B87F0BE32E3E666C34AF47B653" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LongtermDebtTypeAxis_2AC662E62820CBAFE3A06C4DA7FF7DB2_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis_2AC662E62820CBAFE3A06C4DA7FF7DB2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>

<link:label id="lab_us-gaap_LongtermDebtTypeAxis_2AC662E62820CBAFE3A06C4DA7FF7DB2_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis_2AC662E62820CBAFE3A06C4DA7FF7DB2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2AC662E62820CBAFE3A06C4DA7FF7DB2" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>

<link:label id="lab_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180" xlink:to="lab_us-gaap_LongtermDebtTypeDomain_31506A83D4F6F12892996C4DA7FF6180" xlink:type="arc"/>

<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit Agreement </link:label>

<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Revolving Credit Facility [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember_293EAFA3E96850E1B92F6C4E1DCE1BBA" xlink:type="arc"/>

<link:label id="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319_terseLabel_en-US" xlink:label="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Term Loan </link:label>

<link:label id="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319_label_en-US" xlink:label="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Term Loan [Member] </link:label>

<link:label id="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319_documentation_en-US" xlink:label="lab_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Borrowings under the Company's Term Loan Provision of the Credit Agreement </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TermLoanMember" xlink:label="loc_doc_TermLoanMember_B2A8B597D304141FC1EA6C4E1DCE5319" xlink:type="locator"/>

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<link:label id="lab_us-gaap_CreditRatingMoodysAxis_3043C707C5500A833E616C34AF57DD7D_terseLabel_en-US" xlink:label="lab_us-gaap_CreditRatingMoodysAxis_3043C707C5500A833E616C34AF57DD7D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit Rating, Moody's [Axis] </link:label>

<link:label id="lab_us-gaap_CreditRatingMoodysAxis_3043C707C5500A833E616C34AF57DD7D_label_en-US" xlink:label="lab_us-gaap_CreditRatingMoodysAxis_3043C707C5500A833E616C34AF57DD7D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit Rating, Moody's [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CreditRatingMoodysAxis" xlink:label="loc_us-gaap_CreditRatingMoodysAxis_3043C707C5500A833E616C34AF57DD7D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ExternalCreditRatingMoodysMember_779818CD14E96A5200406C34AF573958_terseLabel_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingMoodysMember_779818CD14E96A5200406C34AF573958" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> External Credit Rating, Moody's [Domain] </link:label>

<link:label id="lab_us-gaap_ExternalCreditRatingMoodysMember_779818CD14E96A5200406C34AF573958_label_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingMoodysMember_779818CD14E96A5200406C34AF573958" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> External Credit Rating, Moody's [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExternalCreditRatingMoodysMember" xlink:label="loc_us-gaap_ExternalCreditRatingMoodysMember_779818CD14E96A5200406C34AF573958" xlink:type="locator"/>

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<link:label id="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0_terseLabel_en-US" xlink:label="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit rating at least A- or A3 </link:label>

<link:label id="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0_label_en-US" xlink:label="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit rating at least A- or A3 [Member] </link:label>

<link:label id="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0_documentation_en-US" xlink:label="lab_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Credit rating greater than or equal to A- or A3 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CreditratingatleastAorA3Member" xlink:label="loc_doc_CreditratingatleastAorA3Member_46DF4C932A4231D7D3A56C34AF5731B0" xlink:type="locator"/>

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<link:label id="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF_terseLabel_en-US" xlink:label="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBBplus or BAA1 </link:label>

<link:label id="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF_label_en-US" xlink:label="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBBplus or BAA1 [Member] </link:label>

<link:label id="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF_documentation_en-US" xlink:label="lab_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB+ or BAA1 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CreditratingatleastBBBplusorBAA1Member" xlink:label="loc_doc_CreditratingatleastBBBplusorBAA1Member_C64888D55D1F8DED4C176C34AF5719CF" xlink:type="locator"/>

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<link:label id="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F_terseLabel_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB or BAA2 </link:label>

<link:label id="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F_label_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB or BAA2 [Member] </link:label>

<link:label id="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F_documentation_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB or BAA2 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CreditratingatleastBBBorBAA2Member" xlink:label="loc_doc_CreditratingatleastBBBorBAA2Member_547FA74A2F5E0F5FA6466C34AF57CD4F" xlink:type="locator"/>

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<link:label id="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825_terseLabel_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB- or BAA3 </link:label>

<link:label id="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825_label_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB- or BAA3 [Member] </link:label>

<link:label id="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825_documentation_en-US" xlink:label="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Credit rating at least BBB- or BAA3 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CreditratingatleastBBBorBAA3Member" xlink:label="loc_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:to="lab_doc_CreditratingatleastBBBorBAA3Member_67C9151F68FAD05D0F106C34AF572825" xlink:type="arc"/>

<link:label id="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB_terseLabel_en-US" xlink:label="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit rating below BBB- or BAA3 </link:label>

<link:label id="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB_label_en-US" xlink:label="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Credit rating below BBB- or BAA3 [Member] </link:label>

<link:label id="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB_documentation_en-US" xlink:label="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Credit rating below BBB- or BAA3 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CreditratingbelowBBBorBAA3Member" xlink:label="loc_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:to="lab_doc_CreditratingbelowBBBorBAA3Member_2CBCE82361D6921016066C34AF574BBB" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt Instrument [Axis] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61" xlink:to="lab_us-gaap_DebtInstrumentAxis_ED2456D1174352B2CBF16C34AF578B61" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF" xlink:to="lab_us-gaap_DebtInstrumentNameDomain_A761ECFD693C4BA0B3BF6C34AF57EFCF" xlink:type="arc"/>

<link:label id="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C_terseLabel_en-US" xlink:label="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Base Rate Loans </link:label>

<link:label id="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C_label_en-US" xlink:label="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Base Rate Loans [Member] </link:label>

<link:label id="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C_documentation_en-US" xlink:label="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to base rate loans. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BaseRateLoansMember" xlink:label="loc_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:to="lab_doc_BaseRateLoansMember_5F60C1E982B4E3E3E8946C34AF57722C" xlink:type="arc"/>

<link:label id="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7_terseLabel_en-US" xlink:label="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Adjusted LIBOR Rate Loans and Letter of Credit </link:label>

<link:label id="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7_label_en-US" xlink:label="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Adjusted LIBOR Rate Revolver Loans And Letter Of Credit [Member] </link:label>

<link:label id="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7_documentation_en-US" xlink:label="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to adjusted LIBOR rate loans and letter of credit made under the Credit Agreement's Revolver provision. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember" xlink:label="loc_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:to="lab_doc_AdjustedLIBORRateRevolverLoansAndLetterOfCreditMember_FB9CFA01350A7FFA97976C34AF5716F7" xlink:type="arc"/>

<link:label id="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5_terseLabel_en-US" xlink:label="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Adjusted LIBOR Rate Term Loans and Letter Of Credit </link:label>

<link:label id="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5_label_en-US" xlink:label="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Adjusted LIBOR Rate Term Loans And Letter Of Credit [Member] </link:label>

<link:label id="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5_documentation_en-US" xlink:label="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to adjusted LIBOR rate loans and letter of credit made under the Credit Agreement's Term provision. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember" xlink:label="loc_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:to="lab_doc_AdjustedLIBORRateTermLoansAndLetterOfCreditMember_BCE8C6F7D4569D73B16E6C34AF57B3B5" xlink:type="arc"/>

<link:label id="lab_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Variable Rate [Axis] </link:label>

<link:label id="lab_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Variable Rate [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D" xlink:to="lab_us-gaap_VariableRateAxis_BBB72A0E141D39BC31006C34AF57C75D" xlink:type="arc"/>

<link:label id="lab_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Variable Rate [Domain] </link:label>

<link:label id="lab_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Variable Rate [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC" xlink:to="lab_us-gaap_VariableRateDomain_B5A928BFDF831137CB216C34AF57FCDC" xlink:type="arc"/>

<link:label id="lab_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4_terseLabel_en-US" xlink:label="lab_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Base Rate </link:label>

<link:label id="lab_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4_label_en-US" xlink:label="lab_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Base Rate [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BaseRateMember" xlink:label="loc_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4" xlink:to="lab_us-gaap_BaseRateMember_6ACE00E4D7D9D97513306C34AF5785E4" xlink:type="arc"/>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> LIBOR </link:label>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_520B1C54AC4142C5F5536C34AF574E21" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt </link:label>

<link:label id="lab_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F" xlink:to="lab_us-gaap_DebtInstrumentLineItems_E901CC8F04E61DA343656C34AF57FB8F" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Reference rate (as a percent) </link:label>

<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Basis Spread on Variable Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_D5FA5944F7A5988E6CE06C34AF5715B0" xlink:type="arc"/>

<link:label id="lab_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>

<link:label id="lab_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicDistributionAxis" xlink:label="loc_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE" xlink:to="lab_us-gaap_GeographicDistributionAxis_EB3A103AEE1FB83939AE6C3503087ABE" xlink:type="arc"/>

<link:label id="lab_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>

<link:label id="lab_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeographicDistributionDomain" xlink:label="loc_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F" xlink:to="lab_us-gaap_GeographicDistributionDomain_41677DFF701282DA60DF6C350308B65F" xlink:type="arc"/>

<link:label id="lab_stpr_TX_AF8438856314D01F10A96C3503080203_terseLabel_en-US" xlink:label="lab_stpr_TX_AF8438856314D01F10A96C3503080203" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Texas </link:label>

<link:label id="lab_stpr_TX_AF8438856314D01F10A96C3503080203_label_en-US" xlink:label="lab_stpr_TX_AF8438856314D01F10A96C3503080203" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> TEXAS </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_TX" xlink:label="loc_stpr_TX_AF8438856314D01F10A96C3503080203" xlink:type="locator"/>

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<link:label id="lab_stpr_KY_E7FA30CC75645A244E956C350308CF39_terseLabel_en-US" xlink:label="lab_stpr_KY_E7FA30CC75645A244E956C350308CF39" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Kentucky </link:label>

<link:label id="lab_stpr_KY_E7FA30CC75645A244E956C350308CF39_label_en-US" xlink:label="lab_stpr_KY_E7FA30CC75645A244E956C350308CF39" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> KENTUCKY </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_KY" xlink:label="loc_stpr_KY_E7FA30CC75645A244E956C350308CF39" xlink:type="locator"/>

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<link:label id="lab_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8_terseLabel_en-US" xlink:label="lab_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Arizona </link:label>

<link:label id="lab_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8_label_en-US" xlink:label="lab_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> ARIZONA </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_AZ" xlink:label="loc_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8" xlink:to="lab_stpr_AZ_87881D2313E5C1BDF8826C350308B3B8" xlink:type="arc"/>

<link:label id="lab_stpr_IN_7CECD5935AC7AD771A806C3503087A09_terseLabel_en-US" xlink:label="lab_stpr_IN_7CECD5935AC7AD771A806C3503087A09" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Indiana </link:label>

<link:label id="lab_stpr_IN_7CECD5935AC7AD771A806C3503087A09_label_en-US" xlink:label="lab_stpr_IN_7CECD5935AC7AD771A806C3503087A09" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> INDIANA </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_IN" xlink:label="loc_stpr_IN_7CECD5935AC7AD771A806C3503087A09" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_IN_7CECD5935AC7AD771A806C3503087A09" xlink:to="lab_stpr_IN_7CECD5935AC7AD771A806C3503087A09" xlink:type="arc"/>

<link:label id="lab_stpr_OH_26B8D04865BA65905F0B6C35030803FF_terseLabel_en-US" xlink:label="lab_stpr_OH_26B8D04865BA65905F0B6C35030803FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ohio </link:label>

<link:label id="lab_stpr_OH_26B8D04865BA65905F0B6C35030803FF_label_en-US" xlink:label="lab_stpr_OH_26B8D04865BA65905F0B6C35030803FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> OHIO </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_OH" xlink:label="loc_stpr_OH_26B8D04865BA65905F0B6C35030803FF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_OH_26B8D04865BA65905F0B6C35030803FF" xlink:to="lab_stpr_OH_26B8D04865BA65905F0B6C35030803FF" xlink:type="arc"/>

<link:label id="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6_terseLabel_en-US" xlink:label="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Other </link:label>

<link:label id="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6_label_en-US" xlink:label="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> All other states [Member] </link:label>

<link:label id="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6_documentation_en-US" xlink:label="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> All other states </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AllotherstatesMember" xlink:label="loc_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:to="lab_doc_AllotherstatesMember_BEE00B7BFF141F4BEA3D6C3503083CC6" xlink:type="arc"/>

<link:label id="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370_terseLabel_en-US" xlink:label="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total ABR </link:label>

<link:label id="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370_label_en-US" xlink:label="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Annualized Base Rent </link:label>

<link:label id="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370_documentation_en-US" xlink:label="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> One month of base rent based on actuals, presented annualized and used as the Company's metric for measuring credit concentration </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AnnualizedBaseRent" xlink:label="loc_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:to="lab_doc_AnnualizedBaseRent_15EAE1E46E6445BE6C866C350308D370" xlink:type="arc"/>

<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_6221C057089EA5ECA13F6C350308E0E7_verboseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1_6221C057089EA5ECA13F6C350308E0E7" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Percent of ABR </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_6221C057089EA5ECA13F6C350308E0E7_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1_6221C057089EA5ECA13F6C350308E0E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk, Percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1_6221C057089EA5ECA13F6C350308E0E7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_4CAEDB73F280D9C4C2156C3503372ADF_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract_4CAEDB73F280D9C4C2156C3503372ADF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_4CAEDB73F280D9C4C2156C3503372ADF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_4CAEDB73F280D9C4C2156C3503372ADF" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract_4CAEDB73F280D9C4C2156C3503372ADF" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_EE4CD355658AA5AEBE956C3503374F41_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_EE4CD355658AA5AEBE956C3503374F41" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value Measurements, Recurring and Nonrecurring [Table] </link:label>

<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_EE4CD355658AA5AEBE956C3503374F41_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_EE4CD355658AA5AEBE956C3503374F41" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value Measurements, Recurring and Nonrecurring [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_EE4CD355658AA5AEBE956C3503374F41" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>

<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis_C06CC271C374139A0ABD6CAB98ADE79F" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurement Frequency [Domain] </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurement Frequency [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24" xlink:to="lab_us-gaap_FairValueMeasurementFrequencyDomain_32A90DE4BC44F336D0D66CAB98ADED24" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurements, Nonrecurring </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurements, Nonrecurring [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99" xlink:to="lab_us-gaap_FairValueMeasurementsNonrecurringMember_BCF890B39D5AAEF580F56CAB98FB0E99" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_78E54E6CB96DCB75890A6CA7F0559BF7" xlink:type="arc"/>

<link:label id="lab_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>

<link:label id="lab_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_HedgingRelationshipDomain" xlink:label="loc_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973" xlink:to="lab_us-gaap_HedgingRelationshipDomain_11897164CF5995A2D19E6CA7F0552973" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash Flow Hedging </link:label>

<link:label id="lab_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44_label_en-US" xlink:label="lab_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash Flow Hedging [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowHedgingMember" xlink:label="loc_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44" xlink:to="lab_us-gaap_CashFlowHedgingMember_731696F90FDF61D17EC26CA7F16FDF44" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis_E139C8F4BC0DAC58DE786C3503378D99" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivative Contract [Domain] </link:label>

<link:label id="lab_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Contract [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E" xlink:to="lab_us-gaap_DerivativeContractTypeDomain_D3823625441F1568CC4C6C350337E24E" xlink:type="arc"/>

<link:label id="lab_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C_terseLabel_en-US" xlink:label="lab_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Embedded Derivative Financial Instruments </link:label>

<link:label id="lab_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C_label_en-US" xlink:label="lab_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Embedded Derivative Financial Instruments [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmbeddedDerivativeFinancialInstrumentsMember" xlink:label="loc_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C" xlink:to="lab_us-gaap_EmbeddedDerivativeFinancialInstrumentsMember_BC7744C3C953FF1341BD6C350337C72C" xlink:type="arc"/>

<link:label id="lab_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Interest Rate Swaps </link:label>

<link:label id="lab_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E_label_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Rate Swap [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="loc_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E" xlink:to="lab_us-gaap_InterestRateSwapMember_F8BCF461468CB50F19176C350337FF8E" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>

<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0A006B64EB7ED1587D766C350337977C" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of derivative instruments </link:label>

<link:label id="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059_label_en-US" xlink:label="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Number of Instruments Held </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:label="loc_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059" xlink:to="lab_us-gaap_DerivativeNumberOfInstrumentsHeld_D3E077981921CBAFBA766C3503374059" xlink:type="arc"/>

<link:label id="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C_terseLabel_en-US" xlink:label="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Assets subject to impairment measured at fair value </link:label>

<link:label id="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C_label_en-US" xlink:label="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Assets Subject to Impairment Fair Value Disclosure </link:label>

<link:label id="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C_documentation_en-US" xlink:label="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fair value of assets subject to impairment as of the balance sheet date. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AssetsSubjectToImpairmentFairValueDisclosure" xlink:label="loc_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:to="lab_doc_AssetsSubjectToImpairmentFairValueDisclosure_73D5BE5F4FDC4EC3A7496CAB987E420C" xlink:type="arc"/>

<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7E5C9B2674E2FD1CD51738ADF2C4FDA4_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7E5C9B2674E2FD1CD51738ADF2C4FDA4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7E5C9B2674E2FD1CD51738ADF2C4FDA4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7E5C9B2674E2FD1CD51738ADF2C4FDA4" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7E5C9B2674E2FD1CD51738ADF2C4FDA4" xlink:type="arc"/>

<link:label id="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC_terseLabel_en-US" xlink:label="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Trust's common shares issuance and sale </link:label>

<link:label id="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC_label_en-US" xlink:label="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule Of Sale Or Issuance Of Common Stock [Table Text Block] </link:label>

<link:label id="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC_documentation_en-US" xlink:label="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tabular disclosure of the sale or issuance of common stock outstanding. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock" xlink:label="loc_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:to="lab_doc_ScheduleOfSaleOrIssuanceOfCommonStockTableTextBlock_1260235CAAEA0F35BBEF38ADF2C49CEC" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherAssetsUnclassifiedAbstract_9FB76FB5E419B65EEC1A43C599841943_label_en-US" xlink:label="lab_us-gaap_OtherAssetsUnclassifiedAbstract_9FB76FB5E419B65EEC1A43C599841943" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Assets, Unclassified [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsUnclassifiedAbstract" xlink:label="loc_us-gaap_OtherAssetsUnclassifiedAbstract_9FB76FB5E419B65EEC1A43C599841943" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsUnclassifiedAbstract_9FB76FB5E419B65EEC1A43C599841943" xlink:to="lab_us-gaap_OtherAssetsUnclassifiedAbstract_9FB76FB5E419B65EEC1A43C599841943" xlink:type="arc"/>

<link:label id="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4_verboseLabel_en-US" xlink:label="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Straight line rent receivable </link:label>

<link:label id="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4_label_en-US" xlink:label="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Straight Line Rent Receivable </link:label>

<link:label id="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4_documentation_en-US" xlink:label="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the straight line rent receivable as of the reporting date. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_StraightLineRentReceivable" xlink:label="loc_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:to="lab_doc_StraightLineRentReceivable_1ABB7D537C685471395443C59986EBE4" xlink:type="arc"/>

<link:label id="lab_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Notes receivable </link:label>

<link:label id="lab_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Financing Receivable, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesReceivableNet" xlink:label="loc_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407" xlink:to="lab_us-gaap_NotesReceivableNet_30E00DC8E7E29943E03143C59987C407" xlink:type="arc"/>

<link:label id="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377_terseLabel_en-US" xlink:label="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Interest rate swap </link:label>

<link:label id="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377_label_en-US" xlink:label="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Rate Swap </link:label>

<link:label id="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377_documentation_en-US" xlink:label="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Interest Rate Swap </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_InterestRateSwap" xlink:label="loc_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:to="lab_doc_InterestRateSwap_81D079966D23795CF97843C599876377" xlink:type="arc"/>

<link:label id="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE_terseLabel_en-US" xlink:label="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lease inducements, net </link:label>

<link:label id="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE_label_en-US" xlink:label="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lease Inducements Receivable </link:label>

<link:label id="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE_documentation_en-US" xlink:label="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The amount of lease inducements reported as of the reporting date. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LeaseInducementsReceivable" xlink:label="loc_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:to="lab_doc_LeaseInducementsReceivable_A1FF76E43AE3323AE3D343C5998775BE" xlink:type="arc"/>

<link:label id="lab_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011_terseLabel_en-US" xlink:label="lab_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Prepaid expenses </link:label>

<link:label id="lab_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011_label_en-US" xlink:label="lab_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Prepaid Expense, Current </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011" xlink:to="lab_us-gaap_PrepaidExpenseCurrent_596B5790EA069FA3764043C599875011" xlink:type="arc"/>

<link:label id="lab_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E_verboseLabel_en-US" xlink:label="lab_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Escrows </link:label>

<link:label id="lab_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E_label_en-US" xlink:label="lab_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Escrow Deposit </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="loc_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E" xlink:to="lab_us-gaap_EscrowDeposit_407DBCD8119E906129CD43C59988D20E" xlink:type="arc"/>

<link:label id="lab_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Leasing commissions, net </link:label>

<link:label id="lab_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397_label_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Deferred Costs, Leasing, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredCostsLeasingNet" xlink:label="loc_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397" xlink:to="lab_us-gaap_DeferredCostsLeasingNet_970453B00B17AC362DD643C599886397" xlink:type="arc"/>

<link:label id="lab_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649_terseLabel_en-US" xlink:label="lab_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnest deposits </link:label>

<link:label id="lab_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649_label_en-US" xlink:label="lab_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnest Money Deposits </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarnestMoneyDeposits" xlink:label="loc_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649" xlink:to="lab_us-gaap_EarnestMoneyDeposits_EECBC54E0F6FDD45CC2743C599882649" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Other </link:label>

<link:label id="lab_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279_label_en-US" xlink:label="lab_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Prepaid Expense, Current </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherPrepaidExpenseCurrent" xlink:label="loc_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279" xlink:to="lab_us-gaap_OtherPrepaidExpenseCurrent_F3331646DDD3CF5723AF43C599888279" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB_totalLabel_en-US" xlink:label="lab_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:label id="lab_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB_label_en-US" xlink:label="lab_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssets" xlink:label="loc_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB" xlink:to="lab_us-gaap_OtherAssets_45051DC243210BB3668C43C59988BFBB" xlink:type="arc"/>

<link:label id="lab_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7_terseLabel_en-US" xlink:label="lab_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Customer [Axis] </link:label>

<link:label id="lab_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7_label_en-US" xlink:label="lab_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Customer [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="loc_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7" xlink:to="lab_us-gaap_MajorCustomersAxis_27290CF9904173BFC37B6C3503175FA7" xlink:type="arc"/>

<link:label id="lab_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636_terseLabel_en-US" xlink:label="lab_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Customer [Domain] </link:label>

<link:label id="lab_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636_label_en-US" xlink:label="lab_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Customer [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="loc_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636" xlink:to="lab_us-gaap_NameOfMajorCustomerDomain_FCD4FFD6F6AF1A92AD946C3503172636" xlink:type="arc"/>

<link:label id="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C_terseLabel_en-US" xlink:label="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Top five tenant relationships </link:label>

<link:label id="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C_label_en-US" xlink:label="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Top five tenant relationships [Member] </link:label>

<link:label id="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C_documentation_en-US" xlink:label="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Top five tenant relationships </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TopfivetenantrelationshipsMember" xlink:label="loc_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:to="lab_doc_TopfivetenantrelationshipsMember_30272716BF8290950AC86C350317019C" xlink:type="arc"/>

<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_EC82DBCFA5F94CD3CB8B6CB3AE3AE64D_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1_EC82DBCFA5F94CD3CB8B6CB3AE3AE64D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Concentration risk, percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1_EC82DBCFA5F94CD3CB8B6CB3AE3AE64D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1_EC82DBCFA5F94CD3CB8B6CB3AE3AE64D" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1_EC82DBCFA5F94CD3CB8B6CB3AE3AE64D" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable_C54666CB9B2CFCB3A5676CE22D00A393" xlink:type="arc"/>

<link:label id="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A_terseLabel_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sale of Stock Axis, Program Name [Axis] </link:label>

<link:label id="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A_label_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sale of Stock Axis, Program Name [Axis] </link:label>

<link:label id="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A_documentation_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Sale of Stock Axis, Program Name [Axis] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SaleofStockAxisProgramNameAxis" xlink:label="loc_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:to="lab_doc_SaleofStockAxisProgramNameAxis_E75EC8D18E74DC69FAF16CE22D00167A" xlink:type="arc"/>

<link:label id="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0_terseLabel_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sale of Stock Axis, Program Name [Domain] </link:label>

<link:label id="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0_label_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sale of Stock Axis, Program Name [Domain] </link:label>

<link:label id="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0_documentation_en-US" xlink:label="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> [Domain] for Sale of Stock Axis, Program Name [Axis] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SaleofStockAxisProgramNameDomain" xlink:label="loc_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:to="lab_doc_SaleofStockAxisProgramNameDomain_1EC652DC4E18E98E66A76CE22D003BC0" xlink:type="arc"/>

<link:label id="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD_terseLabel_en-US" xlink:label="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2014 ATM Program </link:label>

<link:label id="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD_label_en-US" xlink:label="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> 2014 ATM Program [Member] </link:label>

<link:label id="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD_documentation_en-US" xlink:label="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> 2014 ATM Program [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_A2014ATMProgramMember" xlink:label="loc_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:to="lab_doc_A2014ATMProgramMember_F0FA45BA58A18B4748AC6CE22D0051CD" xlink:type="arc"/>

<link:label id="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08_terseLabel_en-US" xlink:label="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2016 ATM Program </link:label>

<link:label id="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08_label_en-US" xlink:label="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> 2016 ATM Program [Member] </link:label>

<link:label id="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08_documentation_en-US" xlink:label="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> 2016 ATM Program [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_A2016ATMProgramMember" xlink:label="loc_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:to="lab_doc_A2016ATMProgramMember_2E071E80577A4B8C1BD56CE22D00AF08" xlink:type="arc"/>

<link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C_terseLabel_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sale of Stock [Axis] </link:label>

<link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C_label_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sale of Stock [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C" xlink:to="lab_us-gaap_SubsidiarySaleOfStockAxis_F634FE78D0647AC6A2936CE22D00CE5C" xlink:type="arc"/>

<link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_030BA1E8FC955AAFF2296CE22D0014BA_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain_030BA1E8FC955AAFF2296CE22D0014BA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sale of Stock [Domain] </link:label>

<link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_030BA1E8FC955AAFF2296CE22D0014BA_label_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain_030BA1E8FC955AAFF2296CE22D0014BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sale of Stock [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_030BA1E8FC955AAFF2296CE22D0014BA" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819_terseLabel_en-US" xlink:label="lab_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> ATM Program </link:label>

<link:label id="lab_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819_label_en-US" xlink:label="lab_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Private Placement [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819" xlink:to="lab_us-gaap_PrivatePlacementMember_889AFDCE10DBAB002CAF6CE22D00A819" xlink:type="arc"/>

<link:label id="lab_us-gaap_ClassOfStockLineItems_9B9207768FE8E206D5BD6CE22D006B22_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems_9B9207768FE8E206D5BD6CE22D006B22" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Class of Stock [Line Items] </link:label>

<link:label id="lab_us-gaap_ClassOfStockLineItems_9B9207768FE8E206D5BD6CE22D006B22_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems_9B9207768FE8E206D5BD6CE22D006B22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Class of Stock [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems_9B9207768FE8E206D5BD6CE22D006B22" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Common shares sold (in shares) </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period, Shares, New Issues </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26646E012BE023FC501F6CE22D013C3F" xlink:type="arc"/>

<link:label id="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205_terseLabel_en-US" xlink:label="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average price (in dollars per share) </link:label>

<link:label id="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205_label_en-US" xlink:label="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Share Price On Sale Of Common Shares </link:label>

<link:label id="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205_documentation_en-US" xlink:label="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the weighted average price of a single share of a number of saleable common shares of a company. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WeightedAverageSharePriceOnSaleOfCommonShares" xlink:label="loc_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:to="lab_doc_WeightedAverageSharePriceOnSaleOfCommonShares_F8F7639F53CC87D3F2086CE22D01E205" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Net proceeds from issuance of common stock </link:label>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Issuance of Common Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_B0595B162FC831C2C2DD6CE22D01C934" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeTable_BA38DD7B304CE0D061306CB8E4CE2F0F_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable_BA38DD7B304CE0D061306CB8E4CE2F0F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivative [Table] </link:label>

<link:label id="lab_us-gaap_DerivativeTable_BA38DD7B304CE0D061306CB8E4CE2F0F_label_en-US" xlink:label="lab_us-gaap_DerivativeTable_BA38DD7B304CE0D061306CB8E4CE2F0F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeTable" xlink:label="loc_us-gaap_DerivativeTable_BA38DD7B304CE0D061306CB8E4CE2F0F" xlink:type="locator"/>

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<link:label id="lab_us-gaap_UnsecuredDebtMember_35576D3BC7E5765AF7786CB8E4CECB72_terseLabel_en-US" xlink:label="lab_us-gaap_UnsecuredDebtMember_35576D3BC7E5765AF7786CB8E4CECB72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unsecured Debt </link:label>

<link:label id="lab_us-gaap_UnsecuredDebtMember_35576D3BC7E5765AF7786CB8E4CECB72_label_en-US" xlink:label="lab_us-gaap_UnsecuredDebtMember_35576D3BC7E5765AF7786CB8E4CECB72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unsecured Debt [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnsecuredDebtMember" xlink:label="loc_us-gaap_UnsecuredDebtMember_35576D3BC7E5765AF7786CB8E4CECB72" xlink:type="locator"/>

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<link:label id="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C_terseLabel_en-US" xlink:label="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unsecured Term Loan Due June 2023 </link:label>

<link:label id="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C_label_en-US" xlink:label="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unsecured Term Loan Due June 2023 [Member] </link:label>

<link:label id="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C_documentation_en-US" xlink:label="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unsecured Term Loan Due June 2023 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnsecuredTermLoanDueJune2023Member" xlink:label="loc_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:to="lab_doc_UnsecuredTermLoanDueJune2023Member_9FAB01E61C309DFCD9BE6CB8E4CEAB4C" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Measurement Basis [Axis] </link:label>

<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Measurement Basis [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E" xlink:to="lab_us-gaap_FairValueByMeasurementBasisAxis_1BE007FC123289CEDFEE6CB8E4CEC16E" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>

<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758" xlink:to="lab_us-gaap_FairValueDisclosureItemAmountsDomain_C740A276D5DD0EB2CA7D6CB8E4CE5758" xlink:type="arc"/>

<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Portion at Fair Value Measurement </link:label>

<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Portion at Fair Value Measurement [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870" xlink:to="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0EA6920F4984C07AB7836CB8E4CEA870" xlink:type="arc"/>

<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_29B27FFC19B169A328916CB8E4CED7E7_terseLabel_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_29B27FFC19B169A328916CB8E4CED7E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Reported Value Measurement </link:label>

<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_29B27FFC19B169A328916CB8E4CED7E7_label_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_29B27FFC19B169A328916CB8E4CED7E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reported Value Measurement [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_29B27FFC19B169A328916CB8E4CED7E7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Recurring </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurements, Recurring [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F" xlink:to="lab_us-gaap_FairValueMeasurementsRecurringMember_16A5F6459D67E676C4C76CB8E4CE0E9F" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeLineItems_804F6F9DADC372AC59186CB8E4CEACD3_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems_804F6F9DADC372AC59186CB8E4CEACD3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Derivative [Line Items] </link:label>

<link:label id="lab_us-gaap_DerivativeLineItems_804F6F9DADC372AC59186CB8E4CEACD3_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems_804F6F9DADC372AC59186CB8E4CEACD3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="loc_us-gaap_DerivativeLineItems_804F6F9DADC372AC59186CB8E4CEACD3" xlink:type="locator"/>

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<link:label id="lab_invest_DerivativeNotionalAmount_ED1E2FDBE869656FA8026CB8E4CEE87A_terseLabel_en-US" xlink:label="lab_invest_DerivativeNotionalAmount_ED1E2FDBE869656FA8026CB8E4CEE87A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total notional amount </link:label>

<link:label id="lab_invest_DerivativeNotionalAmount_ED1E2FDBE869656FA8026CB8E4CEE87A_label_en-US" xlink:label="lab_invest_DerivativeNotionalAmount_ED1E2FDBE869656FA8026CB8E4CEE87A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Notional Amount </link:label>

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<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E88BD66A062D562330D06CB8E4CE69D1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E88BD66A062D562330D06CB8E4CE69D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Effective fixed interest rate </link:label>

<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E88BD66A062D562330D06CB8E4CE69D1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E88BD66A062D562330D06CB8E4CE69D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_E88BD66A062D562330D06CB8E4CE69D1" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeInceptionDates_F286163D1B318DD74A506CB8E4CEB4A6_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInceptionDates_F286163D1B318DD74A506CB8E4CEB4A6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Effective date </link:label>

<link:label id="lab_us-gaap_DerivativeInceptionDates_F286163D1B318DD74A506CB8E4CEB4A6_label_en-US" xlink:label="lab_us-gaap_DerivativeInceptionDates_F286163D1B318DD74A506CB8E4CEB4A6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Inception Date </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInceptionDates" xlink:label="loc_us-gaap_DerivativeInceptionDates_F286163D1B318DD74A506CB8E4CEB4A6" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeMaturityDates_964F3C8E0770F3D625846CB8E4CE06E4_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMaturityDates_964F3C8E0770F3D625846CB8E4CE06E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Maturity date </link:label>

<link:label id="lab_us-gaap_DerivativeMaturityDates_964F3C8E0770F3D625846CB8E4CE06E4_label_en-US" xlink:label="lab_us-gaap_DerivativeMaturityDates_964F3C8E0770F3D625846CB8E4CE06E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Maturity Date </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="loc_us-gaap_DerivativeMaturityDates_964F3C8E0770F3D625846CB8E4CE06E4" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeAssets_4DEC8F66F57EAC5DF2526CB8E4CEAC1E_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets_4DEC8F66F57EAC5DF2526CB8E4CEAC1E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Asset balance at December 31, 2016 (included in Other assets) </link:label>

<link:label id="lab_us-gaap_DerivativeAssets_4DEC8F66F57EAC5DF2526CB8E4CEAC1E_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets_4DEC8F66F57EAC5DF2526CB8E4CEAC1E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Asset </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_4DEC8F66F57EAC5DF2526CB8E4CEAC1E" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeFixedInterestRate_7626D80A75ADAD8F511E6CB8E4CE6ACB_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFixedInterestRate_7626D80A75ADAD8F511E6CB8E4CE6ACB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Effective fixed interest rate </link:label>

<link:label id="lab_us-gaap_DerivativeFixedInterestRate_7626D80A75ADAD8F511E6CB8E4CE6ACB_label_en-US" xlink:label="lab_us-gaap_DerivativeFixedInterestRate_7626D80A75ADAD8F511E6CB8E4CE6ACB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Fixed Interest Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="loc_us-gaap_DerivativeFixedInterestRate_7626D80A75ADAD8F511E6CB8E4CE6ACB" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_425B69EA05D8C19E7F726CB8E4CEE42F_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_425B69EA05D8C19E7F726CB8E4CEE42F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Derivative, basis spread on variable rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_425B69EA05D8C19E7F726CB8E4CEE42F" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_5BE537DE4BEE7EB40E8A6DD58B07F395_terseLabel_en-US" xlink:label="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_5BE537DE4BEE7EB40E8A6DD58B07F395" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partner Type [Axis] </link:label>

<link:label id="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_5BE537DE4BEE7EB40E8A6DD58B07F395_label_en-US" xlink:label="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_5BE537DE4BEE7EB40E8A6DD58B07F395" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partner Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnerTypeOfPartnersCapitalAccountAxis" xlink:label="loc_us-gaap_PartnerTypeOfPartnersCapitalAccountAxis_5BE537DE4BEE7EB40E8A6DD58B07F395" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_964C3F642196053CE16E6DD58B07E4FC_terseLabel_en-US" xlink:label="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_964C3F642196053CE16E6DD58B07E4FC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partner Type of Partners' Capital Account, Name [Domain] </link:label>

<link:label id="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_964C3F642196053CE16E6DD58B07E4FC_label_en-US" xlink:label="lab_us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_964C3F642196053CE16E6DD58B07E4FC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partner Type of Partners' Capital Account, Name [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain" xlink:label="loc_us-gaap_PartnerTypeOfPartnersCapitalAccountNameDomain_964C3F642196053CE16E6DD58B07E4FC" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartiallyOwnedPropertiesMember_2E2A37F59F3CBFD138666DD58B07B2F3_terseLabel_en-US" xlink:label="lab_us-gaap_PartiallyOwnedPropertiesMember_2E2A37F59F3CBFD138666DD58B07B2F3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partially Owned Properties </link:label>

<link:label id="lab_us-gaap_PartiallyOwnedPropertiesMember_2E2A37F59F3CBFD138666DD58B07B2F3_label_en-US" xlink:label="lab_us-gaap_PartiallyOwnedPropertiesMember_2E2A37F59F3CBFD138666DD58B07B2F3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partially Owned Properties [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartiallyOwnedPropertiesMember" xlink:label="loc_us-gaap_PartiallyOwnedPropertiesMember_2E2A37F59F3CBFD138666DD58B07B2F3" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AssetsAbstract_108BCB36C185F9595B656DD58B0891F6_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract_108BCB36C185F9595B656DD58B0891F6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> ASSETS </link:label>

<link:label id="lab_us-gaap_AssetsAbstract_108BCB36C185F9595B656DD58B0891F6_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract_108BCB36C185F9595B656DD58B0891F6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Assets [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_108BCB36C185F9595B656DD58B0891F6" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateInvestmentPropertyNetAbstract_5692536CDB4DBD9BE5606DD58B0843E5_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNetAbstract_5692536CDB4DBD9BE5606DD58B0843E5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Investment properties: </link:label>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyNetAbstract_5692536CDB4DBD9BE5606DD58B0843E5_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNetAbstract_5692536CDB4DBD9BE5606DD58B0843E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Investment Property, Net [Abstract] </link:label>

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<link:label id="lab_us-gaap_LandAndLandImprovements_46518A8B288AA72858C56DD58B087350_terseLabel_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements_46518A8B288AA72858C56DD58B087350" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Land and improvements </link:label>

<link:label id="lab_us-gaap_LandAndLandImprovements_46518A8B288AA72858C56DD58B087350_label_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements_46518A8B288AA72858C56DD58B087350" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Land and Land Improvements </link:label>

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<link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_762C3B56ADEDEEFD55A16DD58B08DF02_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_762C3B56ADEDEEFD55A16DD58B08DF02" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Building and improvements </link:label>

<link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_762C3B56ADEDEEFD55A16DD58B08DF02_label_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_762C3B56ADEDEEFD55A16DD58B08DF02" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment Building and Building Improvements </link:label>

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<link:label id="lab_us-gaap_TenantImprovements_FB89283A16623C2673766DD58B085D96_terseLabel_en-US" xlink:label="lab_us-gaap_TenantImprovements_FB89283A16623C2673766DD58B085D96" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tenant improvements </link:label>

<link:label id="lab_us-gaap_TenantImprovements_FB89283A16623C2673766DD58B085D96_label_en-US" xlink:label="lab_us-gaap_TenantImprovements_FB89283A16623C2673766DD58B085D96" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Tenant Improvements </link:label>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_ACFD24D62F1D7DE681DF6DD58B088E27_verboseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross_ACFD24D62F1D7DE681DF6DD58B088E27" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Acquired lease intangibles </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_ACFD24D62F1D7DE681DF6DD58B088E27_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross_ACFD24D62F1D7DE681DF6DD58B088E27" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Gross </link:label>

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<link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Gross real estate property </link:label>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Investment Property, at Cost </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAtCost_2E2F1C51344897AA0A566DD58B08128D" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B_negatedLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Accumulated depreciation </link:label>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Investment Property, Accumulated Depreciation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_F0F5F3E89EE342D0C6A06DD58B087B9B" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net real estate property </link:label>

<link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Investment Property, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyNet_EF016435568D76915C046DD58B0846D5" xlink:type="arc"/>

<link:label id="lab_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real estate loans receivable </link:label>

<link:label id="lab_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6_label_en-US" xlink:label="lab_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Loans Receivable, Gross, Commercial, Real Estate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansReceivableCommercialRealEstate" xlink:label="loc_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6" xlink:to="lab_us-gaap_LoansReceivableCommercialRealEstate_C30557C99DDE395961666DD58B09D5F6" xlink:type="arc"/>

<link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Investment in unconsolidated entity </link:label>

<link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249" xlink:to="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_8DA438CA3976C4CB1A136DD58B094249" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net real estate investments </link:label>

<link:label id="lab_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Investments, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="loc_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9" xlink:to="lab_us-gaap_RealEstateInvestments_A25FF44CD41568270B3E6DD58B094BB9" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash and cash equivalents </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_36CBB46824A6F4E0061C6DD58B095826" xlink:type="arc"/>

<link:label id="lab_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tenant receivables, net </link:label>

<link:label id="lab_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195_label_en-US" xlink:label="lab_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accounts and Notes Receivable, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="loc_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195" xlink:to="lab_us-gaap_AccountsAndNotesReceivableNet_CB9B475F11A5B9272EC76DD58B098195" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherAssets_09CC0A8C4B2F40774DD26DD58B09B465_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets_09CC0A8C4B2F40774DD26DD58B09B465" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Other assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssets" xlink:label="loc_us-gaap_OtherAssets_09CC0A8C4B2F40774DD26DD58B09B465" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets_09CC0A8C4B2F40774DD26DD58B09B465" xlink:to="lab_us-gaap_OtherAssets_09CC0A8C4B2F40774DD26DD58B09B465" xlink:type="arc"/>

<link:label id="lab_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677_totalLabel_en-US" xlink:label="lab_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total assets </link:label>

<link:label id="lab_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677_label_en-US" xlink:label="lab_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677" xlink:to="lab_us-gaap_Assets_1475BFB48C905208560B6DD58B09B677" xlink:type="arc"/>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1C12A4FE539B819FE00A6DD58B095378_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1C12A4FE539B819FE00A6DD58B095378" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> LIABILITIES AND EQUITY </link:label>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1C12A4FE539B819FE00A6DD58B095378_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1C12A4FE539B819FE00A6DD58B095378" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities and Equity [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1C12A4FE539B819FE00A6DD58B095378" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LiabilitiesAbstract_A2F8B7CA5DF9E563DE856DD58B093C7F_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract_A2F8B7CA5DF9E563DE856DD58B093C7F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Liabilities: </link:label>

<link:label id="lab_us-gaap_LiabilitiesAbstract_A2F8B7CA5DF9E563DE856DD58B093C7F_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract_A2F8B7CA5DF9E563DE856DD58B093C7F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_A2F8B7CA5DF9E563DE856DD58B093C7F" xlink:type="locator"/>

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<link:label id="lab_us-gaap_UnsecuredDebt_15705B4BFA34422E49AA6DD58B09069C_terseLabel_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_15705B4BFA34422E49AA6DD58B09069C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Credit facility </link:label>

<link:label id="lab_us-gaap_UnsecuredDebt_15705B4BFA34422E49AA6DD58B09069C_label_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_15705B4BFA34422E49AA6DD58B09069C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unsecured Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="loc_us-gaap_UnsecuredDebt_15705B4BFA34422E49AA6DD58B09069C" xlink:type="locator"/>

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<link:label id="lab_us-gaap_NotesPayable_A764DA6976AD9AD8C3F46DD58B0A4EDE_terseLabel_en-US" xlink:label="lab_us-gaap_NotesPayable_A764DA6976AD9AD8C3F46DD58B0A4EDE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Notes payable </link:label>

<link:label id="lab_us-gaap_NotesPayable_A764DA6976AD9AD8C3F46DD58B0A4EDE_label_en-US" xlink:label="lab_us-gaap_NotesPayable_A764DA6976AD9AD8C3F46DD58B0A4EDE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Notes Payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable_A764DA6976AD9AD8C3F46DD58B0A4EDE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SecuredDebt_8442C25DC17FBC2AC2CB6DD58B0AF24E_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebt_8442C25DC17FBC2AC2CB6DD58B0AF24E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage debt </link:label>

<link:label id="lab_us-gaap_SecuredDebt_8442C25DC17FBC2AC2CB6DD58B0AF24E_label_en-US" xlink:label="lab_us-gaap_SecuredDebt_8442C25DC17FBC2AC2CB6DD58B0AF24E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Secured Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_8442C25DC17FBC2AC2CB6DD58B0AF24E" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AccountsPayableCurrentAndNoncurrent_B985485B4AD96E2F7EDE6DD58B0ADEED_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableCurrentAndNoncurrent_B985485B4AD96E2F7EDE6DD58B0ADEED" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accounts payable </link:label>

<link:label id="lab_us-gaap_AccountsPayableCurrentAndNoncurrent_B985485B4AD96E2F7EDE6DD58B0ADEED_label_en-US" xlink:label="lab_us-gaap_AccountsPayableCurrentAndNoncurrent_B985485B4AD96E2F7EDE6DD58B0ADEED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accounts Payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccountsPayableCurrentAndNoncurrent_B985485B4AD96E2F7EDE6DD58B0ADEED" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Dividends and distributions payable </link:label>

<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dividends Payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_414147F5D13FBDEB49676DD58B0A3C82" xlink:type="arc"/>

<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>

<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F_label_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accrued Liabilities and Other Liabilities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F" xlink:to="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_0629CD420812529EE85B6DD58B0AF59F" xlink:type="arc"/>

<link:label id="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91_terseLabel_en-US" xlink:label="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquired lease intangibles, net </link:label>

<link:label id="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91_label_en-US" xlink:label="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Intangible Liabilities Net </link:label>

<link:label id="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91_documentation_en-US" xlink:label="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The amount of intangible lease liabilities, net of accumulated amortization, as of the reporting period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IntangibleLiabilitiesNet" xlink:label="loc_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:to="lab_doc_IntangibleLiabilitiesNet_DD2D4C121F275B3D95746DD58B0A1F91" xlink:type="arc"/>

<link:label id="lab_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total liabilities </link:label>

<link:label id="lab_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C_label_en-US" xlink:label="lab_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C" xlink:to="lab_us-gaap_Liabilities_E9A1935AD5CA37A25D846DD58B0AAD9C" xlink:type="arc"/>

<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Redeemable noncontrolling interest – Series A Preferred Units and partially owned properties </link:label>

<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_040B216EA0F817DFD2E16DD58B0A7347" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity: </link:label>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_B9BEF20A766A67EC8B8F6DD58B0A7280" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Common shares, $0.01 par value, 500,000,000 common shares authorized, 135,966,013 and 86,864,063 common shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively </link:label>

<link:label id="lab_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5_label_en-US" xlink:label="lab_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Value, Issued </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5" xlink:to="lab_us-gaap_CommonStockValue_B1C877A6EFDACB1F6A3B6DD58B0AF3E5" xlink:type="arc"/>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Additional paid-in capital </link:label>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Additional Paid in Capital, Common Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock_AEAAB8BAA00B4F2FAD526DD58B0B98CC" xlink:type="arc"/>

<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated deficit </link:label>

<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit_463F54BCBD6D854CD1E56DD58B0B8026" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestAbstract_1EE86B59943A35C7E41A6DD58B0BAF2C_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestAbstract_1EE86B59943A35C7E41A6DD58B0BAF2C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interests: </link:label>

<link:label id="lab_us-gaap_MinorityInterestAbstract_1EE86B59943A35C7E41A6DD58B0BAF2C_label_en-US" xlink:label="lab_us-gaap_MinorityInterestAbstract_1EE86B59943A35C7E41A6DD58B0BAF2C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestAbstract" xlink:label="loc_us-gaap_MinorityInterestAbstract_1EE86B59943A35C7E41A6DD58B0BAF2C" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MinorityInterestInOperatingPartnerships_9FE8D4FFB923306AA1956DD58B0BA4F8_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestInOperatingPartnerships_9FE8D4FFB923306AA1956DD58B0BA4F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Operating Partnership </link:label>

<link:label id="lab_us-gaap_MinorityInterestInOperatingPartnerships_9FE8D4FFB923306AA1956DD58B0BA4F8_label_en-US" xlink:label="lab_us-gaap_MinorityInterestInOperatingPartnerships_9FE8D4FFB923306AA1956DD58B0BA4F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest in Operating Partnerships </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships" xlink:label="loc_us-gaap_MinorityInterestInOperatingPartnerships_9FE8D4FFB923306AA1956DD58B0BA4F8" xlink:type="locator"/>

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<link:label id="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E_terseLabel_en-US" xlink:label="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partially owned properties </link:label>

<link:label id="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E_label_en-US" xlink:label="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Minority Interest in Partially Owned Properties </link:label>

<link:label id="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E_documentation_en-US" xlink:label="lab_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Carrying amount of the equity interests owned by noncontrolling partners in partially owned properties included in the entity's consolidated financial statements. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinorityInterestInPartiallyOwnedProperties" xlink:label="loc_doc_MinorityInterestInPartiallyOwnedProperties_754EF0ACD7B59E9578756DD58B0B2C6E" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MinorityInterest_F7A8D905F12012E8987C6DD58B166913_totalLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest_F7A8D905F12012E8987C6DD58B166913" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total noncontrolling interests </link:label>

<link:label id="lab_us-gaap_MinorityInterest_F7A8D905F12012E8987C6DD58B166913_label_en-US" xlink:label="lab_us-gaap_MinorityInterest_F7A8D905F12012E8987C6DD58B166913" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_us-gaap_MinorityInterest_F7A8D905F12012E8987C6DD58B166913" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_C0092792ED995F8FDCCF6DD58B1621AD_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_C0092792ED995F8FDCCF6DD58B1621AD" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total equity </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_C0092792ED995F8FDCCF6DD58B1621AD" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StatementOfPartnersCapitalAbstract_787C87342864A66E3A666DD58B161D62_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfPartnersCapitalAbstract_787C87342864A66E3A666DD58B161D62" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Capital: </link:label>

<link:label id="lab_us-gaap_StatementOfPartnersCapitalAbstract_787C87342864A66E3A666DD58B161D62_label_en-US" xlink:label="lab_us-gaap_StatementOfPartnersCapitalAbstract_787C87342864A66E3A666DD58B161D62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Partners' Capital [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfPartnersCapitalAbstract" xlink:label="loc_us-gaap_StatementOfPartnersCapitalAbstract_787C87342864A66E3A666DD58B161D62" xlink:type="locator"/>

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<link:label id="lab_us-gaap_GeneralPartnersCapitalAccount_07E5729E5B1F2B5022D16DD58B163647_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccount_07E5729E5B1F2B5022D16DD58B163647" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> General partner’s capital, 134,620,300 and 86,864,063 units issued and outstanding as of September 31, 2016 and December 31, 2015, respectively </link:label>

<link:label id="lab_us-gaap_GeneralPartnersCapitalAccount_07E5729E5B1F2B5022D16DD58B163647_label_en-US" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccount_07E5729E5B1F2B5022D16DD58B163647" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> General Partners' Capital Account </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralPartnersCapitalAccount" xlink:label="loc_us-gaap_GeneralPartnersCapitalAccount_07E5729E5B1F2B5022D16DD58B163647" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LimitedPartnersCapitalAccount_441159AF32CC599E918D6DD58B16BBD9_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccount_441159AF32CC599E918D6DD58B16BBD9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Limited partners’ capital, 3,618,988 and 3,879,115 units issued and outstanding as of September 31, 2016 and December 31, 2015, respectively </link:label>

<link:label id="lab_us-gaap_LimitedPartnersCapitalAccount_441159AF32CC599E918D6DD58B16BBD9_label_en-US" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccount_441159AF32CC599E918D6DD58B16BBD9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Limited Partners' Capital Account </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LimitedPartnersCapitalAccount" xlink:label="loc_us-gaap_LimitedPartnersCapitalAccount_441159AF32CC599E918D6DD58B16BBD9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_373C165BD4A993F7323F6DD58B169262_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_373C165BD4A993F7323F6DD58B169262" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated other comprehensive income </link:label>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_373C165BD4A993F7323F6DD58B169262_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_373C165BD4A993F7323F6DD58B169262" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_373C165BD4A993F7323F6DD58B169262" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3_totalLabel_en-US" xlink:label="lab_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total partners’ capital </link:label>

<link:label id="lab_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3_label_en-US" xlink:label="lab_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapital" xlink:label="loc_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3" xlink:to="lab_us-gaap_PartnersCapital_563048366EB4F68D40166DD58B168CA3" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalAttributableToNoncontrollingInterest_B024EE3A9CCD79CEDFEE6DD58B16DC32_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAttributableToNoncontrollingInterest_B024EE3A9CCD79CEDFEE6DD58B16DC32" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interests - partially owned properties </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAttributableToNoncontrollingInterest_B024EE3A9CCD79CEDFEE6DD58B16DC32_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAttributableToNoncontrollingInterest_B024EE3A9CCD79CEDFEE6DD58B16DC32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_PartnersCapitalAttributableToNoncontrollingInterest_B024EE3A9CCD79CEDFEE6DD58B16DC32" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_6E640901C3F4C097C9536DD58B169087_totalLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_6E640901C3F4C097C9536DD58B169087" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total capital </link:label>

<link:label id="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_6E640901C3F4C097C9536DD58B169087_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_6E640901C3F4C097C9536DD58B169087" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital, Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_6E640901C3F4C097C9536DD58B169087" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total liabilities and equity </link:label>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities and Equity </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity_2805A312F42D39DAD0EF6DD58B179A75" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>

<link:label id="lab_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808" xlink:to="lab_us-gaap_StockholdersEquity_F18185E3F68FC52A29096DD58B176808" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of debt </link:label>

<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_36A175A9E2AF17E1A84B3A1C634C5164" xlink:type="arc"/>

<link:label id="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D_terseLabel_en-US" xlink:label="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of consolidated leverage ratios </link:label>

<link:label id="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D_label_en-US" xlink:label="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Debt Instruments Consolidated Leverage Ratio [Table Text Block] </link:label>

<link:label id="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D_documentation_en-US" xlink:label="lab_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tabular disclosure of consolidated leverage ratios based on various interest rates as defined under terms of credit agreements. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock" xlink:label="loc_doc_ScheduleOfDebtInstrumentsConsolidatedLeverageRatioTableTextBlock_ABE4A9E9278CFCFAE50E3A1C634C127D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_360BF68F3A97363DD9E03A1C634C07C0_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_360BF68F3A97363DD9E03A1C634C07C0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of principal payments due on debt </link:label>

<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_360BF68F3A97363DD9E03A1C634C07C0_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_360BF68F3A97363DD9E03A1C634C07C0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Maturities of Long-term Debt [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_360BF68F3A97363DD9E03A1C634C07C0" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_AAAC5D973F9D66512539335F72ED3CDE_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_AAAC5D973F9D66512539335F72ED3CDE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Interest Rate Derivatives </link:label>

<link:label id="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_AAAC5D973F9D66512539335F72ED3CDE_label_en-US" xlink:label="lab_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_AAAC5D973F9D66512539335F72ED3CDE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Interest Rate Derivatives [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock_AAAC5D973F9D66512539335F72ED3CDE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_975C78B1DE8DD5AD3B2833892D8B095D_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_975C78B1DE8DD5AD3B2833892D8B095D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of fair value of other financial instruments </link:label>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_975C78B1DE8DD5AD3B2833892D8B095D_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_975C78B1DE8DD5AD3B2833892D8B095D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table Text Block] </link:label>

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<link:label id="lab_us-gaap_EarningsPerShareAbstract_D30E2E2FAE960CDF385B3894B2BD71AF_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract_D30E2E2FAE960CDF385B3894B2BD71AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>

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<link:label id="lab_us-gaap_EarningsPerShareTextBlock_C3DEBE6B9E9EC64D72E13894B2BD5378_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock_C3DEBE6B9E9EC64D72E13894B2BD5378" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings Per Share and Earnings Per Unit </link:label>

<link:label id="lab_us-gaap_EarningsPerShareTextBlock_C3DEBE6B9E9EC64D72E13894B2BD5378_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock_C3DEBE6B9E9EC64D72E13894B2BD5378" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share [Text Block] </link:label>

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<link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_DF874B3BB50B3F75A057335087E9F5A0_terseLabel_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_DF874B3BB50B3F75A057335087E9F5A0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of non-vested restricted common shares </link:label>

<link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_DF874B3BB50B3F75A057335087E9F5A0_label_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_DF874B3BB50B3F75A057335087E9F5A0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Nonvested Restricted Stock Shares Activity [Table Text Block] </link:label>

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<link:label id="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_EDB03C89C6D1A96368F3335087EAE33C_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_EDB03C89C6D1A96368F3335087EAE33C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of weighted average grant date fair value assumptions </link:label>

<link:label id="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_EDB03C89C6D1A96368F3335087EAE33C_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_EDB03C89C6D1A96368F3335087EAE33C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] </link:label>

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<link:label id="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_F55F2D27AA29F8800D5F335087EA9922_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_F55F2D27AA29F8800D5F335087EA9922" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Summary of the activity in the restricted share units </link:label>

<link:label id="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_F55F2D27AA29F8800D5F335087EA9922_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_F55F2D27AA29F8800D5F335087EA9922" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] </link:label>

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<link:label id="lab_us-gaap_LeasesOfLesseeDisclosureTextBlock_D9C10482AFEA3CD71951111BB1267973_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesOfLesseeDisclosureTextBlock_312A6D89FEAE5116AC67392BF7FAECB5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Rent Expense </link:label>

<link:label id="lab_us-gaap_LeasesOfLesseeDisclosureTextBlock_D9C10482AFEA3CD71951111BB1267973_label_en-US" xlink:label="lab_us-gaap_LeasesOfLesseeDisclosureTextBlock_312A6D89FEAE5116AC67392BF7FAECB5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Leases of Lessee Disclosure [Text Block] </link:label>

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<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_84E63C9B5816AD72B60D3DFD1DF0C6E5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_84E63C9B5816AD72B60D3DFD1DF0C6E5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_84E63C9B5816AD72B60D3DFD1DF0C6E5_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_84E63C9B5816AD72B60D3DFD1DF0C6E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table] </link:label>

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<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_19FE8C5A25E8CDDEFD763DFD1DF0D1F9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Receivable [Domain] </link:label>

<link:label id="lab_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87_label_en-US" xlink:label="lab_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Receivable [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="loc_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87" xlink:to="lab_us-gaap_ReceivableTypeDomain_62C3F3ABDF4DEB62EA683DFD1DF01C87" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan Receivable </link:label>

<link:label id="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5_label_en-US" xlink:label="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan Receivable [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5_documentation_en-US" xlink:label="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan Receivable </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanReceivableMember" xlink:label="loc_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:to="lab_doc_MezzanineLoanReceivableMember_C3C3951C1E63948586DE3DFD1DF00EC5" xlink:type="arc"/>

<link:label id="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA_terseLabel_en-US" xlink:label="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Term Loan Receivable </link:label>

<link:label id="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA_label_en-US" xlink:label="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Term Loan Receivable [Member] </link:label>

<link:label id="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA_documentation_en-US" xlink:label="lab_doc_TermLoanReceivableMember_9C14D68C7A05776C74D43DFD1DF0BCEA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Term Loan Receivable </link:label>

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<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_1D5CB39C3AA6E3386A4E3DFD1DF174F0_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_1D5CB39C3AA6E3386A4E3DFD1DF174F0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>

<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_1D5CB39C3AA6E3386A4E3DFD1DF174F0_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_1D5CB39C3AA6E3386A4E3DFD1DF174F0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>

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<link:label id="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3_terseLabel_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of loans </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3_label_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Number of Loans </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3_documentation_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateNumberofLoans_FD4F9CC06191CCE7FEF73DFD1DF156A3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Number of Loans </link:label>

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<link:label id="lab_doc_NumberOfMedicalOfficeBuildingDevelopmentsAsCollateralForRealEstateLoansReceivable_43D3C4B6B7FE90F3E1533DFD1DF11566_terseLabel_en-US" xlink:label="lab_doc_NumberOfMedicalOfficeBuildingDevelopmentsAsCollateralForRealEstateLoansReceivable_43D3C4B6B7FE90F3E1533DFD1DF11566" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of medical office building developments, as collateral for real estate loans receivable </link:label>

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<link:label id="lab_us-gaap_OtherLiabilitiesDisclosureAbstract_0A84C1E19D87705D24A56141D917BE5B_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureAbstract_0A84C1E19D87705D24A56141D917BE5B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Liabilities Disclosure [Abstract] </link:label>

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<link:label id="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock_2D5BB029C80ADDF2D3A66141D9178A68_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesDisclosureTextBlock_2D5BB029C80ADDF2D3A66141D9178A68" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Liabilities Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:label="loc_us-gaap_OtherLiabilitiesDisclosureTextBlock_2D5BB029C80ADDF2D3A66141D9178A68" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_913354BDF4DB87BE785D111BB2ADB198_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_F4BAF46942375158B70F8A9BEF6A4AAD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Organization and Business </link:label>

<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_913354BDF4DB87BE785D111BB2ADB198_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_F4BAF46942375158B70F8A9BEF6A4AAD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_F4BAF46942375158B70F8A9BEF6A4AAD" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_53C85F12BEB4C7C240C5334AB4F751AE_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_53C85F12BEB4C7C240C5334AB4F751AE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_53C85F12BEB4C7C240C5334AB4F751AE_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_53C85F12BEB4C7C240C5334AB4F751AE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_53C85F12BEB4C7C240C5334AB4F751AE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_D7EC5A6B6EC619D2F352334AB4F7C5DE" xlink:type="arc"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_B1E56EEE953395F787E4334AB4F8D3B3" xlink:type="arc"/>

<link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> In-place leases </link:label>

<link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6_label_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Leases, Acquired-in-Place [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeasesAcquiredInPlaceMember" xlink:label="loc_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6" xlink:to="lab_us-gaap_LeasesAcquiredInPlaceMember_7C069A753D4D65389CEC334AB4F834D6" xlink:type="arc"/>

<link:label id="lab_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA_terseLabel_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Above market leases </link:label>

<link:label id="lab_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA_label_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Above Market Leases [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AboveMarketLeasesMember" xlink:label="loc_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA" xlink:to="lab_us-gaap_AboveMarketLeasesMember_E27510A2D361DF390C75334AB4F830CA" xlink:type="arc"/>

<link:label id="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496_terseLabel_en-US" xlink:label="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Leasehold interest </link:label>

<link:label id="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496_label_en-US" xlink:label="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Leasehold Interest [Member] </link:label>

<link:label id="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496_documentation_en-US" xlink:label="lab_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information related to Leasehold interest. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LeaseholdInterestMember" xlink:label="loc_doc_LeaseholdInterestMember_5DBFDF893322FCA83C0C334AB4F86496" xlink:type="locator"/>

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<link:label id="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095_terseLabel_en-US" xlink:label="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Below Market Ground Lease </link:label>

<link:label id="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095_label_en-US" xlink:label="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Ground Lease [Member] </link:label>

<link:label id="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095_documentation_en-US" xlink:label="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to below market ground lease. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BelowMarketGroundLeaseMember" xlink:label="loc_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:to="lab_doc_BelowMarketGroundLeaseMember_372E5C6362E432D722EE334AB4F81095" xlink:type="arc"/>

<link:label id="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081_terseLabel_en-US" xlink:label="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Below market in-place lease </link:label>

<link:label id="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081_label_en-US" xlink:label="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Leases [Member] </link:label>

<link:label id="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081_documentation_en-US" xlink:label="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Leases acquired as part of a real property acquisition at below market lease rate. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BelowMarketLeasesMember" xlink:label="loc_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:to="lab_doc_BelowMarketLeasesMember_4564EE56509571C3D5A0334AB4F83081" xlink:type="arc"/>

<link:label id="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01_terseLabel_en-US" xlink:label="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Below market in-place ground lease </link:label>

<link:label id="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01_label_en-US" xlink:label="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Above Market Ground Lease [Member] </link:label>

<link:label id="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01_documentation_en-US" xlink:label="lab_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to above market ground lease. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AboveMarketGroundLeaseMember" xlink:label="loc_doc_AboveMarketGroundLeaseMember_529A52B59B70D66AD046334AB4F86C01" xlink:type="locator"/>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_F25398F82E3F3927CBF8334AB4F8398B_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_F25398F82E3F3927CBF8334AB4F8398B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_F25398F82E3F3927CBF8334AB4F8398B_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_F25398F82E3F3927CBF8334AB4F8398B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_1DB77EA772E1D706D6E0334AB4F89E9F_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross_1DB77EA772E1D706D6E0334AB4F89E9F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cost </link:label>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_F5A309A0BD1A47194F83334AB4F8708C_negatedLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_F5A309A0BD1A47194F83334AB4F8708C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Amortization </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_F5A309A0BD1A47194F83334AB4F8708C_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_F5A309A0BD1A47194F83334AB4F8708C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Accumulated Amortization </link:label>

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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_8F186D71F5912A67D211334AB4F8FBFD_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet_8F186D71F5912A67D211334AB4F8FBFD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_8F186D71F5912A67D211334AB4F8FBFD" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BelowMarketLeaseNetAbstract_ACD3F236520168CB96AD334AB4F84EE6_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNetAbstract_ACD3F236520168CB96AD334AB4F84EE6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Liability </link:label>

<link:label id="lab_us-gaap_BelowMarketLeaseNetAbstract_ACD3F236520168CB96AD334AB4F84EE6_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNetAbstract_ACD3F236520168CB96AD334AB4F84EE6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Lease, Net [Abstract] </link:label>

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<link:label id="lab_us-gaap_BelowMarketLeaseGross_533EA25DB4280E49B69C334AB4F875C0_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross_533EA25DB4280E49B69C334AB4F875C0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Below market lease, cost </link:label>

<link:label id="lab_us-gaap_BelowMarketLeaseGross_533EA25DB4280E49B69C334AB4F875C0_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross_533EA25DB4280E49B69C334AB4F875C0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Lease, Gross </link:label>

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<link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_F724BAC9E878A66C1148334AB4F8AA41_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_F724BAC9E878A66C1148334AB4F8AA41" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Below market lease, accumulated amortization </link:label>

<link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_F724BAC9E878A66C1148334AB4F8AA41_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_F724BAC9E878A66C1148334AB4F8AA41" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Lease, Accumulated Amortization </link:label>

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<link:label id="lab_us-gaap_BelowMarketLeaseNet_07823A202C978D4A4D48334AB4F87A2A_totalLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet_07823A202C978D4A4D48334AB4F87A2A" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Below Market Lease, Net </link:label>

<link:label id="lab_us-gaap_BelowMarketLeaseNet_07823A202C978D4A4D48334AB4F87A2A_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet_07823A202C978D4A4D48334AB4F87A2A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Below Market Lease, Net </link:label>

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<link:label id="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2_terseLabel_en-US" xlink:label="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cost </link:label>

<link:label id="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2_label_en-US" xlink:label="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Intangible Liabilities Gross </link:label>

<link:label id="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2_documentation_en-US" xlink:label="lab_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The amount of gross intangible liabilities as of the reporting period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IntangibleLiabilitiesGross" xlink:label="loc_doc_IntangibleLiabilitiesGross_7A4B96E4BA42152EF0CF334AB4F859B2" xlink:type="locator"/>

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<link:label id="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72_negatedLabel_en-US" xlink:label="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Amortization </link:label>

<link:label id="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72_label_en-US" xlink:label="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accumulated Amortization Of Intangible Liabilities </link:label>

<link:label id="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72_documentation_en-US" xlink:label="lab_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The amount of accumulated amortization of intangible liabilities for the reporting period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AccumulatedAmortizationOfIntangibleLiabilities" xlink:label="loc_doc_AccumulatedAmortizationOfIntangibleLiabilities_6E64B6930907E42DF91D334AB4F86F72" xlink:type="locator"/>

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<link:label id="lab_doc_IntangibleLiabilitiesNet_67D4003A762D823F19F8334AB4F86F73_totalLabel_en-US" xlink:label="lab_doc_IntangibleLiabilitiesNet_67D4003A762D823F19F8334AB4F86F73" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IntangibleLiabilitiesNet" xlink:label="loc_doc_IntangibleLiabilitiesNet_67D4003A762D823F19F8334AB4F86F73" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_25CEB9105ABD304C3C266DFAE78F8223_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_25CEB9105ABD304C3C266DFAE78F8223" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_25CEB9105ABD304C3C266DFAE78F8223" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_A32225446D486FFAD5266DFAE78F3473_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_A32225446D486FFAD5266DFAE78F3473" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, by Property [Table] </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_A32225446D486FFAD5266DFAE78F3473_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_A32225446D486FFAD5266DFAE78F3473" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, by Property [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_A32225446D486FFAD5266DFAE78F3473" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_173313B1A444D477696E6DFAE78F6CFA_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_173313B1A444D477696E6DFAE78F6CFA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Name of Property [Axis] </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_173313B1A444D477696E6DFAE78F6CFA_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_173313B1A444D477696E6DFAE78F6CFA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Name of Property [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_173313B1A444D477696E6DFAE78F6CFA" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_5C99843F5EE819529F9C6DFAE78F31F9_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_5C99843F5EE819529F9C6DFAE78F31F9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Name of Property [Domain] </link:label>

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<link:label id="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42_terseLabel_en-US" xlink:label="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Arrowhead Commons </link:label>

<link:label id="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42_label_en-US" xlink:label="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Arrowhead Commons Phoenix AZ [Member] </link:label>

<link:label id="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42_documentation_en-US" xlink:label="lab_doc_ArrowheadCommonsPhoenixAZMember_E956A745FB03E9DDE6B66DFAE7903E42" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Arrowhead Commons Phoenix AZ [Member] </link:label>

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<link:label id="lab_doc_AuroraMedicalOfficeBuildingGreenBayWIMember_0260A91B8B17228DDFE26DFAE79127FF_terseLabel_en-US" xlink:label="lab_doc_AuroraMedicalOfficeBuildingGreenBayWIMember_0260A91B8B17228DDFE26DFAE79127FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Aurora Medical Office Building </link:label>

<link:label id="lab_doc_AuroraMedicalOfficeBuildingGreenBayWIMember_0260A91B8B17228DDFE26DFAE79127FF_label_en-US" xlink:label="lab_doc_AuroraMedicalOfficeBuildingGreenBayWIMember_0260A91B8B17228DDFE26DFAE79127FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Aurora Medical Office Building Green Bay WI [Member] </link:label>

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<link:label id="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A_terseLabel_en-US" xlink:label="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Austell Medical Office Building </link:label>

<link:label id="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A_label_en-US" xlink:label="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Austell Medical Office Building Atlanta GA [Member] </link:label>

<link:label id="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A_documentation_en-US" xlink:label="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Austell Medical Office Building Atlanta GA [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AustellMedicalOfficeBuildingAtlantaGAMember" xlink:label="loc_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:to="lab_doc_AustellMedicalOfficeBuildingAtlantaGAMember_34711397D34D6F66B79F6DFAE791624A" xlink:type="arc"/>

<link:label id="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1_terseLabel_en-US" xlink:label="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Canton Medical Office Building </link:label>

<link:label id="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1_label_en-US" xlink:label="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Canton Medical Office Building Atlanta GA [Member] </link:label>

<link:label id="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1_documentation_en-US" xlink:label="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Canton Medical Office Building Atlanta GA [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CantonMedicalOfficeBuildingAtlantaGAMember" xlink:label="loc_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:to="lab_doc_CantonMedicalOfficeBuildingAtlantaGAMember_D5EBFFF9D1487D35CAA26DFAE7910AB1" xlink:type="arc"/>

<link:label id="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34_terseLabel_en-US" xlink:label="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Decatur Medical Office Building </link:label>

<link:label id="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34_label_en-US" xlink:label="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Decatur Medical Office Building Atlanta GA [Member] </link:label>

<link:label id="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34_documentation_en-US" xlink:label="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Decatur Medical Office Building Atlanta GA [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DecaturMedicalOfficeBuildingAtlantaGAMember" xlink:label="loc_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:to="lab_doc_DecaturMedicalOfficeBuildingAtlantaGAMember_59CA037178FCD8504BC46DFAE7915C34" xlink:type="arc"/>

<link:label id="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81_terseLabel_en-US" xlink:label="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> El Paso Medical Office Building </link:label>

<link:label id="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81_label_en-US" xlink:label="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> El Paso Medical Office Building El Paso TX [Member] </link:label>

<link:label id="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81_documentation_en-US" xlink:label="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> El Paso Medical Office Building El Paso TX [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ElPasoMedicalOfficeBuildingElPasoTXMember" xlink:label="loc_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:to="lab_doc_ElPasoMedicalOfficeBuildingElPasoTXMember_34E520B36EDE004786A56DFAE7912B81" xlink:type="arc"/>

<link:label id="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728_terseLabel_en-US" xlink:label="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Farmington Professional Pavilion </link:label>

<link:label id="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728_label_en-US" xlink:label="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Farmington Professional Pavillion Detroit MI [Member] </link:label>

<link:label id="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728_documentation_en-US" xlink:label="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Farmington Professional Pavillion Detroit MI [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FarmingtonProfessionalPavillionDetroitMIMember" xlink:label="loc_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:to="lab_doc_FarmingtonProfessionalPavillionDetroitMIMember_BDB5F8BCFBE0A48B134A6DFAE7910728" xlink:type="arc"/>

<link:label id="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC_terseLabel_en-US" xlink:label="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Firehouse Square </link:label>

<link:label id="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC_label_en-US" xlink:label="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Firehouse Square Milwaukee WI [Member] </link:label>

<link:label id="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC_documentation_en-US" xlink:label="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Firehouse Square Milwaukee WI [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FirehouseSquareMilwaukeeWIMember" xlink:label="loc_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:to="lab_doc_FirehouseSquareMilwaukeeWIMember_B0D5FB3081A2D95E7DE16DFAE7911FCC" xlink:type="arc"/>

<link:label id="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24_terseLabel_en-US" xlink:label="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hackley Medical Center </link:label>

<link:label id="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24_label_en-US" xlink:label="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hackley Medical Center Grand Rapids MI [Member] </link:label>

<link:label id="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24_documentation_en-US" xlink:label="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Hackley Medical Center Grand Rapids MI [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HackleyMedicalCenterGrandRapidsMIMember" xlink:label="loc_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:to="lab_doc_HackleyMedicalCenterGrandRapidsMIMember_38067EB7EF2AC6028B646DFAE7913D24" xlink:type="arc"/>

<link:label id="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC_terseLabel_en-US" xlink:label="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> MeadowView Professional Center </link:label>

<link:label id="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC_label_en-US" xlink:label="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Meadow View Professional Center Kingsport TN [Member] </link:label>

<link:label id="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC_documentation_en-US" xlink:label="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Meadow View Professional Center Kingsport TN [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MeadowViewProfessionalCenterKingsportTNMember" xlink:label="loc_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:to="lab_doc_MeadowViewProfessionalCenterKingsportTNMember_F9574EE3678A8B8904D46DFAE7911DFC" xlink:type="arc"/>

<link:label id="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C_terseLabel_en-US" xlink:label="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mid Coast Hospital Medical Office Building </link:label>

<link:label id="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C_label_en-US" xlink:label="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mid Coast Hospital Office Building Portland ME [Member] </link:label>

<link:label id="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C_documentation_en-US" xlink:label="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mid Coast Hospital Office Building Portland ME [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MidCoastHospitalOfficeBuildingPortlandMEMember" xlink:label="loc_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:to="lab_doc_MidCoastHospitalOfficeBuildingPortlandMEMember_1D9BC208D5C3C0E6ACC26DFAE792D80C" xlink:type="arc"/>

<link:label id="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9_terseLabel_en-US" xlink:label="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> New Albany Professional Building </link:label>

<link:label id="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9_label_en-US" xlink:label="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> New Albany Professional Building Columbus OH [Member] </link:label>

<link:label id="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9_documentation_en-US" xlink:label="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> New Albany Professional Building Columbus OH [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NewAlbanyProfessionalBuildingColumbusOHMember" xlink:label="loc_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:to="lab_doc_NewAlbanyProfessionalBuildingColumbusOHMember_BFD1A160C9ED4B04D3886DFAE79237C9" xlink:type="arc"/>

<link:label id="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205_terseLabel_en-US" xlink:label="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Northpark Trail </link:label>

<link:label id="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205_label_en-US" xlink:label="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Northpark Trail Atlanta GA [Member] </link:label>

<link:label id="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205_documentation_en-US" xlink:label="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Northpark Trail Atlanta GA [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthparkTrailAtlantaGAMember" xlink:label="loc_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:to="lab_doc_NorthparkTrailAtlantaGAMember_F0BF539866766B90E0446DFAE7921205" xlink:type="arc"/>

<link:label id="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79_terseLabel_en-US" xlink:label="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Remington Medical Commons </link:label>

<link:label id="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79_label_en-US" xlink:label="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Remington Medical Commons Chicago IL [Member] </link:label>

<link:label id="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79_documentation_en-US" xlink:label="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Remington Medical Commons Chicago IL [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RemingtonMedicalCommonsChicagoILMember" xlink:label="loc_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:to="lab_doc_RemingtonMedicalCommonsChicagoILMember_4A6412F9DA01C8F925F26DFAE7920F79" xlink:type="arc"/>

<link:label id="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A_terseLabel_en-US" xlink:label="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Summit Healthplex </link:label>

<link:label id="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A_label_en-US" xlink:label="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Summit Healthplex Atlanta G A [Member] </link:label>

<link:label id="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A_documentation_en-US" xlink:label="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Summit Healthplex located in Atlanta, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SummitHealthplexAtlantaGAMember" xlink:label="loc_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:to="lab_doc_SummitHealthplexAtlantaGAMember_CEB86FD8B4F1649C331F6DFAE792268A" xlink:type="arc"/>

<link:label id="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8_terseLabel_en-US" xlink:label="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Valley West Hospital Medical Office Building </link:label>

<link:label id="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8_label_en-US" xlink:label="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Valley West Hospital Medical Office Building Chicago I L [Member] </link:label>

<link:label id="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8_documentation_en-US" xlink:label="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Valley West Hospital Medical Office Building located in Chicago, IL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember" xlink:label="loc_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:to="lab_doc_ValleyWestHospitalMedicalOfficeBuildingChicagoILMember_6991E623DB02FF6847E56DFAE79263D8" xlink:type="arc"/>

<link:label id="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539_terseLabel_en-US" xlink:label="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> East El Paso Medical Office Building </link:label>

<link:label id="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539_label_en-US" xlink:label="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> East El Paso M O B El Paso T X [Member] </link:label>

<link:label id="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539_documentation_en-US" xlink:label="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to East El Paso MOB located in El Paso, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EastElPasoMOBElPasoTXMember" xlink:label="loc_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:to="lab_doc_EastElPasoMOBElPasoTXMember_0FA5018A39A16EDB5BC56DFAE7926539" xlink:type="arc"/>

<link:label id="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB_terseLabel_en-US" xlink:label="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> East El Paso Surgical Hospital </link:label>

<link:label id="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB_label_en-US" xlink:label="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> East El Paso Surgery Center El Paso T X [Member] </link:label>

<link:label id="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB_documentation_en-US" xlink:label="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to East El Paso Surgery Center located in El Paso, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EastElPasoSurgeryCenterElPasoTXMember" xlink:label="loc_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:to="lab_doc_EastElPasoSurgeryCenterElPasoTXMember_A65AF8FFC9879BCF3E296DFAE79294FB" xlink:type="arc"/>

<link:label id="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97_terseLabel_en-US" xlink:label="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> LifeCare Plano LTACH </link:label>

<link:label id="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97_label_en-US" xlink:label="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Life Care Plano L T A C H Plano T X [Member] </link:label>

<link:label id="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97_documentation_en-US" xlink:label="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to LifeCare Plano LTACH located in Plano, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LifeCarePlanoLTACHPlanoTXMember" xlink:label="loc_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:to="lab_doc_LifeCarePlanoLTACHPlanoTXMember_6CFC4195ECE87988198F6DFAE792FA97" xlink:type="arc"/>

<link:label id="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690_terseLabel_en-US" xlink:label="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Crescent City Surgical Centre </link:label>

<link:label id="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690_label_en-US" xlink:label="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Crescent City Surgical Centre New Orleans L A [Member] </link:label>

<link:label id="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690_documentation_en-US" xlink:label="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Crescent City Surgical Centre located in New Orleans, LA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CrescentCitySurgicalCentreNewOrleansLAMember" xlink:label="loc_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:to="lab_doc_CrescentCitySurgicalCentreNewOrleansLAMember_C50ED2E839061B8C3C5C6DFAE7923690" xlink:type="arc"/>

<link:label id="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C_terseLabel_en-US" xlink:label="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Foundation Surgical Affiliates Medical Office Building </link:label>

<link:label id="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C_label_en-US" xlink:label="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foundation Surgical Affiliates M O B Oklahoma City O K [Member] </link:label>

<link:label id="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C_documentation_en-US" xlink:label="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Foundation Surgical Affiliates MOB located in Oklahoma City, OK. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember" xlink:label="loc_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:to="lab_doc_FoundationSurgicalAffiliatesMOBOklahomaCityOKMember_C828BA99123C6E94EF486DFAE792219C" xlink:type="arc"/>

<link:label id="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D_terseLabel_en-US" xlink:label="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pensacola Medical Office Building </link:label>

<link:label id="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D_label_en-US" xlink:label="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pensacola Medical Office Building Pensacola F L [Member] </link:label>

<link:label id="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D_documentation_en-US" xlink:label="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pensacola Medical Office Building located in Pensacola, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PensacolaMedicalOfficeBuildingPensacolaFLMember" xlink:label="loc_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:to="lab_doc_PensacolaMedicalOfficeBuildingPensacolaFLMember_C1EE3CBA45BC3A16C8206DFAE792A15D" xlink:type="arc"/>

<link:label id="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3_terseLabel_en-US" xlink:label="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Central Ohio Neurosurgical Surgeons Medical Office </link:label>

<link:label id="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3_label_en-US" xlink:label="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Central Ohio Neurosurgical Surgeons M O B Columbus O H [Member] </link:label>

<link:label id="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3_documentation_en-US" xlink:label="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Central Ohio Neurosurgical Surgeons MOB (CONS) located in Columbus, OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember" xlink:label="loc_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:to="lab_doc_CentralOhioNeurosurgicalSurgeonsMOBColumbusOHMember_E3CFB4C4040B95F245206DFAE792D7C3" xlink:type="arc"/>

<link:label id="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F_terseLabel_en-US" xlink:label="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Great Falls Ambulatory Surgery Center </link:label>

<link:label id="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F_label_en-US" xlink:label="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Great Falls Ambulatory Surgery Center Great Falls M T [Member] </link:label>

<link:label id="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F_documentation_en-US" xlink:label="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Great Falls Ambulatory Surgery Center located in Great Falls, MT. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember" xlink:label="loc_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:to="lab_doc_GreatFallsAmbulatorySurgeryCenterGreatFallsMTMember_4ED9CAE989C42C19D2336DFAE792B38F" xlink:type="arc"/>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4_terseLabel_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building — McDonough 2007 </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4_label_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building Mcdonough Ga2007 Construction [Member] </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4_documentation_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eagles Landing Family Practice Medical Office Building, McDonough, GA, constructed in 2007. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember" xlink:label="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:to="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcdonoughGa2007ConstructionMember_DD1E2B46164BD1920A666DFAE79365C4" xlink:type="arc"/>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8_terseLabel_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building — Jackson </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8_label_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building Jackson Ga [Member] </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8_documentation_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eagles Landing Family Practice Medical Office Building, Jackson, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember" xlink:label="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:to="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingJacksonGaMember_B4C11DD3C2591F5CD5FD6DFAE79301A8" xlink:type="arc"/>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50_terseLabel_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building — Conyers </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50_label_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building Conyers Ga [Member] </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50_documentation_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eagles Landing Family Practice Medical Office Building, Conyers, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember" xlink:label="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:to="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingConyersGaMember_B40029ECAAFF7FB4A2BA6DFAE793FB50" xlink:type="arc"/>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178_terseLabel_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building — McDonough 2010 </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178_label_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building McDonough Ga 2010 Construction [Member] </link:label>

<link:label id="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178_documentation_en-US" xlink:label="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Eagles Landing Family Practice Medical Office Building McDonough Ga 2010 Construction [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember" xlink:label="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:to="lab_doc_EaglesLandingFamilyPracticeMedicalOfficeBuildingMcDonoughGa2010ConstructionMember_2195779AD4E80FC992FC6DFAE793C178" xlink:type="arc"/>

<link:label id="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB_verboseLabel_en-US" xlink:label="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Foundation San Antonio Surgical Hospital </link:label>

<link:label id="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB_label_en-US" xlink:label="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foundation Surgical Hospital Of San Antonio Tx [Member] </link:label>

<link:label id="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB_documentation_en-US" xlink:label="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Foundation Surgical Hospital of San Antonio, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoundationSurgicalHospitalOfSanAntonioTxMember" xlink:label="loc_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:to="lab_doc_FoundationSurgicalHospitalOfSanAntonioTxMember_A558591736F08BA1F3366DFAE793CAEB" xlink:type="arc"/>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD_terseLabel_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 21st Century Radiation Oncology Centers — Sarasota </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD_label_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Twenty First Century Radiation Oncology Sarasota Fl [Member] </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD_documentation_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 21st Century Radiation Oncology - Sarasota, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember" xlink:label="loc_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:to="lab_doc_TwentyFirstCenturyRadiationOncologySarasotaFlMember_D577E562BC8420C45EE96DFAE793F3CD" xlink:type="arc"/>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79_terseLabel_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 21st Century Radiation Oncology Centers — Venice </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79_label_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Twenty First Century Radiation Oncology Venice Fl [Member] </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79_documentation_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 21st Century Radiation Oncology - Venice, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember" xlink:label="loc_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:to="lab_doc_TwentyFirstCenturyRadiationOncologyVeniceFlMember_C0FCEB3461D442B67C446DFAE793FE79" xlink:type="arc"/>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C_terseLabel_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 21st Century Radiation Oncology Centers — Engelwood </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C_label_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Twenty First Century Radiation Oncology Englewood Fl [Member] </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C_documentation_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 21st Century Radiation Oncology - Englewood, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember" xlink:label="loc_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:to="lab_doc_TwentyFirstCenturyRadiationOncologyEnglewoodFlMember_293D6534D40DDEB1198D6DFAE7934A8C" xlink:type="arc"/>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691_terseLabel_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 21st Century Radiation Oncology Centers — Port Charlotte </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691_label_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Twenty First Century Radiation Oncology Port Charlotte Fl [Member] </link:label>

<link:label id="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691_documentation_en-US" xlink:label="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 21st Century Radiation Oncology - Port Charlotte, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember" xlink:label="loc_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:to="lab_doc_TwentyFirstCenturyRadiationOncologyPortCharlotteFlMember_5D37067D40FD1F8B369D6DFAE7938691" xlink:type="arc"/>

<link:label id="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D_terseLabel_en-US" xlink:label="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Foundation San Antonio Healthplex </link:label>

<link:label id="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D_label_en-US" xlink:label="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foundation Health Plex Of San Antonio Tx [Member] </link:label>

<link:label id="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D_documentation_en-US" xlink:label="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Foundation Healthplex of San Antonio, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoundationHealthPlexOfSanAntonioTxMember" xlink:label="loc_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:to="lab_doc_FoundationHealthPlexOfSanAntonioTxMember_4CE7793E37B403043B7D6DFAE793512D" xlink:type="arc"/>

<link:label id="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64_terseLabel_en-US" xlink:label="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Peachtree Dunwoody Medical Center </link:label>

<link:label id="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64_label_en-US" xlink:label="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Peachtree Dunwoody Medical Office Building Center Atlanta Ga [Member] </link:label>

<link:label id="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64_documentation_en-US" xlink:label="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Peachtree Dunwoody Medical Office Building Center, Atlanta, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember" xlink:label="loc_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:to="lab_doc_PeachtreeDunwoodyMedicalOfficeBuildingCenterAtlantaGaMember_61A600020014A5B383446DFAE7935A64" xlink:type="arc"/>

<link:label id="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894_verboseLabel_en-US" xlink:label="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> LifeCare LTACH — Fort Worth </link:label>

<link:label id="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894_label_en-US" xlink:label="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lifecare Ltach Ft Worth Tx [Member] </link:label>

<link:label id="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894_documentation_en-US" xlink:label="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Lifecare LTACH - Ft Worth, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LifecareLtachFtWorthTxMember" xlink:label="loc_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:to="lab_doc_LifecareLtachFtWorthTxMember_4DC8705578B9121225AD6DFAE793E894" xlink:type="arc"/>

<link:label id="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21_verboseLabel_en-US" xlink:label="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> LifeCare LTACH — Pittsburgh </link:label>

<link:label id="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21_label_en-US" xlink:label="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lifecare Ltach Pittsburgh Pa [Member] </link:label>

<link:label id="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21_documentation_en-US" xlink:label="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Lifecare LTACH - Pittsburgh, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LifecareLtachPittsburghPaMember" xlink:label="loc_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:to="lab_doc_LifecareLtachPittsburghPaMember_9CE769EEC4EF270BC8516DFAE7935D21" xlink:type="arc"/>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694_terseLabel_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> PinnacleHealth Medical Office Building </link:label>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694_label_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle Health Medical Office Building Carlisle Pa [Member] </link:label>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694_documentation_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle Health Medical Office Building, Carlisle, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember" xlink:label="loc_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:to="lab_doc_PinnacleHealthMedicalOfficeBuildingCarlislePaMember_FF1691FDBD502CDFF4F36DFAE793A694" xlink:type="arc"/>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173_terseLabel_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle Health Medical Office Building </link:label>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173_label_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle Health Medical Office Building Harrisburg Pa [Member] </link:label>

<link:label id="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173_documentation_en-US" xlink:label="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle Health Medical Office Building, Harrisburg, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember" xlink:label="loc_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:to="lab_doc_PinnacleHealthMedicalOfficeBuildingHarrisburgPaMember_3740E266AFBE488DD6176DFAE793C173" xlink:type="arc"/>

<link:label id="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58_verboseLabel_en-US" xlink:label="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> South Bend Orthopaedics Medical Office Building </link:label>

<link:label id="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58_label_en-US" xlink:label="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> South Bend Orthopaedics Medical Office Building South Bend In [Member] </link:label>

<link:label id="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58_documentation_en-US" xlink:label="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to South Bend Orthopaedics Medical Office Building, South Bend, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember" xlink:label="loc_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:to="lab_doc_SouthBendOrthopaedicsMedicalOfficeBuildingSouthBendInMember_E6A62DD753BA27FB2AAF6DFAE7935E58" xlink:type="arc"/>

<link:label id="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278_verboseLabel_en-US" xlink:label="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Grenada Medical Complex </link:label>

<link:label id="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278_label_en-US" xlink:label="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Grenada Medical Complex Grenada Ms [Member] </link:label>

<link:label id="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278_documentation_en-US" xlink:label="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Grenada Medical Complex, Grenada, MS. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GrenadaMedicalComplexGrenadaMsMember" xlink:label="loc_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:to="lab_doc_GrenadaMedicalComplexGrenadaMsMember_FB91D336EE798177D4A26DFAE7932278" xlink:type="arc"/>

<link:label id="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE_terseLabel_en-US" xlink:label="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mississippi Ortho Medical Office Building </link:label>

<link:label id="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE_label_en-US" xlink:label="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mississippi Ortho Medical Office Building Jackson Ms [Member] </link:label>

<link:label id="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE_documentation_en-US" xlink:label="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Mississippi Ortho Medical Office Building, Jackson, MS. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember" xlink:label="loc_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:to="lab_doc_MississippiOrthoMedicalOfficeBuildingJacksonMsMember_710C8F1AE6E90D7B4A086DFAE79407EE" xlink:type="arc"/>

<link:label id="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861_verboseLabel_en-US" xlink:label="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Carmel Medical Pavilion </link:label>

<link:label id="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861_label_en-US" xlink:label="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Carmel Medical Pavilion Carmel In [Member] </link:label>

<link:label id="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861_documentation_en-US" xlink:label="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Carmel Medical Pavilion , Carmel, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CarmelMedicalPavilionCarmelInMember" xlink:label="loc_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:to="lab_doc_CarmelMedicalPavilionCarmelInMember_D2F1E50233F123A556006DFAE794A861" xlink:type="arc"/>

<link:label id="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D_verboseLabel_en-US" xlink:label="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Renaissance Ambulatory Surgery Center </link:label>

<link:label id="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D_label_en-US" xlink:label="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Renaissance Ambulatory Surgery Center Oshkosh Wi [Member] </link:label>

<link:label id="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D_documentation_en-US" xlink:label="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Renaissance Ambulatory Surgery Center, Oshkosh, WI. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember" xlink:label="loc_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:to="lab_doc_RenaissanceAmbulatorySurgeryCenterOshkoshWiMember_DAB686B253B128FAFA4C6DFAE7943F0D" xlink:type="arc"/>

<link:label id="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A_verboseLabel_en-US" xlink:label="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Presbyterian Medical Plaza </link:label>

<link:label id="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A_label_en-US" xlink:label="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Presbyterian Medical Plaza Monroe Nc [Member] </link:label>

<link:label id="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A_documentation_en-US" xlink:label="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Presbyterian Medical Plaza, Monroe, NC. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PresbyterianMedicalPlazaMonroeNcMember" xlink:label="loc_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:to="lab_doc_PresbyterianMedicalPlazaMonroeNcMember_1E9575FDBB8B8058E2B86DFAE794D16A" xlink:type="arc"/>

<link:label id="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B_verboseLabel_en-US" xlink:label="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Summit Urology </link:label>

<link:label id="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B_label_en-US" xlink:label="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Summit Urology Bloomington In [Member] </link:label>

<link:label id="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B_documentation_en-US" xlink:label="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Summit Urology, Bloomington, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SummitUrologyBloomingtonInMember" xlink:label="loc_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:to="lab_doc_SummitUrologyBloomingtonInMember_6EF02DD97C9EC9B2E47B6DFAE794419B" xlink:type="arc"/>

<link:label id="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D_terseLabel_en-US" xlink:label="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 500 Landmark </link:label>

<link:label id="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D_label_en-US" xlink:label="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Five Hundred Landmark Bloomington In [Member] </link:label>

<link:label id="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D_documentation_en-US" xlink:label="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 500 Landmark, Bloomington, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiveHundredLandmarkBloomingtonInMember" xlink:label="loc_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:to="lab_doc_FiveHundredLandmarkBloomingtonInMember_7F3F423DBF489B672CDA6DFAE794808D" xlink:type="arc"/>

<link:label id="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728_terseLabel_en-US" xlink:label="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 550 Landmark </link:label>

<link:label id="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728_label_en-US" xlink:label="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Five Hundred Fifty Landmark Bloomingon In [Member] </link:label>

<link:label id="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728_documentation_en-US" xlink:label="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 550 Landmark, Bloomingon, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiveHundredFiftyLandmarkBloomingonInMember" xlink:label="loc_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:to="lab_doc_FiveHundredFiftyLandmarkBloomingonInMember_B5340D959B620241BF386DFAE7946728" xlink:type="arc"/>

<link:label id="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B_terseLabel_en-US" xlink:label="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 574 Landmark </link:label>

<link:label id="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B_label_en-US" xlink:label="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Five Hundred Seventy Four Landmark Bloomington In [Member] </link:label>

<link:label id="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B_documentation_en-US" xlink:label="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to 574 Landmark , Bloomington, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiveHundredSeventyFourLandmarkBloomingtonInMember" xlink:label="loc_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:to="lab_doc_FiveHundredSeventyFourLandmarkBloomingtonInMember_876C15B641BB948367586DFAE794838B" xlink:type="arc"/>

<link:label id="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823_verboseLabel_en-US" xlink:label="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Carlisle II MOB </link:label>

<link:label id="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823_label_en-US" xlink:label="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Carlisle Ii Mob Carlisle Pa [Member] </link:label>

<link:label id="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823_documentation_en-US" xlink:label="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Carlisle II MOB, Carlisle, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CarlisleIiMobCarlislePaMember" xlink:label="loc_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:to="lab_doc_CarlisleIiMobCarlislePaMember_2B5FBFD5C9DF714019026DFAE7946823" xlink:type="arc"/>

<link:label id="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20_verboseLabel_en-US" xlink:label="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Surgical Institute of Monroe </link:label>

<link:label id="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20_label_en-US" xlink:label="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Surgical Institute Of Monroe Monroe Mi [Member] </link:label>

<link:label id="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20_documentation_en-US" xlink:label="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Surgical Institute of -Monroe, Monroe, MI. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SurgicalInstituteOfMonroeMonroeMiMember" xlink:label="loc_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:to="lab_doc_SurgicalInstituteOfMonroeMonroeMiMember_8EB0AEEED63468A3DEB86DFAE7946E20" xlink:type="arc"/>

<link:label id="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66_verboseLabel_en-US" xlink:label="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> The Oaks @ Lady Lake </link:label>

<link:label id="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66_label_en-US" xlink:label="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Oaks At Ladylake Lady Lake Fl [Member] </link:label>

<link:label id="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66_documentation_en-US" xlink:label="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to The Oaks at LadyLake, Lady Lake, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OaksAtLadylakeLadyLakeFlMember" xlink:label="loc_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:to="lab_doc_OaksAtLadylakeLadyLakeFlMember_FA7C22EBE0949693B3D56DFAE794DC66" xlink:type="arc"/>

<link:label id="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495_verboseLabel_en-US" xlink:label="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Mansfield ASC </link:label>

<link:label id="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495_label_en-US" xlink:label="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mansfield Asc Mansfield Tx [Member] </link:label>

<link:label id="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495_documentation_en-US" xlink:label="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Mansfield ASC, Mansfield, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MansfieldAscMansfieldTxMember" xlink:label="loc_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:to="lab_doc_MansfieldAscMansfieldTxMember_58E41AAA9DC2D7AB68056DFAE794B495" xlink:type="arc"/>

<link:label id="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21_verboseLabel_en-US" xlink:label="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Eye Center of Southern Indiana </link:label>

<link:label id="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21_label_en-US" xlink:label="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eye Center Of Southern Indiana Bloomington In [Member] </link:label>

<link:label id="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21_documentation_en-US" xlink:label="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eye Center of Southern Indiana, Bloomington, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EyeCenterOfSouthernIndianaBloomingtonInMember" xlink:label="loc_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:to="lab_doc_EyeCenterOfSouthernIndianaBloomingtonInMember_B2FB0CC994BE3814D23A6DFAE7941F21" xlink:type="arc"/>

<link:label id="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8_verboseLabel_en-US" xlink:label="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Wayne State </link:label>

<link:label id="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8_label_en-US" xlink:label="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Wayne State Troy Mi [Member] </link:label>

<link:label id="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8_documentation_en-US" xlink:label="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Wayne State, Troy, MI. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WayneStateTroyMiMember" xlink:label="loc_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:to="lab_doc_WayneStateTroyMiMember_4280DE1FB6920988E3966DFAE7946EB8" xlink:type="arc"/>

<link:label id="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10_terseLabel_en-US" xlink:label="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Zangmeister </link:label>

<link:label id="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10_label_en-US" xlink:label="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Zangmesiter Columbus Oh [Member] </link:label>

<link:label id="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10_documentation_en-US" xlink:label="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Zangmesiter, Columbus, OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ZangmesiterColumbusOhMember" xlink:label="loc_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:to="lab_doc_ZangmesiterColumbusOhMember_F33829796679FBFB3EBB6DFAE794BD10" xlink:type="arc"/>

<link:label id="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3_terseLabel_en-US" xlink:label="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ortho One - Columbus </link:label>

<link:label id="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3_label_en-US" xlink:label="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Ortho One Columbus Oh [Member] </link:label>

<link:label id="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3_documentation_en-US" xlink:label="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Ortho One - Columbus, OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OrthoOneColumbusOhMember" xlink:label="loc_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:to="lab_doc_OrthoOneColumbusOhMember_EA538E342565D9D5C3726DFAE795FCA3" xlink:type="arc"/>

<link:label id="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A_terseLabel_en-US" xlink:label="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ortho One - Westerville </link:label>

<link:label id="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A_label_en-US" xlink:label="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Ortho One Westerville Oh [Member] </link:label>

<link:label id="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A_documentation_en-US" xlink:label="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Ortho One - Westerville, OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OrthoOneWestervilleOhMember" xlink:label="loc_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:to="lab_doc_OrthoOneWestervilleOhMember_662E25B085E2AC698E876DFAE7957C8A" xlink:type="arc"/>

<link:label id="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A_terseLabel_en-US" xlink:label="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Berger Medical Center </link:label>

<link:label id="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A_label_en-US" xlink:label="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Berger Medical Center Columbus Oh [Member] </link:label>

<link:label id="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A_documentation_en-US" xlink:label="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Berger Medical Center, Columbus OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BergerMedicalCenterColumbusOhMember" xlink:label="loc_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:to="lab_doc_BergerMedicalCenterColumbusOhMember_B2897B63974EB705BC3F6DFAE795610A" xlink:type="arc"/>

<link:label id="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11_terseLabel_en-US" xlink:label="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> El Paso - Lee Trevino </link:label>

<link:label id="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11_label_en-US" xlink:label="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> El Paso Lee Trevino El Paso Tx [Member] </link:label>

<link:label id="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11_documentation_en-US" xlink:label="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to El Paso - Lee Trevino, El Paso, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ElPasoLeeTrevinoElPasoTxMember" xlink:label="loc_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:to="lab_doc_ElPasoLeeTrevinoElPasoTxMember_3CF7B367BDF29F52443F6DFAE795EB11" xlink:type="arc"/>

<link:label id="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4_terseLabel_en-US" xlink:label="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> El Paso - Murchison </link:label>

<link:label id="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4_label_en-US" xlink:label="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> El Paso Murchison El Paso Tx [Member] </link:label>

<link:label id="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4_documentation_en-US" xlink:label="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to El Paso - Murchison, El Paso, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ElPasoMurchisonElPasoTxMember" xlink:label="loc_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:to="lab_doc_ElPasoMurchisonElPasoTxMember_895718F55576D96ADF916DFAE795E3E4" xlink:type="arc"/>

<link:label id="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163_terseLabel_en-US" xlink:label="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> El Paso - Kenworthy </link:label>

<link:label id="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163_label_en-US" xlink:label="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> El Paso Kenworthy El Paso Tx [Member] </link:label>

<link:label id="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163_documentation_en-US" xlink:label="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to El Paso - Kenworthy, El Paso, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ElPasoKenworthyElPasoTxMember" xlink:label="loc_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:to="lab_doc_ElPasoKenworthyElPasoTxMember_F9080B211D6069FF99736DFAE795A163" xlink:type="arc"/>

<link:label id="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C_terseLabel_en-US" xlink:label="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle - 32 Northeast </link:label>

<link:label id="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C_label_en-US" xlink:label="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle32 Northeast Hershey Pa [Member] </link:label>

<link:label id="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C_documentation_en-US" xlink:label="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle - 32 Northeast, Hershey, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Pinnacle32NortheastHersheyPaMember" xlink:label="loc_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:to="lab_doc_Pinnacle32NortheastHersheyPaMember_7C2B8B932A53F6FC792C6DFAE795540C" xlink:type="arc"/>

<link:label id="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29_terseLabel_en-US" xlink:label="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle - 4518 Union Deposit </link:label>

<link:label id="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29_label_en-US" xlink:label="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle4518 Union Deposit Harrisburg Pa [Member] </link:label>

<link:label id="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29_documentation_en-US" xlink:label="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle - 4518 Union Deposit, Harrisburg, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Pinnacle4518UnionDepositHarrisburgPaMember" xlink:label="loc_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:to="lab_doc_Pinnacle4518UnionDepositHarrisburgPaMember_F2B5F18F88421662EEDF6DFAE795FB29" xlink:type="arc"/>

<link:label id="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458_terseLabel_en-US" xlink:label="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle - 4520 Union Deposit </link:label>

<link:label id="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458_label_en-US" xlink:label="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle4520 Union Deposit Harrisburg Pa [Member] </link:label>

<link:label id="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458_documentation_en-US" xlink:label="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle - 4520 Union Deposit, Harrisburg, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Pinnacle4520UnionDepositHarrisburgPaMember" xlink:label="loc_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:to="lab_doc_Pinnacle4520UnionDepositHarrisburgPaMember_E1C1D0985392ECAC2E2F6DFAE7957458" xlink:type="arc"/>

<link:label id="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62_terseLabel_en-US" xlink:label="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle - 240 Grandview </link:label>

<link:label id="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62_label_en-US" xlink:label="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle240 Grandview Camp Hill Pa [Member] </link:label>

<link:label id="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62_documentation_en-US" xlink:label="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacle - 240 Grandview, Camp Hill, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Pinnacle240GrandviewCampHillPaMember" xlink:label="loc_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:to="lab_doc_Pinnacle240GrandviewCampHillPaMember_60BF7A6850081535E3136DFAE7959A62" xlink:type="arc"/>

<link:label id="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F_terseLabel_en-US" xlink:label="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pinnacle - Market Place Way </link:label>

<link:label id="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F_label_en-US" xlink:label="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pinnacle Market Place Way Harrisburg Pa [Member] </link:label>

<link:label id="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F_documentation_en-US" xlink:label="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Pinnacel - Market Place Way, Harrisburg, PA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PinnacleMarketPlaceWayHarrisburgPaMember" xlink:label="loc_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:to="lab_doc_PinnacleMarketPlaceWayHarrisburgPaMember_89286C309A8F03FD664A6DFAE795886F" xlink:type="arc"/>

<link:label id="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845_terseLabel_en-US" xlink:label="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 2000 10th Avenue </link:label>

<link:label id="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845_label_en-US" xlink:label="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus2000 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845_documentation_en-US" xlink:label="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 2000 10th Aveunue, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus2000GaMember" xlink:label="loc_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:to="lab_doc_Columbus2000GaMember_3685483C69DE85D5E3406DFAE7951845" xlink:type="arc"/>

<link:label id="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605_terseLabel_en-US" xlink:label="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 1942 North Avenue </link:label>

<link:label id="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605_label_en-US" xlink:label="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus1942 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605_documentation_en-US" xlink:label="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 1942 North Avenue, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus1942GaMember" xlink:label="loc_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:to="lab_doc_Columbus1942GaMember_BEE8333B4124E67D31FE6DFAE7958605" xlink:type="arc"/>

<link:label id="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843_terseLabel_en-US" xlink:label="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 920 18th Street </link:label>

<link:label id="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843_label_en-US" xlink:label="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus920 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843_documentation_en-US" xlink:label="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 920 18th Street, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus920GaMember" xlink:label="loc_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:to="lab_doc_Columbus920GaMember_6A6F534DC8598FB5D4626DFAE7953843" xlink:type="arc"/>

<link:label id="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB_terseLabel_en-US" xlink:label="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 1900 10th Avenue </link:label>

<link:label id="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB_label_en-US" xlink:label="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus1900 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB_documentation_en-US" xlink:label="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 1900 10th Ave, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus1900GaMember" xlink:label="loc_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:to="lab_doc_Columbus1900GaMember_FB1A0413F2B887D2430C6DFAE79628BB" xlink:type="arc"/>

<link:label id="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6_terseLabel_en-US" xlink:label="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 1800 10th Avenue </link:label>

<link:label id="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6_label_en-US" xlink:label="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus1800 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6_documentation_en-US" xlink:label="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 1800 10th Ave, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus1800GaMember" xlink:label="loc_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:to="lab_doc_Columbus1800GaMember_379971F792B196A3F53A6DFAE7967EC6" xlink:type="arc"/>

<link:label id="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1_terseLabel_en-US" xlink:label="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 705 17th Street </link:label>

<link:label id="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1_label_en-US" xlink:label="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus705 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1_documentation_en-US" xlink:label="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 705 17th Street, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus705GaMember" xlink:label="loc_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:to="lab_doc_Columbus705GaMember_8F81C593CAAB32FBA3B66DFAE796BBD1" xlink:type="arc"/>

<link:label id="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865_terseLabel_en-US" xlink:label="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 615 19th Street </link:label>

<link:label id="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865_label_en-US" xlink:label="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus615 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865_documentation_en-US" xlink:label="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 615 19th Street, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus615GaMember" xlink:label="loc_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:to="lab_doc_Columbus615GaMember_04A7E7ECD285F49097446DFAE796D865" xlink:type="arc"/>

<link:label id="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F_terseLabel_en-US" xlink:label="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 1968 North Avenue </link:label>

<link:label id="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F_label_en-US" xlink:label="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus1968 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F_documentation_en-US" xlink:label="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 1968 North Avenue, Columbus GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus1968GaMember" xlink:label="loc_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:to="lab_doc_Columbus1968GaMember_1C123D0F58F5FD98088A6DFAE796943F" xlink:type="arc"/>

<link:label id="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB_terseLabel_en-US" xlink:label="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 633 19th Street </link:label>

<link:label id="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB_label_en-US" xlink:label="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus633 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB_documentation_en-US" xlink:label="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 633 19th Street, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus633GaMember" xlink:label="loc_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:to="lab_doc_Columbus633GaMember_3AC66A39EB09362A8D566DFAE796ECDB" xlink:type="arc"/>

<link:label id="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E_terseLabel_en-US" xlink:label="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 500 18th Street </link:label>

<link:label id="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E_label_en-US" xlink:label="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus500 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E_documentation_en-US" xlink:label="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 500 18th Street, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus500GaMember" xlink:label="loc_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:to="lab_doc_Columbus500GaMember_DC6C729FA454700DF6936DFAE796848E" xlink:type="arc"/>

<link:label id="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE_terseLabel_en-US" xlink:label="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 2200 Hamilton Road </link:label>

<link:label id="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE_label_en-US" xlink:label="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus2200 Ga [Member] </link:label>

<link:label id="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE_documentation_en-US" xlink:label="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 2200 Hamilton Rd, Columbus, GA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus2200GaMember" xlink:label="loc_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:to="lab_doc_Columbus2200GaMember_974BE08B74E6568370CD6DFAE79621EE" xlink:type="arc"/>

<link:label id="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D_terseLabel_en-US" xlink:label="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CRHS - 1810 Stadium Drive </link:label>

<link:label id="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D_label_en-US" xlink:label="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus1810 Stadium Drive Phenix City Al [Member] </link:label>

<link:label id="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D_documentation_en-US" xlink:label="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbus - 1810 Stadium Drive, Phenix City, AL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Columbus1810StadiumDrivePhenixCityAlMember" xlink:label="loc_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:to="lab_doc_Columbus1810StadiumDrivePhenixCityAlMember_F42D0C9D61184136EFDA6DFAE796C76D" xlink:type="arc"/>

<link:label id="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF_verboseLabel_en-US" xlink:label="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Carle Danville MOB </link:label>

<link:label id="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF_label_en-US" xlink:label="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Carle Danville Mob Danville Il [Member] </link:label>

<link:label id="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF_documentation_en-US" xlink:label="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Carle Danville MOB, Danville, IL . </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CarleDanvilleMobDanvilleIlMember" xlink:label="loc_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:to="lab_doc_CarleDanvilleMobDanvilleIlMember_00DAAE580E51B5BD2E006DFAE79692BF" xlink:type="arc"/>

<link:label id="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD_terseLabel_en-US" xlink:label="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Middletown Medical - 111 Maltese </link:label>

<link:label id="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD_label_en-US" xlink:label="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Middletown Medical111 Maltese Wallkill Ny [Member] </link:label>

<link:label id="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD_documentation_en-US" xlink:label="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Middletown Medical 111 Maltese, Wallkill, NY. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MiddletownMedical111MalteseWallkillNyMember" xlink:label="loc_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:to="lab_doc_MiddletownMedical111MalteseWallkillNyMember_7CFA9E2893B024C68F5F6DFAE7961FCD" xlink:type="arc"/>

<link:label id="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D_terseLabel_en-US" xlink:label="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Middletown Medical - 2 Edgewater </link:label>

<link:label id="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D_label_en-US" xlink:label="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Middletown Medical2 Edgewater Wallkill Ny [Member] </link:label>

<link:label id="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D_documentation_en-US" xlink:label="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Middletown Medical - 2 Edgewater, Wallkill, NY. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MiddletownMedical2EdgewaterWallkillNyMember" xlink:label="loc_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:to="lab_doc_MiddletownMedical2EdgewaterWallkillNyMember_BA6FAA322EAE10D0E5216DFAE796004D" xlink:type="arc"/>

<link:label id="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE_verboseLabel_en-US" xlink:label="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Napoleon Medical Office Building </link:label>

<link:label id="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE_label_en-US" xlink:label="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Napoleon Mob New Orleans La [Member] </link:label>

<link:label id="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE_documentation_en-US" xlink:label="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Napoleon MOB, New Orleans, LA. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NapoleonMobNewOrleansLaMember" xlink:label="loc_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:to="lab_doc_NapoleonMobNewOrleansLaMember_4F0CD44EE108E31C19166DFAE796ABEE" xlink:type="arc"/>

<link:label id="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32_verboseLabel_en-US" xlink:label="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> West TN Bone & Joint - Physicians Drive </link:label>

<link:label id="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32_label_en-US" xlink:label="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> West Tn Bone Joint Physicians Drive Jackson Tn [Member] </link:label>

<link:label id="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32_documentation_en-US" xlink:label="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to West TN Bone & Joint - Physicians Drive, Jackson, TN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WestTnBoneJointPhysiciansDriveJacksonTnMember" xlink:label="loc_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:to="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_5EE6DE987F499FD5B38F6DFAE796AB32" xlink:type="arc"/>

<link:label id="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF_terseLabel_en-US" xlink:label="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> West TN Bone & Joint </link:label>

<link:label id="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF_label_en-US" xlink:label="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> West Tn Bone Joint Jackson Tn [Member] </link:label>

<link:label id="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF_documentation_en-US" xlink:label="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to West TN Bone & Joint, Jackson, TN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WestTnBoneJointJacksonTnMember" xlink:label="loc_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:to="lab_doc_WestTnBoneJointJacksonTnMember_34A95156339DCF5D19166DFAE79607AF" xlink:type="arc"/>

<link:label id="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358_verboseLabel_en-US" xlink:label="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Edina MOB </link:label>

<link:label id="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358_label_en-US" xlink:label="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Edina Medical Office Building, Edina, MN [Member] </link:label>

<link:label id="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358_documentation_en-US" xlink:label="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Edina Medical Office Building, Edina, MN [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EdinaMedicalOfficeBuildingEdinaMNMember" xlink:label="loc_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:to="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_D8B1D3ECBB4F92D582326DFAE7974358" xlink:type="arc"/>

<link:label id="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC_verboseLabel_en-US" xlink:label="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Crystal MOB </link:label>

<link:label id="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC_label_en-US" xlink:label="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Crystal Medical Office Building, Crystal, MN [Member] </link:label>

<link:label id="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC_documentation_en-US" xlink:label="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Crystal Medical Office Building, Crystal, MN [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CrystalMedicalOfficeBuildingCrystalMNMember" xlink:label="loc_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:to="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_98229AC86D3CDD21F1916DFAE79710AC" xlink:type="arc"/>

<link:label id="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30_verboseLabel_en-US" xlink:label="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Savage MOB </link:label>

<link:label id="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30_label_en-US" xlink:label="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Savage Medical Office Building, Savage, MN [Member] </link:label>

<link:label id="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30_documentation_en-US" xlink:label="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Savage Medical Office Building, Savage, MN [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SavageMedicalOfficeBuildingSavageMNMember" xlink:label="loc_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:to="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_EEB9E306F44EF542381B6DFAE797CB30" xlink:type="arc"/>

<link:label id="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77_verboseLabel_en-US" xlink:label="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Dell Road MOB </link:label>

<link:label id="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77_label_en-US" xlink:label="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dell Road MOB [Member] </link:label>

<link:label id="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77_documentation_en-US" xlink:label="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Dell Road MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DellRoadMOBMember" xlink:label="loc_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:to="lab_doc_DellRoadMOBMember_0D34689FBA8AD4B0C4A26DFAE7976C77" xlink:type="arc"/>

<link:label id="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4_verboseLabel_en-US" xlink:label="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Columbus MOB </link:label>

<link:label id="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4_label_en-US" xlink:label="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbus MOB [Member] </link:label>

<link:label id="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4_documentation_en-US" xlink:label="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Columbus MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ColumbusMOBMember" xlink:label="loc_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:to="lab_doc_ColumbusMOBMember_AAE8CEEA3422B7BA28DB6DFAE79781C4" xlink:type="arc"/>

<link:label id="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8_verboseLabel_en-US" xlink:label="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Methodist Sports MOB </link:label>

<link:label id="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8_label_en-US" xlink:label="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Methodist Sports MOB [Member] </link:label>

<link:label id="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8_documentation_en-US" xlink:label="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Methodist Sports MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MethodistSportsMOBMember" xlink:label="loc_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:to="lab_doc_MethodistSportsMOBMember_1841639CCEE497FAFEAC6DFAE797E8E8" xlink:type="arc"/>

<link:label id="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215_verboseLabel_en-US" xlink:label="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Vadnais Heights MOB </link:label>

<link:label id="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215_label_en-US" xlink:label="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Vadnais Heights MOB [Member] </link:label>

<link:label id="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215_documentation_en-US" xlink:label="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Vadnais Heights MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_VadnaisHeightsMOBMember" xlink:label="loc_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:to="lab_doc_VadnaisHeightsMOBMember_FA80F1FA699BFC7B6B266DFAE7974215" xlink:type="arc"/>

<link:label id="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F_verboseLabel_en-US" xlink:label="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Minnetonka MOB </link:label>

<link:label id="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F_label_en-US" xlink:label="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Minnetonka MOB [Member] </link:label>

<link:label id="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F_documentation_en-US" xlink:label="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the information pertaining to Minnetonka MOB. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinnetonkaMOBMember" xlink:label="loc_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:to="lab_doc_MinnetonkaMOBMember_21B2E72DAFB46DEF7BB96DFAE797260F" xlink:type="arc"/>

<link:label id="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482_verboseLabel_en-US" xlink:label="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Jamestown MOB </link:label>

<link:label id="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482_label_en-US" xlink:label="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jamestown MOB [Member] </link:label>

<link:label id="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482_documentation_en-US" xlink:label="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jamestown MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JamestownMOBMember" xlink:label="loc_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:to="lab_doc_JamestownMOBMember_BEDA3879BB01C06F5F306DFAE797A482" xlink:type="arc"/>

<link:label id="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F_terseLabel_en-US" xlink:label="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Indiana American II </link:label>

<link:label id="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F_label_en-US" xlink:label="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Indiana American II [Member] </link:label>

<link:label id="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F_documentation_en-US" xlink:label="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Indiana American II [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IndianaAmericanIIMember" xlink:label="loc_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:to="lab_doc_IndianaAmericanIIMember_6304B7E75322BC3CAEF56DFAE797DF1F" xlink:type="arc"/>

<link:label id="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624_terseLabel_en-US" xlink:label="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Indiana American III </link:label>

<link:label id="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624_label_en-US" xlink:label="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Indiana American III [Member] </link:label>

<link:label id="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624_documentation_en-US" xlink:label="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Indiana American III [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IndianaAmericanIIIMember" xlink:label="loc_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:to="lab_doc_IndianaAmericanIIIMember_F243AA54B6FBDA53F5BF6DFAE7971624" xlink:type="arc"/>

<link:label id="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4_terseLabel_en-US" xlink:label="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Indiana American IV </link:label>

<link:label id="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4_label_en-US" xlink:label="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Indiana American IV [Member] </link:label>

<link:label id="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4_documentation_en-US" xlink:label="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Indiana American IV [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IndianaAmericanIVMember" xlink:label="loc_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:to="lab_doc_IndianaAmericanIVMember_2D2D4A17F0DDC95BC2896DFAE797DEC4" xlink:type="arc"/>

<link:label id="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901_terseLabel_en-US" xlink:label="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Southpointe </link:label>

<link:label id="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901_label_en-US" xlink:label="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Southpointe [Member] </link:label>

<link:label id="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901_documentation_en-US" xlink:label="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Southpointe [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SouthpointeMember" xlink:label="loc_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:to="lab_doc_SouthpointeMember_A630F8F8ABCB81FD14906DFAE797D901" xlink:type="arc"/>

<link:label id="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179_verboseLabel_en-US" xlink:label="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Minnesota Eye MOB </link:label>

<link:label id="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179_label_en-US" xlink:label="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Minnesota Eye MOB [Member] </link:label>

<link:label id="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179_documentation_en-US" xlink:label="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Minnesota Eye MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinnesotaEyeMOBMember" xlink:label="loc_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:to="lab_doc_MinnesotaEyeMOBMember_E105D596CCE5252BAF5C6DFAE7988179" xlink:type="arc"/>

<link:label id="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918_verboseLabel_en-US" xlink:label="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Baylor Cancer Center </link:label>

<link:label id="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918_label_en-US" xlink:label="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Baylor Cancer Center [Member] </link:label>

<link:label id="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918_documentation_en-US" xlink:label="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Baylor Cancer Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BaylorCancerCenterMember" xlink:label="loc_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:to="lab_doc_BaylorCancerCenterMember_165EDCAC451BB160B7E76DFAE798B918" xlink:type="arc"/>

<link:label id="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE_verboseLabel_en-US" xlink:label="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Bridgeport Medical Center </link:label>

<link:label id="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE_label_en-US" xlink:label="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Bridgeport Medical Center [Member] </link:label>

<link:label id="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE_documentation_en-US" xlink:label="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Bridgeport Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BridgeportMedicalCenterMember" xlink:label="loc_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:to="lab_doc_BridgeportMedicalCenterMember_C8A5764C00B8F8EAD9E36DFAE79879AE" xlink:type="arc"/>

<link:label id="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E_verboseLabel_en-US" xlink:label="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Renaissance Office Building </link:label>

<link:label id="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E_label_en-US" xlink:label="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Renaissance Office Building [Member] </link:label>

<link:label id="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E_documentation_en-US" xlink:label="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Renaissance Office Building [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RenaissanceOfficeBuildingMember" xlink:label="loc_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:to="lab_doc_RenaissanceOfficeBuildingMember_885784127E9728F857FA6DFAE7982E4E" xlink:type="arc"/>

<link:label id="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3_terseLabel_en-US" xlink:label="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Calkins 125 </link:label>

<link:label id="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3_label_en-US" xlink:label="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calkins 125 [Member] </link:label>

<link:label id="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3_documentation_en-US" xlink:label="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Calkins 125 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Calkins125Member" xlink:label="loc_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:to="lab_doc_Calkins125Member_3843DA655FF65AE5D17F6DFAE79827A3" xlink:type="arc"/>

<link:label id="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15_terseLabel_en-US" xlink:label="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Calkins 200 </link:label>

<link:label id="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15_label_en-US" xlink:label="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calkins 200 [Member] </link:label>

<link:label id="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15_documentation_en-US" xlink:label="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Calkins 200 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Calkins200Member" xlink:label="loc_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:to="lab_doc_Calkins200Member_823DC950247D4EB84AAB6DFAE798AE15" xlink:type="arc"/>

<link:label id="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471_terseLabel_en-US" xlink:label="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Calkins 300 </link:label>

<link:label id="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471_label_en-US" xlink:label="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calkins 300 [Member] </link:label>

<link:label id="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471_documentation_en-US" xlink:label="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Calkins 300 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Calkins300Member" xlink:label="loc_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:to="lab_doc_Calkins300Member_0D3623317DC18828EEA16DFAE7981471" xlink:type="arc"/>

<link:label id="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87_terseLabel_en-US" xlink:label="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Calkins 400 </link:label>

<link:label id="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87_label_en-US" xlink:label="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calkins 400 [Member] </link:label>

<link:label id="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87_documentation_en-US" xlink:label="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Calkins 400 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Calkins400Member" xlink:label="loc_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:to="lab_doc_Calkins400Member_6D8F5D4BA2A9EF02DC796DFAE798BB87" xlink:type="arc"/>

<link:label id="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20_terseLabel_en-US" xlink:label="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Calkins 500 </link:label>

<link:label id="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20_label_en-US" xlink:label="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calkins 500 [Member] </link:label>

<link:label id="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20_documentation_en-US" xlink:label="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Calkins 500 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Calkins500Member" xlink:label="loc_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:to="lab_doc_Calkins500Member_B7A2D1D64B64B82921536DFAE7986F20" xlink:type="arc"/>

<link:label id="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0_verboseLabel_en-US" xlink:label="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Avalon Park Florida Hospital MOB </link:label>

<link:label id="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0_label_en-US" xlink:label="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Avalon Park Florida Hospital MOB [Member] </link:label>

<link:label id="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0_documentation_en-US" xlink:label="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Avalon Park Florida Hospital MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AvalonParkFloridaHospitalMOBMember" xlink:label="loc_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:to="lab_doc_AvalonParkFloridaHospitalMOBMember_AC36D1051177034124C16DFAE79832F0" xlink:type="arc"/>

<link:label id="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4_verboseLabel_en-US" xlink:label="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Premier Surgery Center of Louisville </link:label>

<link:label id="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4_label_en-US" xlink:label="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Premier Surgery Center of Louisville [Member] </link:label>

<link:label id="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4_documentation_en-US" xlink:label="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Premier Surgery Center of Louisville [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PremierSurgeryCenterofLouisvilleMember" xlink:label="loc_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:to="lab_doc_PremierSurgeryCenterofLouisvilleMember_71044D7C1EA6CACD47B76DFAE79829C4" xlink:type="arc"/>

<link:label id="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8_verboseLabel_en-US" xlink:label="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Baton Rouge MOB </link:label>

<link:label id="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8_label_en-US" xlink:label="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Baton Rouge MOB [Member] </link:label>

<link:label id="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8_documentation_en-US" xlink:label="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Baton Rouge MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BatonRougeMOBMember" xlink:label="loc_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:to="lab_doc_BatonRougeMOBMember_AA242D0A01ED5542C71D6DFAE79941E8" xlink:type="arc"/>

<link:label id="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81_verboseLabel_en-US" xlink:label="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Healthpark Medical Center </link:label>

<link:label id="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81_label_en-US" xlink:label="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Healthpark Medical Center [Member] </link:label>

<link:label id="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81_documentation_en-US" xlink:label="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Healthpark Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HealthparkMedicalCenterMember" xlink:label="loc_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:to="lab_doc_HealthparkMedicalCenterMember_537056A7A353D23D94AA6DFAE7991E81" xlink:type="arc"/>

<link:label id="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B_verboseLabel_en-US" xlink:label="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Plaza HCA MOB </link:label>

<link:label id="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B_label_en-US" xlink:label="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Plaza HCA MOB [Member] </link:label>

<link:label id="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B_documentation_en-US" xlink:label="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Plaza HCA MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PlazaHCAMOBMember" xlink:label="loc_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:to="lab_doc_PlazaHCAMOBMember_7923262F57C5573B90286DFAE799E84B" xlink:type="arc"/>

<link:label id="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39_verboseLabel_en-US" xlink:label="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Northern Ohio Medical Center </link:label>

<link:label id="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39_label_en-US" xlink:label="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Northern Ohio Medical Center [Member] </link:label>

<link:label id="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39_documentation_en-US" xlink:label="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Northern Ohio Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthernOhioMedicalCenterMember" xlink:label="loc_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:to="lab_doc_NorthernOhioMedicalCenterMember_C19144A3B15A8667CF066DFAE799AA39" xlink:type="arc"/>

<link:label id="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860_verboseLabel_en-US" xlink:label="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> University of Michigan - Northville MOB </link:label>

<link:label id="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860_label_en-US" xlink:label="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> University of Michigan - Northville MOB [Member] </link:label>

<link:label id="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860_documentation_en-US" xlink:label="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> University of Michigan - Northville MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UniversityofMichiganNorthvilleMOBMember" xlink:label="loc_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:to="lab_doc_UniversityofMichiganNorthvilleMOBMember_E4E0BB92BA08C9FD627B6DFAE7998860" xlink:type="arc"/>

<link:label id="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6_verboseLabel_en-US" xlink:label="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Coon Rapids Medical Center MOB </link:label>

<link:label id="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6_label_en-US" xlink:label="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Coon Rapids Medical Center MOB [Member] </link:label>

<link:label id="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6_documentation_en-US" xlink:label="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Coon Rapids Medical Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CoonRapidsMedicalCenterMOBMember" xlink:label="loc_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:to="lab_doc_CoonRapidsMedicalCenterMOBMember_B8615BBA60DB2D6EBCB96DFAE79976C6" xlink:type="arc"/>

<link:label id="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2_verboseLabel_en-US" xlink:label="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Premier Landmark MOB </link:label>

<link:label id="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2_label_en-US" xlink:label="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Premier Landmark MOB [Member] </link:label>

<link:label id="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2_documentation_en-US" xlink:label="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Premier Landmark MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PremierLandmarkMOBMember" xlink:label="loc_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:to="lab_doc_PremierLandmarkMOBMember_693FA48F5509054A76C66DFAE799CDC2" xlink:type="arc"/>

<link:label id="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256_verboseLabel_en-US" xlink:label="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Palm Beach ASC </link:label>

<link:label id="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256_label_en-US" xlink:label="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Palm Beach ASC [Member] </link:label>

<link:label id="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256_documentation_en-US" xlink:label="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Palm Beach ASC [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PalmBeachASCMember" xlink:label="loc_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:to="lab_doc_PalmBeachASCMember_0C0DC833495BEF3ACFC86DFAE7997256" xlink:type="arc"/>

<link:label id="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604_verboseLabel_en-US" xlink:label="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Brookstone Physician Center MOB </link:label>

<link:label id="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604_label_en-US" xlink:label="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Brookstone Physician Center MOB [Member] </link:label>

<link:label id="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604_documentation_en-US" xlink:label="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Brookstone Physician Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BrookstonePhysicianCenterMOBMember" xlink:label="loc_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:to="lab_doc_BrookstonePhysicianCenterMOBMember_D95BAEA1751506BEEEA76DFAE799A604" xlink:type="arc"/>

<link:label id="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8_verboseLabel_en-US" xlink:label="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Jackson Woman's Clinic MOB </link:label>

<link:label id="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8_label_en-US" xlink:label="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jackson Women's Clinic MOB [Member] </link:label>

<link:label id="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8_documentation_en-US" xlink:label="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jackson Women's Clinic MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JacksonWomensClinicMOBMember" xlink:label="loc_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:to="lab_doc_JacksonWomensClinicMOBMember_DC52BA63598D86DDAE2E6DFAE79973D8" xlink:type="arc"/>

<link:label id="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E_verboseLabel_en-US" xlink:label="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center MOB </link:label>

<link:label id="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E_label_en-US" xlink:label="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center MOB [Member] </link:label>

<link:label id="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E_documentation_en-US" xlink:label="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HillsideMedicalCenterMOBMember" xlink:label="loc_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:to="lab_doc_HillsideMedicalCenterMOBMember_D2CFE405340F9105FAF76DFAE7997A0E" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B_verboseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB </link:label>

<link:label id="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B_label_en-US" xlink:label="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randall Road MOB [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B_documentation_en-US" xlink:label="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Randall Road MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBMember" xlink:label="loc_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:to="lab_doc_RandallRoadMOBMember_658D82932D8DD8620C616DFAE799662B" xlink:type="arc"/>

<link:label id="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927_verboseLabel_en-US" xlink:label="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Medical Specialists of Palm Beach MOB </link:label>

<link:label id="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927_label_en-US" xlink:label="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Specialists of Palm Beach MOB [Member] </link:label>

<link:label id="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927_documentation_en-US" xlink:label="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Specialists of Palm Beach MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalSpecialistsofPalmBeachMOBMember" xlink:label="loc_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:to="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_86A68CC46FD908CF22856DFAE7990927" xlink:type="arc"/>

<link:label id="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C_verboseLabel_en-US" xlink:label="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> OhioHealth - SW Health Center MOB </link:label>

<link:label id="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C_label_en-US" xlink:label="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> OhioHealth - SW Health Center MOB [Member] </link:label>

<link:label id="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C_documentation_en-US" xlink:label="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> OhioHealth - SW Health Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OhioHealthSWHealthCenterMOBMember" xlink:label="loc_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:to="lab_doc_OhioHealthSWHealthCenterMOBMember_A6C190DEBF76F69BB0486DFAE799C65C" xlink:type="arc"/>

<link:label id="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777_verboseLabel_en-US" xlink:label="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Trios Health MOB </link:label>

<link:label id="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777_label_en-US" xlink:label="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Trios Health MOB [Member] </link:label>

<link:label id="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777_documentation_en-US" xlink:label="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Trios Health MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TriosHealthMOBMember" xlink:label="loc_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:to="lab_doc_TriosHealthMOBMember_40AE0C9FE5891BDE06416DFAE79A1777" xlink:type="arc"/>

<link:label id="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72_verboseLabel_en-US" xlink:label="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Paradise Valley MOB </link:label>

<link:label id="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72_label_en-US" xlink:label="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> IMS - Paradise Valley MOB [Member] </link:label>

<link:label id="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72_documentation_en-US" xlink:label="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> IMS - Paradise Valley MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSParadiseValleyMOBMember" xlink:label="loc_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:to="lab_doc_IMSParadiseValleyMOBMember_E4BC17117017A12C65266DFAE79A1B72" xlink:type="arc"/>

<link:label id="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C_verboseLabel_en-US" xlink:label="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Avondale MOB </link:label>

<link:label id="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C_label_en-US" xlink:label="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> IMS - Avondale MOB [Member] </link:label>

<link:label id="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C_documentation_en-US" xlink:label="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> IMS - Avondale MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSAvondaleMOBMember" xlink:label="loc_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:to="lab_doc_IMSAvondaleMOBMember_B3BC1D3E732C5ECB48E86DFAE79A276C" xlink:type="arc"/>

<link:label id="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B_verboseLabel_en-US" xlink:label="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Palm Valley MOB </link:label>

<link:label id="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B_label_en-US" xlink:label="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> IMS - Palm Valley MOB [Member] </link:label>

<link:label id="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B_documentation_en-US" xlink:label="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> IMS - Palm Valley MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSPalmValleyMOBMember" xlink:label="loc_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:to="lab_doc_IMSPalmValleyMOBMember_3B408475B23E8E3010F96DFAE79AAC7B" xlink:type="arc"/>

<link:label id="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6_verboseLabel_en-US" xlink:label="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> IMS - North Mountain MOB </link:label>

<link:label id="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6_label_en-US" xlink:label="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> IMS - North Mountain MOB [Member] </link:label>

<link:label id="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6_documentation_en-US" xlink:label="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> IMS - North Mountain MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSNorthMountainMOBMember" xlink:label="loc_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:to="lab_doc_IMSNorthMountainMOBMember_C9224E4DAD650AD3954A6DFAE79AF2F6" xlink:type="arc"/>

<link:label id="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485_terseLabel_en-US" xlink:label="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase I </link:label>

<link:label id="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485_label_en-US" xlink:label="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase I [Member] </link:label>

<link:label id="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485_documentation_en-US" xlink:label="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase I [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MemorialHermannPhaseIMember" xlink:label="loc_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:to="lab_doc_MemorialHermannPhaseIMember_02E4DF2E3406518003486DFAE79A9485" xlink:type="arc"/>

<link:label id="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12_terseLabel_en-US" xlink:label="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase II </link:label>

<link:label id="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12_label_en-US" xlink:label="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase II [Member] </link:label>

<link:label id="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12_documentation_en-US" xlink:label="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Memorial Hermann - Phase II [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MemorialHermannPhaseIIMember" xlink:label="loc_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:to="lab_doc_MemorialHermannPhaseIIMember_61FE85478C47C2D74B196DFAE79A7C12" xlink:type="arc"/>

<link:label id="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508_verboseLabel_en-US" xlink:label="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> New Albany Medical Center MOB </link:label>

<link:label id="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508_label_en-US" xlink:label="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> New Albany Medical Center MOB [Member] </link:label>

<link:label id="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508_documentation_en-US" xlink:label="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> New Albany Medical Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NewAlbanyMedicalCenterMOBMember" xlink:label="loc_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:to="lab_doc_NewAlbanyMedicalCenterMOBMember_E15B05E52BF8EE76F00A6DFAE79A4508" xlink:type="arc"/>

<link:label id="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621_verboseLabel_en-US" xlink:label="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Fountain Hills Medical Campus MOB </link:label>

<link:label id="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621_label_en-US" xlink:label="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fountain Hills Medical Campus MOB [Member] </link:label>

<link:label id="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621_documentation_en-US" xlink:label="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fountain Hills Medical Campus MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FountainHillsMedicalCampusMOBMember" xlink:label="loc_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:to="lab_doc_FountainHillsMedicalCampusMOBMember_4F5A62336711B2B384476DFAE79A3621" xlink:type="arc"/>

<link:label id="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF_terseLabel_en-US" xlink:label="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fairhope MOB </link:label>

<link:label id="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF_label_en-US" xlink:label="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fairhope MOB [Member] </link:label>

<link:label id="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF_documentation_en-US" xlink:label="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fairhope MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FairhopeMOBMember" xlink:label="loc_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:to="lab_doc_FairhopeMOBMember_284372D5E7A8934CF1EF6DFAE79A8ECF" xlink:type="arc"/>

<link:label id="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0_terseLabel_en-US" xlink:label="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Foley MOB </link:label>

<link:label id="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0_label_en-US" xlink:label="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foley MOB [Member] </link:label>

<link:label id="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0_documentation_en-US" xlink:label="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Foley MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoleyMOBMember" xlink:label="loc_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:to="lab_doc_FoleyMOBMember_C5A936004B7205884F326DFAE79A96E0" xlink:type="arc"/>

<link:label id="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655_terseLabel_en-US" xlink:label="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Foley Venture </link:label>

<link:label id="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655_label_en-US" xlink:label="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foley Venture [Member] </link:label>

<link:label id="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655_documentation_en-US" xlink:label="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Foley Venture [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoleyVentureMember" xlink:label="loc_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:to="lab_doc_FoleyVentureMember_1997A234A8B424DB27486DFAE79A7655" xlink:type="arc"/>

<link:label id="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C_terseLabel_en-US" xlink:label="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> North Okaloosa MOB </link:label>

<link:label id="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C_label_en-US" xlink:label="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> North Okaloosa MOB [Member] </link:label>

<link:label id="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C_documentation_en-US" xlink:label="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> North Okaloosa MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthOkaloosaMOBMember" xlink:label="loc_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:to="lab_doc_NorthOkaloosaMOBMember_48EBEF4BD679FAAF044E6DFAE79A3D8C" xlink:type="arc"/>

<link:label id="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952_terseLabel_en-US" xlink:label="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Commons on North Davis </link:label>

<link:label id="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952_label_en-US" xlink:label="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Commons on North Davis [Member] </link:label>

<link:label id="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952_documentation_en-US" xlink:label="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Commons on North Davis [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CommonsonNorthDavisMember" xlink:label="loc_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:to="lab_doc_CommonsonNorthDavisMember_F375349CDBC9D8E5E8926DFAE79A4952" xlink:type="arc"/>

<link:label id="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2_terseLabel_en-US" xlink:label="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sorrento Road </link:label>

<link:label id="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2_label_en-US" xlink:label="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sorrento Road [Member] </link:label>

<link:label id="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2_documentation_en-US" xlink:label="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Sorrento Road [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SorrentoRoadMember" xlink:label="loc_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:to="lab_doc_SorrentoRoadMember_B3253DAF8FFE110899076DFAE79B73E2" xlink:type="arc"/>

<link:label id="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D_terseLabel_en-US" xlink:label="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Breakfast Point Medical Park </link:label>

<link:label id="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D_label_en-US" xlink:label="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Breakfast Point Medical Park [Member] </link:label>

<link:label id="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D_documentation_en-US" xlink:label="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Breakfast Point Medical Park [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BreakfastPointMedicalParkMember" xlink:label="loc_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:to="lab_doc_BreakfastPointMedicalParkMember_38C1D0620C8DA9DC82846DFAE79B0D1D" xlink:type="arc"/>

<link:label id="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E_terseLabel_en-US" xlink:label="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Panama City Beach </link:label>

<link:label id="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E_label_en-US" xlink:label="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Panama City Beach [Member] </link:label>

<link:label id="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E_documentation_en-US" xlink:label="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Panama City Beach [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PanamaCityBeachMember" xlink:label="loc_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:to="lab_doc_PanamaCityBeachMember_65F5F908254A2E742C046DFAE79B551E" xlink:type="arc"/>

<link:label id="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A_terseLabel_en-US" xlink:label="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Perdido Medical Park </link:label>

<link:label id="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A_label_en-US" xlink:label="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Perdido Medical Park [Member] </link:label>

<link:label id="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A_documentation_en-US" xlink:label="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Perdido Medical Park [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PerdidoMedicalParkMember" xlink:label="loc_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:to="lab_doc_PerdidoMedicalParkMember_26ACC1D88561D2671EC76DFAE79BD97A" xlink:type="arc"/>

<link:label id="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623_terseLabel_en-US" xlink:label="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ft. Walton Beach </link:label>

<link:label id="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623_label_en-US" xlink:label="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Ft. Walton Beach [Member] </link:label>

<link:label id="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623_documentation_en-US" xlink:label="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ft. Walton Beach [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Ft.WaltonBeachMember" xlink:label="loc_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:to="lab_doc_Ft.WaltonBeachMember_BDF7785FA741D5441EB76DFAE79B3623" xlink:type="arc"/>

<link:label id="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F_terseLabel_en-US" xlink:label="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Panama City </link:label>

<link:label id="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F_label_en-US" xlink:label="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Panama City [Member] </link:label>

<link:label id="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F_documentation_en-US" xlink:label="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Panama City [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PanamaCityMember" xlink:label="loc_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:to="lab_doc_PanamaCityMember_BE77FE860839522D86906DFAE79BA43F" xlink:type="arc"/>

<link:label id="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E_terseLabel_en-US" xlink:label="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pensacola - Catalyst </link:label>

<link:label id="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E_label_en-US" xlink:label="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pensacola - Catalyst [Member] </link:label>

<link:label id="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E_documentation_en-US" xlink:label="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Pensacola - Catalyst [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PensacolaCatalystMember" xlink:label="loc_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:to="lab_doc_PensacolaCatalystMember_EED72FA6BDE50FACB9FE6DFAE79BB97E" xlink:type="arc"/>

<link:label id="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707_verboseLabel_en-US" xlink:label="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Arete Surgical Center </link:label>

<link:label id="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707_label_en-US" xlink:label="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Arete Surgical Center [Member] </link:label>

<link:label id="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707_documentation_en-US" xlink:label="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Arete Surgical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AreteSurgicalCenterMember" xlink:label="loc_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:to="lab_doc_AreteSurgicalCenterMember_05367AFA67A4989C60A36DFAE79BA707" xlink:type="arc"/>

<link:label id="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378_verboseLabel_en-US" xlink:label="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Cambridge Professional Center MOB </link:label>

<link:label id="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378_label_en-US" xlink:label="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cambridge Professional Center MOB [Member] </link:label>

<link:label id="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378_documentation_en-US" xlink:label="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Cambridge Professional Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CambridgeProfessionalCenterMOBMember" xlink:label="loc_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:to="lab_doc_CambridgeProfessionalCenterMOBMember_E397AA4F5AE4FAAD9C446DFAE79BE378" xlink:type="arc"/>

<link:label id="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9_verboseLabel_en-US" xlink:label="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> HonorHealth 44th Street MOB </link:label>

<link:label id="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9_label_en-US" xlink:label="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HonorHealth 44th Street MOB [Member] </link:label>

<link:label id="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9_documentation_en-US" xlink:label="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> HonorHealth 44th Street MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HonorHealth44thStreetMOBMember" xlink:label="loc_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:to="lab_doc_HonorHealth44thStreetMOBMember_E558F3DCCD8DC05F16E36DFAE79B9AA9" xlink:type="arc"/>

<link:label id="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5_verboseLabel_en-US" xlink:label="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Mercy Medical Center MOB </link:label>

<link:label id="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5_label_en-US" xlink:label="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mercy Medical Center MOB [Member] </link:label>

<link:label id="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5_documentation_en-US" xlink:label="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mercy Medical Center MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MercyMedicalCenterMOBMember" xlink:label="loc_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:to="lab_doc_MercyMedicalCenterMOBMember_3E62491E9524EBBFBBA56DFAE79B16C5" xlink:type="arc"/>

<link:label id="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64_verboseLabel_en-US" xlink:label="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Nashville MOB </link:label>

<link:label id="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64_label_en-US" xlink:label="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Nashville MOB [Member] </link:label>

<link:label id="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64_documentation_en-US" xlink:label="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Nashville MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NashvilleMOBMember" xlink:label="loc_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:to="lab_doc_NashvilleMOBMember_8738147B3ABAB252A2F96DFAE79B4C64" xlink:type="arc"/>

<link:label id="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3_verboseLabel_en-US" xlink:label="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> KSF Orthopaedic MOB </link:label>

<link:label id="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3_label_en-US" xlink:label="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> KSF Orthopaedic MOB [Member] </link:label>

<link:label id="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3_documentation_en-US" xlink:label="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> KSF Orthopaedic MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_KSFOrthopaedicMOBMember" xlink:label="loc_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:to="lab_doc_KSFOrthopaedicMOBMember_B6A1EB01595BD0FD2A1B6DFAE79B58F3" xlink:type="arc"/>

<link:label id="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE_verboseLabel_en-US" xlink:label="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Great Falls Clinic MOB </link:label>

<link:label id="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE_label_en-US" xlink:label="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Great Falls Clinic MOB [Member] </link:label>

<link:label id="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE_documentation_en-US" xlink:label="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Great Falls Clinic MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GreatFallsClinicMOBMember" xlink:label="loc_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:to="lab_doc_GreatFallsClinicMOBMember_D00362614411D06CEF156DFAE79B35BE" xlink:type="arc"/>

<link:label id="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4_terseLabel_en-US" xlink:label="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Great Falls Hospital </link:label>

<link:label id="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4_label_en-US" xlink:label="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Great Falls Hospital, Great Falls, MT [Member] </link:label>

<link:label id="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4_documentation_en-US" xlink:label="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Great Falls Hospital, Great Falls, MT. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GreatFallsHospitalGreatFallsMTMember" xlink:label="loc_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:to="lab_doc_GreatFallsHospitalGreatFallsMTMember_2688903EF9B9EFAE0BCF6DFAE79B81F4" xlink:type="arc"/>

<link:label id="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987_terseLabel_en-US" xlink:label="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Monterey Medical Center ASC </link:label>

<link:label id="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987_label_en-US" xlink:label="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Monterey Medical Center ASC, Stuart, FL [Member] </link:label>

<link:label id="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987_documentation_en-US" xlink:label="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Monterey Medical Center ASC, Stuart, FL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MontereyMedicalCenterASCStuartFLMember" xlink:label="loc_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:to="lab_doc_MontereyMedicalCenterASCStuartFLMember_79210E4E7EA29CDD2ADD6DFAE79C7987" xlink:type="arc"/>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8_terseLabel_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Physicians Medical Plaza MOB </link:label>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8_label_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Physicians Medical Plaza MOB, Indianapolis, IN [Member] </link:label>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8_documentation_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Physicians Medical Plaza MOB, Indianapolis, IN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PhysiciansMedicalPlazaMOBIndianapolisINMember" xlink:label="loc_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:to="lab_doc_PhysiciansMedicalPlazaMOBIndianapolisINMember_2981FD8F0F9D52FE2BBA6DFAE79C18B8" xlink:type="arc"/>

<link:label id="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6_terseLabel_en-US" xlink:label="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Park Nicollet Clinic </link:label>

<link:label id="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6_label_en-US" xlink:label="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Park Nicollet Clinic, Chanhassen, MN [Member] </link:label>

<link:label id="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6_documentation_en-US" xlink:label="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Park Nicollet Clinic, Chanhassen, MN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ParkNicolletClinicChanhassenMNMember" xlink:label="loc_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:to="lab_doc_ParkNicolletClinicChanhassenMNMember_7ABD7328F4B7C6E252EB6DFAE79C2EC6" xlink:type="arc"/>

<link:label id="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867_terseLabel_en-US" xlink:label="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HEB Cancer Center </link:label>

<link:label id="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867_label_en-US" xlink:label="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HEB Cancer Center, Bedford, TX [Member] </link:label>

<link:label id="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867_documentation_en-US" xlink:label="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to HEB Cancer Center, Bedford, TX. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HEBCancerCenterBedfordTXMember" xlink:label="loc_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:to="lab_doc_HEBCancerCenterBedfordTXMember_3D5A4A9D8E4D632544546DFAE79C0867" xlink:type="arc"/>

<link:label id="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698_terseLabel_en-US" xlink:label="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Riverview Medical Center </link:label>

<link:label id="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698_label_en-US" xlink:label="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Riverview Medical Center, Lancaster, OH [Member] </link:label>

<link:label id="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698_documentation_en-US" xlink:label="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Riverview Medical Center, Lancaster, OH. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RiverviewMedicalCenterLancasterOHMember" xlink:label="loc_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:to="lab_doc_RiverviewMedicalCenterLancasterOHMember_7AF1AAF01AD75B5216F46DFAE79CD698" xlink:type="arc"/>

<link:label id="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84_terseLabel_en-US" xlink:label="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Luke's Cornwall MOB </link:label>

<link:label id="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84_label_en-US" xlink:label="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Luke's Cornwall MOB, Cornwall, NY [Member] </link:label>

<link:label id="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84_documentation_en-US" xlink:label="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to St. Luke's Cornwall MOB, Cornwall, NY. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.LukesCornwallMOBCornwallNYMember" xlink:label="loc_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:to="lab_doc_St.LukesCornwallMOBCornwallNYMember_707F0E079848B9580A9E6DFAE79C7A84" xlink:type="arc"/>

<link:label id="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78_terseLabel_en-US" xlink:label="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HonorHealth Glendale </link:label>

<link:label id="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78_label_en-US" xlink:label="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HonorHealth Glendale, Glendale, AZ [Member] </link:label>

<link:label id="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78_documentation_en-US" xlink:label="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to HonorHealth Glendale, Glendale, AZ. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HonorHealthGlendaleGlendaleAZMember" xlink:label="loc_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:to="lab_doc_HonorHealthGlendaleGlendaleAZMember_4A6F7B45F546BE6332B96DFAE79C9B78" xlink:type="arc"/>

<link:label id="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB_terseLabel_en-US" xlink:label="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Columbia MOB </link:label>

<link:label id="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB_label_en-US" xlink:label="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Columbia MOB, Hudson, NY [Member] </link:label>

<link:label id="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB_documentation_en-US" xlink:label="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Columbia MOB, Hudson, NY. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ColumbiaMOBHudsonNYMember" xlink:label="loc_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:to="lab_doc_ColumbiaMOBHudsonNYMember_217236C7A9E2B76967E96DFAE79CC4AB" xlink:type="arc"/>

<link:label id="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D_terseLabel_en-US" xlink:label="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St Vincent POB 1 </link:label>

<link:label id="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D_label_en-US" xlink:label="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Vincent POB 1, Birmingham, AL [Member] </link:label>

<link:label id="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D_documentation_en-US" xlink:label="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to St. Vincent POB 1, Birmingham, AL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.VincentPOB1BirminghamALMember" xlink:label="loc_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:to="lab_doc_St.VincentPOB1BirminghamALMember_452928B942B8B17945186DFAE79C2B6D" xlink:type="arc"/>

<link:label id="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2_terseLabel_en-US" xlink:label="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St Vincent POB 2 </link:label>

<link:label id="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2_label_en-US" xlink:label="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Vincent POB 2, Birmingham, AL [Member] </link:label>

<link:label id="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2_documentation_en-US" xlink:label="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to St. Vincent POB 2, Birmingham, AL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.VincentPOB2BirminghamALMember" xlink:label="loc_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:to="lab_doc_St.VincentPOB2BirminghamALMember_86444272134E7445F4016DFAE79C64F2" xlink:type="arc"/>

<link:label id="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5_terseLabel_en-US" xlink:label="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St Vincent POB 3 </link:label>

<link:label id="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5_label_en-US" xlink:label="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Vincent POB 3, Birmingham, AL [Member] </link:label>

<link:label id="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5_documentation_en-US" xlink:label="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to St. Vincent POB 3, Birmingham, AL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.VincentPOB3BirminghamALMember" xlink:label="loc_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:to="lab_doc_St.VincentPOB3BirminghamALMember_99368788298FC891384D6DFAE79CA8E5" xlink:type="arc"/>

<link:label id="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437_terseLabel_en-US" xlink:label="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Emerson Medical Building </link:label>

<link:label id="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437_label_en-US" xlink:label="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Emerson Medical Building, Creve Coeur, MO [Member] </link:label>

<link:label id="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437_documentation_en-US" xlink:label="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Emerson Medical Building, Creve Coeur, MO. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EmersonMedicalBuildingCreveCoeurMOMember" xlink:label="loc_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:to="lab_doc_EmersonMedicalBuildingCreveCoeurMOMember_3081B7E7DD2BAF87DA6F6DFAE79CB437" xlink:type="arc"/>

<link:label id="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156_terseLabel_en-US" xlink:label="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Patient Partners Surgery Center </link:label>

<link:label id="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156_label_en-US" xlink:label="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Patient Partners Surgery Center, Gallatin, TN [Member] </link:label>

<link:label id="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156_documentation_en-US" xlink:label="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Patient Partners Surgery Center, Gallatin, TN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PatientPartnersSurgeryCenterGallatinTNMember" xlink:label="loc_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:to="lab_doc_PatientPartnersSurgeryCenterGallatinTNMember_40B0304B16315391F9676DFAE79C8156" xlink:type="arc"/>

<link:label id="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646_terseLabel_en-US" xlink:label="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eye Associates of NM - Santa Fe </link:label>

<link:label id="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646_label_en-US" xlink:label="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eye Associate of NM - Santa Fe, Santa Fe, NM [Member] </link:label>

<link:label id="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646_documentation_en-US" xlink:label="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eye Associate of NM - Santa Fe, Santa Fe, NM. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EyeAssociateofNMSantaFeSantaFeNMMember" xlink:label="loc_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:to="lab_doc_EyeAssociateofNMSantaFeSantaFeNMMember_D19FA26D3366CBF8F9766DFAE79C0646" xlink:type="arc"/>

<link:label id="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A_terseLabel_en-US" xlink:label="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Eye Associates of NM - Albuquerque </link:label>

<link:label id="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A_label_en-US" xlink:label="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Eye Associate of NM - Albuquerque, Albuquerque, NM [Member] </link:label>

<link:label id="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A_documentation_en-US" xlink:label="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Eye Associate of NM - Albuquerque, Albuquerque, NM. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember" xlink:label="loc_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:to="lab_doc_EyeAssociateofNMAlbuquerqueAlbuquerqueNMMember_2673EFF13179E6E869FE6DFAE79C554A" xlink:type="arc"/>

<link:label id="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1_terseLabel_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gardendale Surgery Center </link:label>

<link:label id="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1_label_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Gardendale Surgery Center, Gardendale, AL [Member] </link:label>

<link:label id="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1_documentation_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Information related to Gardendale Surgery Center, Gardendale, AL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GardendaleSurgeryCenterGardendaleALMember" xlink:label="loc_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:to="lab_doc_GardendaleSurgeryCenterGardendaleALMember_342A969F9C4B811AC71F6DFAE79D38D1" xlink:type="arc"/>

<link:label id="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7_terseLabel_en-US" xlink:label="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HealthEast - Curve Crest </link:label>

<link:label id="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7_label_en-US" xlink:label="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HealthEast - Curve Crest [Member] </link:label>

<link:label id="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7_documentation_en-US" xlink:label="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> HealthEast - Curve Crest [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HealthEastCurveCrestMember" xlink:label="loc_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:to="lab_doc_HealthEastCurveCrestMember_91F60E12AFEB2E370FD26DFAE79D64B7" xlink:type="arc"/>

<link:label id="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2_terseLabel_en-US" xlink:label="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HealthEast - Victor Gardens </link:label>

<link:label id="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2_label_en-US" xlink:label="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HealthEast - Victor Gardens [Member] </link:label>

<link:label id="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2_documentation_en-US" xlink:label="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> HealthEast - Victor Gardens [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HealthEastVictorGardensMember" xlink:label="loc_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:to="lab_doc_HealthEastVictorGardensMember_B8F99403F9BE0B3ED8FA6DFAE79DDAF2" xlink:type="arc"/>

<link:label id="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275_terseLabel_en-US" xlink:label="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> NOMS - Clyde </link:label>

<link:label id="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275_label_en-US" xlink:label="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> NOMS - Clyde [Member] </link:label>

<link:label id="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275_documentation_en-US" xlink:label="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> NOMS - Clyde [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NOMSClydeMember" xlink:label="loc_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:to="lab_doc_NOMSClydeMember_6AFE01D1A3FDDE1F60D36DFAE79D6275" xlink:type="arc"/>

<link:label id="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177_terseLabel_en-US" xlink:label="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Blandford MOB </link:label>

<link:label id="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177_label_en-US" xlink:label="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Blandford MOB [Member] </link:label>

<link:label id="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177_documentation_en-US" xlink:label="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Blandford MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BlandfordMOBMember" xlink:label="loc_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:to="lab_doc_BlandfordMOBMember_92479546C8F3BC40B47A6DFAE79D5177" xlink:type="arc"/>

<link:label id="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE_terseLabel_en-US" xlink:label="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cardwell MOB </link:label>

<link:label id="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE_label_en-US" xlink:label="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cardwell MOB [Member] </link:label>

<link:label id="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE_documentation_en-US" xlink:label="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Cardwell MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CardwellMOBMember" xlink:label="loc_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:to="lab_doc_CardwellMOBMember_D88ABE9A5F865E4A9A926DFAE79D14BE" xlink:type="arc"/>

<link:label id="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2_terseLabel_en-US" xlink:label="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Dacono Neighborhood Health </link:label>

<link:label id="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2_label_en-US" xlink:label="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dacono Neighborhood Health [Member] </link:label>

<link:label id="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2_documentation_en-US" xlink:label="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Dacono Neighborhood Health [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DaconoNeighborhoodHealthMember" xlink:label="loc_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:to="lab_doc_DaconoNeighborhoodHealthMember_86B59F98B390BA3EDA9B6DFAE79D9CF2" xlink:type="arc"/>

<link:label id="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B_terseLabel_en-US" xlink:label="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Franciscan Health </link:label>

<link:label id="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B_label_en-US" xlink:label="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Franciscan Health [Member] </link:label>

<link:label id="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B_documentation_en-US" xlink:label="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Franciscan Health [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FranciscanHealthMember" xlink:label="loc_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:to="lab_doc_FranciscanHealthMember_E357AE16B14567B0BEAD6DFAE79DC12B" xlink:type="arc"/>

<link:label id="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904_terseLabel_en-US" xlink:label="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Grand Island Specialty Clinic </link:label>

<link:label id="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904_label_en-US" xlink:label="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Grand Island Specialty Clinic [Member] </link:label>

<link:label id="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904_documentation_en-US" xlink:label="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Grand Island Specialty Clinic [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GrandIslandSpecialtyClinicMember" xlink:label="loc_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:to="lab_doc_GrandIslandSpecialtyClinicMember_4E216C82A75FD16831C26DFAE79DA904" xlink:type="arc"/>

<link:label id="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D_terseLabel_en-US" xlink:label="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hot Springs MOB </link:label>

<link:label id="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D_label_en-US" xlink:label="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hot Springs MOB [Member] </link:label>

<link:label id="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D_documentation_en-US" xlink:label="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Hot Springs MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HotSpringsMOBMember" xlink:label="loc_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:to="lab_doc_HotSpringsMOBMember_D94A886039BD8D23A6616DFAE79DDD5D" xlink:type="arc"/>

<link:label id="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680_terseLabel_en-US" xlink:label="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center East </link:label>

<link:label id="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680_label_en-US" xlink:label="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center East [Member] </link:label>

<link:label id="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680_documentation_en-US" xlink:label="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center East [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishMedicalCenterEastMember" xlink:label="loc_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:to="lab_doc_JewishMedicalCenterEastMember_D010B0DF1E93C645886D6DFAE79DE680" xlink:type="arc"/>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07_terseLabel_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 1 </link:label>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07_label_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 1 [Member] </link:label>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07_documentation_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 1 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishMedicalCenterSouthMOB1Member" xlink:label="loc_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:to="lab_doc_JewishMedicalCenterSouthMOB1Member_23BCEEBA359DB40C97976DFAE79D6F07" xlink:type="arc"/>

<link:label id="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343_terseLabel_en-US" xlink:label="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza I </link:label>

<link:label id="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343_label_en-US" xlink:label="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza I [Member] </link:label>

<link:label id="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343_documentation_en-US" xlink:label="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza I [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishMedicalPlazaIMember" xlink:label="loc_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:to="lab_doc_JewishMedicalPlazaIMember_A7382B8BCECD2DC89AB36DFAE79D1343" xlink:type="arc"/>

<link:label id="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646_terseLabel_en-US" xlink:label="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza II </link:label>

<link:label id="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646_label_en-US" xlink:label="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza II [Member] </link:label>

<link:label id="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646_documentation_en-US" xlink:label="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish Medical Plaza II [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishMedicalPlazaIIMember" xlink:label="loc_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:to="lab_doc_JewishMedicalPlazaIIMember_5E6E2238DB97FFBDD0E56DFAE79D7646" xlink:type="arc"/>

<link:label id="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C_terseLabel_en-US" xlink:label="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish OCC </link:label>

<link:label id="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C_label_en-US" xlink:label="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish OCC [Member] </link:label>

<link:label id="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C_documentation_en-US" xlink:label="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish OCC [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishOCCMember" xlink:label="loc_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:to="lab_doc_JewishOCCMember_8536C937C3A86DBB064C6DFAE79EA51C" xlink:type="arc"/>

<link:label id="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C_terseLabel_en-US" xlink:label="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lakeside Three Professional Center </link:label>

<link:label id="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C_label_en-US" xlink:label="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lakeside Three Professional Center [Member] </link:label>

<link:label id="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C_documentation_en-US" xlink:label="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Lakeside Three Professional Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LakesideThreeProfessionalCenterMember" xlink:label="loc_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:to="lab_doc_LakesideThreeProfessionalCenterMember_65266184895A70D3F2F16DFAE79E223C" xlink:type="arc"/>

<link:label id="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E_terseLabel_en-US" xlink:label="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lexington Surgery Center </link:label>

<link:label id="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E_label_en-US" xlink:label="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lexington Surgery Center [Member] </link:label>

<link:label id="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E_documentation_en-US" xlink:label="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Lexington Surgery Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LexingtonSurgeryCenterMember" xlink:label="loc_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:to="lab_doc_LexingtonSurgeryCenterMember_12A1602B06AE55C551466DFAE79EBE3E" xlink:type="arc"/>

<link:label id="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2_terseLabel_en-US" xlink:label="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Arts Pavilion </link:label>

<link:label id="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2_label_en-US" xlink:label="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Arts Pavilion [Member] </link:label>

<link:label id="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2_documentation_en-US" xlink:label="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Arts Pavilion [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalArtsPavilionMember" xlink:label="loc_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:to="lab_doc_MedicalArtsPavilionMember_BEACCD524F024C6654CB6DFAE79EA9C2" xlink:type="arc"/>

<link:label id="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4_terseLabel_en-US" xlink:label="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Memorial Outpatient Center </link:label>

<link:label id="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4_label_en-US" xlink:label="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Memorial Outpatient Center [Member] </link:label>

<link:label id="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4_documentation_en-US" xlink:label="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Memorial Outpatient Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MemorialOutpatientCenterMember" xlink:label="loc_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:to="lab_doc_MemorialOutpatientCenterMember_8ED1F9E1FC25A1E24E386DFAE79E3FD4" xlink:type="arc"/>

<link:label id="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D_terseLabel_en-US" xlink:label="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Midlands Two Professional Center </link:label>

<link:label id="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D_label_en-US" xlink:label="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Midlands Two Professional Center [Member] </link:label>

<link:label id="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D_documentation_en-US" xlink:label="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Midlands Two Professional Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MidlandsTwoProfessionalCenterMember" xlink:label="loc_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:to="lab_doc_MidlandsTwoProfessionalCenterMember_B3ABE35F5C7E7140CBD06DFAE79E822D" xlink:type="arc"/>

<link:label id="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346_terseLabel_en-US" xlink:label="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Parkview MOB </link:label>

<link:label id="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346_label_en-US" xlink:label="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Parkview MOB [Member] </link:label>

<link:label id="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346_documentation_en-US" xlink:label="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Parkview MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ParkviewMOBMember" xlink:label="loc_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:to="lab_doc_ParkviewMOBMember_E9776F49B7507088B8B86DFAE79EE346" xlink:type="arc"/>

<link:label id="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7_terseLabel_en-US" xlink:label="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Peak One ASC </link:label>

<link:label id="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7_label_en-US" xlink:label="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Peak One ASC [Domain] </link:label>

<link:label id="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7_documentation_en-US" xlink:label="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Peak One ASC [Domain] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PeakOneASCDomain" xlink:label="loc_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:to="lab_doc_PeakOneASCDomain_576135D831852D58AB0E6DFAE79E37E7" xlink:type="arc"/>

<link:label id="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487_terseLabel_en-US" xlink:label="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Physicians Medical Center </link:label>

<link:label id="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487_label_en-US" xlink:label="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Physicians Medical Center [Member] </link:label>

<link:label id="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487_documentation_en-US" xlink:label="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Physicians Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PhysiciansMedicalCenterMember" xlink:label="loc_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:to="lab_doc_PhysiciansMedicalCenterMember_BD35ED24663AAE14875B6DFAE79EE487" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Minot Medical Plaza </link:label>

<link:label id="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3_label_en-US" xlink:label="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Minot Medical Plaza [Member] </link:label>

<link:label id="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3_documentation_en-US" xlink:label="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Minot Medical Plaza [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusMinotMedicalPlazaMember" xlink:label="loc_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:to="lab_doc_St.AlexiusMinotMedicalPlazaMember_05DC5E4C4E94DC499CA16DFAE79E91A3" xlink:type="arc"/>

<link:label id="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24_terseLabel_en-US" xlink:label="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Clare Medical Pavilion </link:label>

<link:label id="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24_label_en-US" xlink:label="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Clare Medical Pavilion [Member] </link:label>

<link:label id="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24_documentation_en-US" xlink:label="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Clare Medical Pavilion [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.ClareMedicalPavilionMember" xlink:label="loc_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:to="lab_doc_St.ClareMedicalPavilionMember_584DD735C7DEF66502DB6DFAE79E5B24" xlink:type="arc"/>

<link:label id="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17_terseLabel_en-US" xlink:label="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Pavilion </link:label>

<link:label id="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17_label_en-US" xlink:label="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Pavilion [Member] </link:label>

<link:label id="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17_documentation_en-US" xlink:label="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Pavilion [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.JosephMedicalPavilionMember" xlink:label="loc_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:to="lab_doc_St.JosephMedicalPavilionMember_BE20E1849AA2388780896DFAE79EDC17" xlink:type="arc"/>

<link:label id="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA_terseLabel_en-US" xlink:label="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Joseph Office Park </link:label>

<link:label id="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA_label_en-US" xlink:label="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Joseph Office Park [Member] </link:label>

<link:label id="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA_documentation_en-US" xlink:label="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Joseph Office Park [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.JosephOfficeParkMember" xlink:label="loc_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:to="lab_doc_St.JosephOfficeParkMember_E2062FFB5FDEECDF3FA86DFAE79EFFEA" xlink:type="arc"/>

<link:label id="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D_terseLabel_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical II </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D_label_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical II [Member] </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D_documentation_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical II [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.MaryCaritasMedicalIIMember" xlink:label="loc_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:to="lab_doc_St.MaryCaritasMedicalIIMember_C20ACDB83C92AF28749A6DFAE79E133D" xlink:type="arc"/>

<link:label id="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E_terseLabel_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical III </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E_label_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical III [Member] </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E_documentation_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical III [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.MaryCaritasMedicalIIIMember" xlink:label="loc_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:to="lab_doc_St.MaryCaritasMedicalIIIMember_1BEFEB5BAD47D063AC6E6DFAE79EA00E" xlink:type="arc"/>

<link:label id="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD_terseLabel_en-US" xlink:label="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Thornton Neighborhood Health </link:label>

<link:label id="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD_label_en-US" xlink:label="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Thornton Neighborhood Health [Member] </link:label>

<link:label id="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD_documentation_en-US" xlink:label="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Thornton Neighborhood Health [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ThorntonNeighborhoodHealthMember" xlink:label="loc_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:to="lab_doc_ThorntonNeighborhoodHealthMember_14590FA19F8513DCF5D16DFAE79E45BD" xlink:type="arc"/>

<link:label id="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5_terseLabel_en-US" xlink:label="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Village at Kissimmee </link:label>

<link:label id="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5_label_en-US" xlink:label="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Village at Kissimmee [Member] </link:label>

<link:label id="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5_documentation_en-US" xlink:label="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Village at Kissimmee [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalVillageatKissimmeeMember" xlink:label="loc_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:to="lab_doc_MedicalVillageatKissimmeeMember_C601810A8367CF8BDCD76DFAE79F04A5" xlink:type="arc"/>

<link:label id="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A_terseLabel_en-US" xlink:label="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Village at Leesburg </link:label>

<link:label id="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A_label_en-US" xlink:label="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Village at Leesburg [Member] </link:label>

<link:label id="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A_documentation_en-US" xlink:label="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Village at Leesburg [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalVillageatLeesburgMember" xlink:label="loc_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:to="lab_doc_MedicalVillageatLeesburgMember_59AD7B9ABB4DF4AD44056DFAE79F561A" xlink:type="arc"/>

<link:label id="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC_terseLabel_en-US" xlink:label="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Francis MOB </link:label>

<link:label id="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC_label_en-US" xlink:label="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Francis MOB [Member] </link:label>

<link:label id="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC_documentation_en-US" xlink:label="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Francis MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.FrancisMOBMember" xlink:label="loc_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:to="lab_doc_St.FrancisMOBMember_7432907F45BD0F4151266DFAE79F7CBC" xlink:type="arc"/>

<link:label id="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C_terseLabel_en-US" xlink:label="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Children's Hospital MOB </link:label>

<link:label id="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C_label_en-US" xlink:label="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Children's Hospital MOB [Member] </link:label>

<link:label id="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C_documentation_en-US" xlink:label="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Children's Hospital MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ChildrensHospitalMOBMember" xlink:label="loc_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:to="lab_doc_ChildrensHospitalMOBMember_AA766CCE05CCFF97E8C36DFAE79FB35C" xlink:type="arc"/>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836_terseLabel_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 2 </link:label>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836_label_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 2 [Member] </link:label>

<link:label id="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836_documentation_en-US" xlink:label="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jewish Medical Center South MOB - 2 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JewishMedicalCenterSouthMOB2Member" xlink:label="loc_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:to="lab_doc_JewishMedicalCenterSouthMOB2Member_39D94B86045A352F40016DFAE79F7836" xlink:type="arc"/>

<link:label id="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8_terseLabel_en-US" xlink:label="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Good Samaritan North Annex Building </link:label>

<link:label id="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8_label_en-US" xlink:label="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Good Samaritan North Annex Building [Member] </link:label>

<link:label id="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8_documentation_en-US" xlink:label="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Good Samaritan North Annex Building [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GoodSamaritanNorthAnnexBuildingMember" xlink:label="loc_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:to="lab_doc_GoodSamaritanNorthAnnexBuildingMember_79AB76EEB42F68117E9B6DFAE79F08F8" xlink:type="arc"/>

<link:label id="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3_terseLabel_en-US" xlink:label="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> NE Heart Institute Medical Building </link:label>

<link:label id="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3_label_en-US" xlink:label="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> NE Heart Institute Medical Building [Member] </link:label>

<link:label id="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3_documentation_en-US" xlink:label="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> NE Heart Institute Medical Building [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NEHeartInstituteMedicalBuildingMember" xlink:label="loc_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:to="lab_doc_NEHeartInstituteMedicalBuildingMember_299185A42289113ECC8A6DFAE79F63A3" xlink:type="arc"/>

<link:label id="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866_terseLabel_en-US" xlink:label="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Vincent West MOB </link:label>

<link:label id="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866_label_en-US" xlink:label="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Vincent West MOB [Member] </link:label>

<link:label id="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866_documentation_en-US" xlink:label="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Vincent West MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.VincentWestMOBMember" xlink:label="loc_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:to="lab_doc_St.VincentWestMOBMember_54B2FFCBB96C166FC0626DFAE79FA866" xlink:type="arc"/>

<link:label id="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9_terseLabel_en-US" xlink:label="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Meridan MOB </link:label>

<link:label id="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9_label_en-US" xlink:label="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Meridan MOB [Member] </link:label>

<link:label id="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9_documentation_en-US" xlink:label="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Meridan MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MeridanMOBMember" xlink:label="loc_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:to="lab_doc_MeridanMOBMember_A9881077A85CD805070D6DFAE79F9BC9" xlink:type="arc"/>

<link:label id="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4_terseLabel_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical I </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4_label_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical I [Member] </link:label>

<link:label id="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4_documentation_en-US" xlink:label="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Mary - Caritas Medical I [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.MaryCaritasMedicalIMember" xlink:label="loc_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:to="lab_doc_St.MaryCaritasMedicalIMember_CDB475BB75BEC2820C426DFAE79FB6B4" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Medical Arts Pavilion </link:label>

<link:label id="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3_label_en-US" xlink:label="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Medical Arts Pavilion [Member] </link:label>

<link:label id="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3_documentation_en-US" xlink:label="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Medical Arts Pavilion [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusMedicalArtsPavilionMember" xlink:label="loc_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:to="lab_doc_St.AlexiusMedicalArtsPavilionMember_F84858657AC7F7452DD46DFAE79F2DA3" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Mandan Clinic </link:label>

<link:label id="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3_label_en-US" xlink:label="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Mandan Clinic [Member] </link:label>

<link:label id="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3_documentation_en-US" xlink:label="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Mandan Clinic [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusMandanClinicMember" xlink:label="loc_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:to="lab_doc_St.AlexiusMandanClinicMember_7C5D99EAC4805E7AAAB06DFAE79F12D3" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Orthopaedic Center </link:label>

<link:label id="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30_label_en-US" xlink:label="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Orthopaedic Center [Member] </link:label>

<link:label id="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30_documentation_en-US" xlink:label="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Orthopaedic Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusOrthopaedicCenterMember" xlink:label="loc_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:to="lab_doc_St.AlexiusOrthopaedicCenterMember_1D58E8A819730F4628216DFAE79F7E30" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Rehab Center </link:label>

<link:label id="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6_label_en-US" xlink:label="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Rehab Center [Member] </link:label>

<link:label id="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6_documentation_en-US" xlink:label="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Rehab Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusRehabCenterMember" xlink:label="loc_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:to="lab_doc_St.AlexiusRehabCenterMember_9C6025A5EED74A44BD086DFAE79F9CF6" xlink:type="arc"/>

<link:label id="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5_terseLabel_en-US" xlink:label="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Alexius - Tech & Ed </link:label>

<link:label id="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5_label_en-US" xlink:label="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Alexius - Tech & Ed [Member] </link:label>

<link:label id="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5_documentation_en-US" xlink:label="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Alexius - Tech & Ed [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.AlexiusTechEdMember" xlink:label="loc_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:to="lab_doc_St.AlexiusTechEdMember_4D633C623495655F71D86DFAE7A08CF5" xlink:type="arc"/>

<link:label id="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595_terseLabel_en-US" xlink:label="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Good Samaritan MOB </link:label>

<link:label id="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595_label_en-US" xlink:label="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Good Samaritan MOB [Member] </link:label>

<link:label id="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595_documentation_en-US" xlink:label="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Good Samaritan MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GoodSamaritanMOBMember" xlink:label="loc_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:to="lab_doc_GoodSamaritanMOBMember_9B17326DDEDC37341BDC6DFAE7A02595" xlink:type="arc"/>

<link:label id="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB_terseLabel_en-US" xlink:label="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lakeside Two Professional Building </link:label>

<link:label id="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB_label_en-US" xlink:label="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lakeside Two Professional Building [Member] </link:label>

<link:label id="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB_documentation_en-US" xlink:label="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Lakeside Two Professional Building [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LakesideTwoProfessionalBuildingMember" xlink:label="loc_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:to="lab_doc_LakesideTwoProfessionalBuildingMember_1BD0726E14AE25CB0F1C6DFAE7A0B8DB" xlink:type="arc"/>

<link:label id="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B_terseLabel_en-US" xlink:label="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lakeside Wellness Center </link:label>

<link:label id="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B_label_en-US" xlink:label="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lakeside Wellness Center [Member] </link:label>

<link:label id="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B_documentation_en-US" xlink:label="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Lakeside Wellness Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LakesideWellnessCenterMember" xlink:label="loc_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:to="lab_doc_LakesideWellnessCenterMember_B7A3E7C784847CD5BCAF6DFAE7A0212B" xlink:type="arc"/>

<link:label id="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20_terseLabel_en-US" xlink:label="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> McAuley Center </link:label>

<link:label id="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20_label_en-US" xlink:label="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> McAuley Center [Member] </link:label>

<link:label id="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20_documentation_en-US" xlink:label="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> McAuley Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_McAuleyCenterMember" xlink:label="loc_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:to="lab_doc_McAuleyCenterMember_0285297E4343AD6A20976DFAE7A06A20" xlink:type="arc"/>

<link:label id="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A_terseLabel_en-US" xlink:label="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Memorial Health Center </link:label>

<link:label id="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A_label_en-US" xlink:label="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Memorial Health Center [Member] </link:label>

<link:label id="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A_documentation_en-US" xlink:label="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Memorial Health Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MemorialHealthCenterMember" xlink:label="loc_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:to="lab_doc_MemorialHealthCenterMember_5CA29833609094ACE4616DFAE7A0233A" xlink:type="arc"/>

<link:label id="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3_terseLabel_en-US" xlink:label="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Missionary Ridge MOB </link:label>

<link:label id="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3_label_en-US" xlink:label="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Missionary Ridge MOB [Member] </link:label>

<link:label id="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3_documentation_en-US" xlink:label="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Missionary Ridge MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MissionaryRidgeMOBMember" xlink:label="loc_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:to="lab_doc_MissionaryRidgeMOBMember_BC7F737F1164DFC4B3A86DFAE7A0E8E3" xlink:type="arc"/>

<link:label id="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517_terseLabel_en-US" xlink:label="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pilot Medical Center </link:label>

<link:label id="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517_label_en-US" xlink:label="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pilot Medical Center [Member] </link:label>

<link:label id="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517_documentation_en-US" xlink:label="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Pilot Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PilotMedicalCenterMember" xlink:label="loc_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:to="lab_doc_PilotMedicalCenterMember_EA6C54A173EF9997098E6DFAE7A08517" xlink:type="arc"/>

<link:label id="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A_terseLabel_en-US" xlink:label="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Clinic </link:label>

<link:label id="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A_label_en-US" xlink:label="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Clinic [Member] </link:label>

<link:label id="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A_documentation_en-US" xlink:label="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> St. Joseph Medical Clinic [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_St.JosephMedicalClinicMember" xlink:label="loc_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:to="lab_doc_St.JosephMedicalClinicMember_DE72D38ECE34B09CFAB26DFAE7A0D06A" xlink:type="arc"/>

<link:label id="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C_terseLabel_en-US" xlink:label="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Woodlands Medical Arts Center </link:label>

<link:label id="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C_label_en-US" xlink:label="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Woodlands Medical Arts Center [Member] </link:label>

<link:label id="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C_documentation_en-US" xlink:label="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Woodlands Medical Arts Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WoodlandsMedicalArtsCenterMember" xlink:label="loc_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:to="lab_doc_WoodlandsMedicalArtsCenterMember_562F3A39CF497300079B6DFAE7A0EB0C" xlink:type="arc"/>

<link:label id="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC_terseLabel_en-US" xlink:label="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> FESC MOB </link:label>

<link:label id="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC_label_en-US" xlink:label="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> FESC MOB [Member] </link:label>

<link:label id="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC_documentation_en-US" xlink:label="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> FESC MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FESCMOBMember" xlink:label="loc_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:to="lab_doc_FESCMOBMember_94F3A33C35B78D7A10EF6DFAE7A008DC" xlink:type="arc"/>

<link:label id="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD_terseLabel_en-US" xlink:label="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Prairie Care MOB </link:label>

<link:label id="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD_label_en-US" xlink:label="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Prairie Care MOB [Member] </link:label>

<link:label id="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD_documentation_en-US" xlink:label="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Prairie Care MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PrairieCareMOBMember" xlink:label="loc_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:to="lab_doc_PrairieCareMOBMember_3B81BAFE793BE104BFA06DFAE7A0FFFD" xlink:type="arc"/>

<link:label id="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143_terseLabel_en-US" xlink:label="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Springwoods MOB </link:label>

<link:label id="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143_label_en-US" xlink:label="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Springwoods MOB [Member] </link:label>

<link:label id="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143_documentation_en-US" xlink:label="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Springwoods MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SpringwoodsMOBMember" xlink:label="loc_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:to="lab_doc_SpringwoodsMOBMember_F578FD7E63765CD052276DFAE7A0D143" xlink:type="arc"/>

<link:label id="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97_terseLabel_en-US" xlink:label="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unity - ASC, Imaging & MOB </link:label>

<link:label id="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97_label_en-US" xlink:label="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unity - ASC, Imaging & MOB [Member] </link:label>

<link:label id="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97_documentation_en-US" xlink:label="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unity - ASC, Imaging & MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnityASCImagingMOBMember" xlink:label="loc_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:to="lab_doc_UnityASCImagingMOBMember_8A06B503CF68B52215026DFAE7A05F97" xlink:type="arc"/>

<link:label id="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C_terseLabel_en-US" xlink:label="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unity - Medical Pavilion </link:label>

<link:label id="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C_label_en-US" xlink:label="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unity - Medical Pavilion [Member] </link:label>

<link:label id="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C_documentation_en-US" xlink:label="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unity - Medical Pavilion [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnityMedicalPavilionMember" xlink:label="loc_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:to="lab_doc_UnityMedicalPavilionMember_5D109501C9AC4A391F6A6DFAE7A0A17C" xlink:type="arc"/>

<link:label id="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F_terseLabel_en-US" xlink:label="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unity - Faith, Hope & Love </link:label>

<link:label id="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F_label_en-US" xlink:label="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unity - Faith, Hope & Love [Member] </link:label>

<link:label id="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F_documentation_en-US" xlink:label="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unity - Faith, Hope & Love [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnityFaithHopeLoveMember" xlink:label="loc_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:to="lab_doc_UnityFaithHopeLoveMember_C45ECB3C86247CA953926DFAE7A1C08F" xlink:type="arc"/>

<link:label id="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46_terseLabel_en-US" xlink:label="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unity - Immediate Care & OCC </link:label>

<link:label id="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46_label_en-US" xlink:label="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unity - Immediate Care & OCC [Member] </link:label>

<link:label id="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46_documentation_en-US" xlink:label="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unity - Immediate Care & OCC [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnityImmediateCareOCCMember" xlink:label="loc_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:to="lab_doc_UnityImmediateCareOCCMember_349859FCE61CC87B2D0D6DFAE7A1EF46" xlink:type="arc"/>

<link:label id="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227_terseLabel_en-US" xlink:label="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Village at Maitland </link:label>

<link:label id="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227_label_en-US" xlink:label="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Village at Maitland [Member] </link:label>

<link:label id="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227_documentation_en-US" xlink:label="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Village at Maitland </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalVillageatMaitlandMember" xlink:label="loc_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:to="lab_doc_MedicalVillageatMaitlandMember_FC6F727628ED2BB918C86DFAE7A1F227" xlink:type="arc"/>

<link:label id="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA_terseLabel_en-US" xlink:label="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tri-State Orthopaedics MOB </link:label>

<link:label id="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA_label_en-US" xlink:label="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Tri-State Orthopaedics MOB [Member] </link:label>

<link:label id="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA_documentation_en-US" xlink:label="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tri-State Orthopaedics MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TriStateOrthopaedicsMOBMember" xlink:label="loc_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:to="lab_doc_TriStateOrthopaedicsMOBMember_BCC25169B23C656520BA6DFAE7A100FA" xlink:type="arc"/>

<link:label id="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3_terseLabel_en-US" xlink:label="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Maury Regional Healthcare MOB </link:label>

<link:label id="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3_label_en-US" xlink:label="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Maury Regional Healthcare MOB [Member] </link:label>

<link:label id="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3_documentation_en-US" xlink:label="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Maury Regional Healthcare MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MauryRegionalHealthcareMOBMember" xlink:label="loc_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:to="lab_doc_MauryRegionalHealthcareMOBMember_C131FAE5810C223D985C6DFAE7A17CB3" xlink:type="arc"/>

<link:label id="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01_terseLabel_en-US" xlink:label="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Spring Ridge Medical Center </link:label>

<link:label id="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01_label_en-US" xlink:label="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Spring Ridge Medical Center [Member] </link:label>

<link:label id="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01_documentation_en-US" xlink:label="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Spring Ridge Medical Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SpringRidgeMedicalCenterMember" xlink:label="loc_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:to="lab_doc_SpringRidgeMedicalCenterMember_3CF5FF32EB7FD4A977226DFAE7A1FE01" xlink:type="arc"/>

<link:label id="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810_terseLabel_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital POB </link:label>

<link:label id="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810_label_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital POB [Member] </link:label>

<link:label id="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810_documentation_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital POB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DoctorsCommunityHospitalPOBMember" xlink:label="loc_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:to="lab_doc_DoctorsCommunityHospitalPOBMember_98FD8F1CBD24C9B43C2A6DFAE7A13810" xlink:type="arc"/>

<link:label id="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0_terseLabel_en-US" xlink:label="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gig Harbor Medical Pavilion </link:label>

<link:label id="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0_label_en-US" xlink:label="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Gig Harbor Medical Pavilion [Member] </link:label>

<link:label id="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0_documentation_en-US" xlink:label="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Gig Harbor Medical Pavilion </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GigHarborMedicalPavilionMember" xlink:label="loc_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:to="lab_doc_GigHarborMedicalPavilionMember_F3A1CF01734B406C55C16DFAE7A142E0" xlink:type="arc"/>

<link:label id="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6_terseLabel_en-US" xlink:label="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Midlands One Professional Center </link:label>

<link:label id="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6_label_en-US" xlink:label="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Midlands One Professional Center [Member] </link:label>

<link:label id="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6_documentation_en-US" xlink:label="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Midlands One Professional Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MidlandsOneProfessionalCenterMember" xlink:label="loc_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:to="lab_doc_MidlandsOneProfessionalCenterMember_C63AA8ADC289F48FE7886DFAE7A10CB6" xlink:type="arc"/>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468_terseLabel_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Units 1, 2, & 4 </link:label>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468_label_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Units 1 & 2 & 4 [Member] </link:label>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468_documentation_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Units 1 & 2 & 4 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_N.W.MichiganSurgeryCenterUnits124Member" xlink:label="loc_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:to="lab_doc_N.W.MichiganSurgeryCenterUnits124Member_069409C20C113B5D23BA6DFAE7A18468" xlink:type="arc"/>

<link:label id="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E_terseLabel_en-US" xlink:label="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Northeast Medical Center </link:label>

<link:label id="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E_label_en-US" xlink:label="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Northeast Medical Center [Member] </link:label>

<link:label id="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E_documentation_en-US" xlink:label="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Northeast Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NortheastMedicalCenterMember" xlink:label="loc_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:to="lab_doc_NortheastMedicalCenterMember_76BA1EA5C351ACDE74D26DFAE7A1BF6E" xlink:type="arc"/>

<link:label id="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283_terseLabel_en-US" xlink:label="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> North Medical Center </link:label>

<link:label id="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283_label_en-US" xlink:label="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> North Medical Center [Member] </link:label>

<link:label id="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283_documentation_en-US" xlink:label="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> North Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthMedicalCenterMember" xlink:label="loc_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:to="lab_doc_NorthMedicalCenterMember_F03294AD74CEFF63126C6DFAE7A16283" xlink:type="arc"/>

<link:label id="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F_terseLabel_en-US" xlink:label="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cincinnati Eye Institute </link:label>

<link:label id="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F_label_en-US" xlink:label="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cincinnati Eye Institute [Member] </link:label>

<link:label id="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F_documentation_en-US" xlink:label="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Cincinnati Eye Institute [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CincinnatiEyeInstituteMember" xlink:label="loc_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:to="lab_doc_CincinnatiEyeInstituteMember_97FB585E1A6EAD7DD6E36DFAE7A18D3F" xlink:type="arc"/>

<link:label id="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665_terseLabel_en-US" xlink:label="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HonorHealth - Scottsdale MOB </link:label>

<link:label id="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665_label_en-US" xlink:label="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HonorHealth, Scottsdale MOB [Member] </link:label>

<link:label id="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665_documentation_en-US" xlink:label="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> HonorHealth, Scottsdale MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HonorHealthScottsdaleMOBMember" xlink:label="loc_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:to="lab_doc_HonorHealthScottsdaleMOBMember_302B1ECC83058F760CDB6DFAE7A29665" xlink:type="arc"/>

<link:label id="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B_terseLabel_en-US" xlink:label="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fox Valley Hematology & Oncology </link:label>

<link:label id="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B_label_en-US" xlink:label="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fox Valley Hematology & Oncology [Member] </link:label>

<link:label id="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B_documentation_en-US" xlink:label="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fox Valley Hematology & Oncology [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoxValleyHematologyOncologyMember" xlink:label="loc_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:to="lab_doc_FoxValleyHematologyOncologyMember_33C291E78FE7EF8257616DFAE7A2923B" xlink:type="arc"/>

<link:label id="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B_terseLabel_en-US" xlink:label="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gastrointestinal Associates MOB </link:label>

<link:label id="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B_label_en-US" xlink:label="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Gastrointestinal Associates MOB [Member] </link:label>

<link:label id="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B_documentation_en-US" xlink:label="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Gastrointestinal Associates MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GastrointestinalAssociatesMOBMember" xlink:label="loc_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:to="lab_doc_GastrointestinalAssociatesMOBMember_099491846AE798D39BDF6DFAE7A2EA8B" xlink:type="arc"/>

<link:label id="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E_terseLabel_en-US" xlink:label="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Northern Vision Eye Center </link:label>

<link:label id="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E_label_en-US" xlink:label="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Northern Vision Eye Center [Member] </link:label>

<link:label id="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E_documentation_en-US" xlink:label="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Northern Vision Eye Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthernVisionEyeCenterMember" xlink:label="loc_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:to="lab_doc_NorthernVisionEyeCenterMember_6BD12A849172820177926DFAE7A2B43E" xlink:type="arc"/>

<link:label id="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C_terseLabel_en-US" xlink:label="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Flower Mound MOB </link:label>

<link:label id="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C_label_en-US" xlink:label="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Flower Mound MOB [Member] </link:label>

<link:label id="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C_documentation_en-US" xlink:label="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Flower Mound MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FlowerMoundMOBMember" xlink:label="loc_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:to="lab_doc_FlowerMoundMOBMember_00B6493DD486D034762D6DFAE7A2903C" xlink:type="arc"/>

<link:label id="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C_terseLabel_en-US" xlink:label="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Carrollton MOB </link:label>

<link:label id="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C_label_en-US" xlink:label="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Carrollton MOB [Member] </link:label>

<link:label id="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C_documentation_en-US" xlink:label="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Carrollton MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CarrolltonMOBMember" xlink:label="loc_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:to="lab_doc_CarrolltonMOBMember_26DE7E27D7D08A96C4BD6DFAE7A2724C" xlink:type="arc"/>

<link:label id="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68_terseLabel_en-US" xlink:label="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HonorHealth IRF </link:label>

<link:label id="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68_label_en-US" xlink:label="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> HonorHealth IRF [Member] </link:label>

<link:label id="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68_documentation_en-US" xlink:label="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> HonorHealth IRF [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HonorHealthIRFMember" xlink:label="loc_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:to="lab_doc_HonorHealthIRFMember_692E4743BF2F5010DB0F6DFAE7A25A68" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationLineItems" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_601F19997FD978B1C5DF6DFAE7A2E723" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Encumbrances </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_AC5096488135522586876DFAE7A2EFEE" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Initial Cost to Company, Land </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_2DC360166CFF3A4437596DFAE7A2F851" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Initial Cost to Company, Buildings and Improvements </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_4AA8B93841A19E14C22F6DFAE7A2B1A3" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts_24AECC0771D5E8771E606DFAE7A2F2CD" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gross Amount at Which Carried as of Close of Period, Land </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_A5CE8E4C0A768FFABA696DFAE7A2FD2F" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gross Amount at Which Carried as of Close of Period, Buildings and Improvements </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_4D511BDDCC021CCBA94C6DFAE7A2B935" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Gross Amount at Which Carried as of Close of Period, Total </link:label>

<link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED_label_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Gross </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED" xlink:to="lab_us-gaap_RealEstateGrossAtCarryingValue_944513FC547F1FBB86086DFAE7A3BFED" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Depreciation </link:label>

<link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73_label_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate Accumulated Depreciation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciation_05B08049BF18933A8E3F6DFAE7A35F73" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Life on Which Building Depreciation in Income Statement is Computed </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_4C6BB5F8FFA73B748D4F6DFAE7A386F0" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gain, hedge ineffectiveness </link:label>

<link:label id="lab_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA_label_en-US" xlink:label="lab_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Net Hedge Ineffectiveness Gain (Loss) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeNetHedgeIneffectivenessGainLoss" xlink:label="loc_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA" xlink:to="lab_us-gaap_DerivativeNetHedgeIneffectivenessGainLoss_8AFDA7053BF516BCB8423E162110E4CA" xlink:type="arc"/>

<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_9272839471FCB0D078B66B4D9A6F83CB_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_9272839471FCB0D078B66B4D9A6F83CB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_9272839471FCB0D078B66B4D9A6F83CB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_9272839471FCB0D078B66B4D9A6F83CB" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_9272839471FCB0D078B66B4D9A6F83CB" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProfitLoss_FCF764B4D782031F2FD36B4D9A704AD0_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss_FCF764B4D782031F2FD36B4D9A704AD0" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) </link:label>

<link:label id="lab_us-gaap_ProfitLoss_FCF764B4D782031F2FD36B4D9A704AD0_label_en-US" xlink:label="lab_us-gaap_ProfitLoss_FCF764B4D782031F2FD36B4D9A704AD0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>

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<link:label id="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9_terseLabel_en-US" xlink:label="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Series D </link:label>

<link:label id="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9_label_en-US" xlink:label="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Series D [Member] </link:label>

<link:label id="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9_documentation_en-US" xlink:label="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Series D [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SeriesDMember" xlink:label="loc_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:to="lab_doc_SeriesDMember_69CD3BDA5BCF84AFD1286CE22BFF1CC9" xlink:type="arc"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Current borrowing capacity </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility, Current Borrowing Capacity </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8" xlink:to="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_D8E04D522B4C48CAAC966CE22C00A4E8" xlink:type="arc"/>

<link:label id="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2_terseLabel_en-US" xlink:label="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Maximum borrowing capacity as a percentage of maximum principal amount </link:label>

<link:label id="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2_label_en-US" xlink:label="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility Increase in Maximum Borrowing Capacity as Percentage of Maximum Principal Amount </link:label>

<link:label id="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2_documentation_en-US" xlink:label="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of line of credit maximum borrowing capacity as a percentage of maximum principal amount. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount" xlink:label="loc_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:to="lab_doc_LineOfCreditFacilityIncreaseInMaximumBorrowingCapacityAsPercentageOfMaximumPrincipalAmount_EFF71F38739CDBAD84656CE22C0082B2" xlink:type="arc"/>

<link:label id="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1_terseLabel_en-US" xlink:label="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Increase in maximum borrowing capacity </link:label>

<link:label id="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1_label_en-US" xlink:label="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility, Accordion Feature, Increase Limit </link:label>

<link:label id="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1_documentation_en-US" xlink:label="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility, Accordion Feature, Increase Limit </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LineofCreditFacilityAccordionFeatureIncreaseLimit" xlink:label="loc_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:to="lab_doc_LineofCreditFacilityAccordionFeatureIncreaseLimit_8896A97ED2B0D04AEE306CE22C00B1A1" xlink:type="arc"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Maximum borrowing capacity </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility, Maximum Borrowing Capacity </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BC3058EC8E0D7E0E88766CE22C001538" xlink:type="arc"/>

<link:label id="lab_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amount outstanding </link:label>

<link:label id="lab_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF_label_en-US" xlink:label="lab_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Line of Credit </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF" xlink:to="lab_us-gaap_LineOfCredit_284316CB34A27723F1906CE22C006FFF" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt instrument, term </link:label>

<link:label id="lab_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Term </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="loc_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5" xlink:to="lab_us-gaap_DebtInstrumentTerm_BF537E3590BF57A74C7F6CE22C00A6D5" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeFixedInterestRate_4E08FB0981E9EB388EE06CE22C00B592_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFixedInterestRate_4E08FB0981E9EB388EE06CE22C00B592" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Fixed interest rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="loc_us-gaap_DerivativeFixedInterestRate_4E08FB0981E9EB388EE06CE22C00B592" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFixedInterestRate_4E08FB0981E9EB388EE06CE22C00B592" xlink:to="lab_us-gaap_DerivativeFixedInterestRate_4E08FB0981E9EB388EE06CE22C00B592" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeMaturityDates_89452D7557D3B364B5EE6CE22C00A9D3_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMaturityDates_89452D7557D3B364B5EE6CE22C00A9D3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Maturity date </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="loc_us-gaap_DerivativeMaturityDates_89452D7557D3B364B5EE6CE22C00A9D3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeMaturityDates_89452D7557D3B364B5EE6CE22C00A9D3" xlink:to="lab_us-gaap_DerivativeMaturityDates_89452D7557D3B364B5EE6CE22C00A9D3" xlink:type="arc"/>

<link:label id="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3_terseLabel_en-US" xlink:label="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Term of extension option </link:label>

<link:label id="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3_label_en-US" xlink:label="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument Term Of Extension Option </link:label>

<link:label id="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3_documentation_en-US" xlink:label="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the term of extension option of the debt instrument. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DebtInstrumentTermOfExtensionOption" xlink:label="loc_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:to="lab_doc_DebtInstrumentTermOfExtensionOption_633E885276BBF6A5EC736CE22C003BB3" xlink:type="arc"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unused fee (as a percent) </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Line of Credit Facility, Unused Capacity, Commitment Fee Percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:label="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302" xlink:to="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_F9209EC7F0A10F1EB87A6CE22C00F302" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total mortgage debt </link:label>

<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Face Amount </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount_873C9C23EF20F5E5F00C6CE22C002CDF" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt, gross </link:label>

<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Gross </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount_659D3425DF10D9CECED36CE22C00D628" xlink:type="arc"/>

<link:label id="lab_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Debt instrument, interest rate, effective percentage </link:label>

<link:label id="lab_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Interest Rate, Effective Percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateEffectivePercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD" xlink:to="lab_us-gaap_DebtInstrumentInterestRateEffectivePercentage_59AA131242008E3438FC6CE22C0076CD" xlink:type="arc"/>

<link:label id="lab_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Interest expense, debt </link:label>

<link:label id="lab_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE_label_en-US" xlink:label="lab_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Expense, Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="loc_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE" xlink:to="lab_us-gaap_InterestExpenseDebt_4F48FEF0B97C856A40E16CE22C0017BE" xlink:type="arc"/>

<link:label id="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011_terseLabel_en-US" xlink:label="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Prepayment of premium percentage, maximum </link:label>

<link:label id="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011_label_en-US" xlink:label="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Prepayment of Premium Percentage, Maximum </link:label>

<link:label id="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011_documentation_en-US" xlink:label="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Debt Instrument, Prepayment of Premium Percentage, Maximum </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum" xlink:label="loc_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:to="lab_doc_DebtInstrumentPrepaymentofPremiumPercentageMaximum_8F5A7ABE00E0EBD905836CE22C002011" xlink:type="arc"/>

<link:label id="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199_terseLabel_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Aggregate cost for federal Income tax purposes </link:label>

<link:label id="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199_label_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Aggregate Cost for Federal Income Tax Purposes </link:label>

<link:label id="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199_documentation_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Aggregate Cost for Federal Income Tax Purposes </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes" xlink:label="loc_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:to="lab_doc_SECScheduleIIIRealEstateAggregateCostforFederalIncomeTaxPurposes_7802FE22D975FE10C56A6D28BF454199" xlink:type="arc"/>

<link:label id="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7_terseLabel_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated tax depreciation </link:label>

<link:label id="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7_label_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate Accumulated Depreciation, Tax </link:label>

<link:label id="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7_documentation_en-US" xlink:label="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate Accumulated Depreciation, Tax </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax" xlink:label="loc_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:to="lab_doc_SECScheduleIIIRealEstateAccumulatedDepreciationTax_0220F15174AE7A268ED86D2F09770FC7" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Aggregate cost for federal income tax purposes, net of accumulated tax depreciation </link:label>

<link:label id="lab_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B_label_en-US" xlink:label="lab_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Federal Income Tax Basis </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateFederalIncomeTaxBasis" xlink:label="loc_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B" xlink:to="lab_us-gaap_RealEstateFederalIncomeTaxBasis_CBD37492B2692656730C6D26E609C01B" xlink:type="arc"/>

<link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] </link:label>

<link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:label="loc_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160" xlink:to="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_A8262BFBFABC833167176CE22ABDF160" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_A35A8EF08E6DD2D952C46CE22ABDF2C0_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_A35A8EF08E6DD2D952C46CE22ABDF2C0" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Balance as of the beginning of the year </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue_A35A8EF08E6DD2D952C46CE22ABDF2C0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateGrossAtCarryingValue_A35A8EF08E6DD2D952C46CE22ABDF2C0" xlink:to="lab_us-gaap_RealEstateGrossAtCarryingValue_A35A8EF08E6DD2D952C46CE22ABDF2C0" xlink:type="arc"/>

<link:label id="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86_terseLabel_en-US" xlink:label="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquisitions </link:label>

<link:label id="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86_label_en-US" xlink:label="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Acquisitions </link:label>

<link:label id="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86_documentation_en-US" xlink:label="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Real Estate Acquisitions </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RealEstateAcquisitions" xlink:label="loc_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:to="lab_doc_RealEstateAcquisitions_0EF204EE75CE63FB1F7A6CE22ABD8A86" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Additions </link:label>

<link:label id="lab_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D_label_en-US" xlink:label="lab_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Other Additions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateOtherAdditions" xlink:label="loc_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D" xlink:to="lab_us-gaap_RealEstateOtherAdditions_641BB8EE44BDFD1E22056CE22ABD448D" xlink:type="arc"/>

<link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Impairment </link:label>

<link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E_label_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Write-down or Reserve, Amount </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:label="loc_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E" xlink:to="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_0CEDDCAF6B42313A3D9F6CE22ABD6C6E" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Dispositions </link:label>

<link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653_label_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate, Cost of Real Estate Sold </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateCostOfRealEstateSold" xlink:label="loc_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653" xlink:to="lab_us-gaap_RealEstateCostOfRealEstateSold_5BC811AA8492DF1EA6A66CE22ABDE653" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_60185D29243D409C67BE6CE22ABD031D_periodEndLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue_60185D29243D409C67BE6CE22ABD031D" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Balance as of the end of the year </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue_60185D29243D409C67BE6CE22ABD031D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateGrossAtCarryingValue_60185D29243D409C67BE6CE22ABD031D" xlink:to="lab_us-gaap_RealEstateGrossAtCarryingValue_60185D29243D409C67BE6CE22ABD031D" xlink:type="arc"/>

<link:label id="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] </link:label>

<link:label id="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward" xlink:label="loc_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C" xlink:to="lab_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_6EF0CACB811A987302E36CE22ABDD60C" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_257E029359D87CC2362B6CE22ABDAD97_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation_257E029359D87CC2362B6CE22ABDAD97" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Balance as of the beginning of the year </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciation_257E029359D87CC2362B6CE22ABDAD97" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciation_257E029359D87CC2362B6CE22ABDAD97" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciation_257E029359D87CC2362B6CE22ABDAD97" xlink:type="arc"/>

<link:label id="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F_terseLabel_en-US" xlink:label="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Depreciation </link:label>

<link:label id="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F_label_en-US" xlink:label="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Accumulated Depreciation Acquisition </link:label>

<link:label id="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F_documentation_en-US" xlink:label="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Real Estate Accumulated Depreciation Acquisition </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RealEstateAccumulatedDepreciationAcquisition" xlink:label="loc_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:to="lab_doc_RealEstateAccumulatedDepreciationAcquisition_76BC0BF8BD2631CE0CB16CE22ABE8B7F" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_F73D1F2A393BA5BF33006CE22ABEEB05_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_F73D1F2A393BA5BF33006CE22ABEEB05" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Dispositions </link:label>

<link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_F73D1F2A393BA5BF33006CE22ABEEB05_label_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_F73D1F2A393BA5BF33006CE22ABEEB05" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold </link:label>

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<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_B65826BBBB7AAEE49DA867330EAAF0CE_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_B65826BBBB7AAEE49DA867330EAAF0CE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2019 </link:label>

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<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_A95B0982ACB26311649D67330EAA8BF0_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_A95B0982ACB26311649D67330EAA8BF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2020 </link:label>

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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_A2C61F1FEE22370677B16BA78587DF08_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_A2C61F1FEE22370677B16BA78587DF08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Non-vested at beginning of period (in dollars per share) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_A2C61F1FEE22370677B16BA78587DF08" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_A2C61F1FEE22370677B16BA78587DF08" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_A2C61F1FEE22370677B16BA78587DF08" xlink:type="arc"/>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23_terseLabel_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Finite-lived intangible assets, disposals </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23_label_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Disposals </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23_documentation_en-US" xlink:label="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Assets, Disposals </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiniteLivedIntangibleAssetsDisposals" xlink:label="loc_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:to="lab_doc_FiniteLivedIntangibleAssetsDisposals_48851B31AC91E6B4FFB4635AF7574C23" xlink:type="arc"/>

<link:label id="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219_terseLabel_en-US" xlink:label="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of intangible assets, accumulated amortization </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219_label_en-US" xlink:label="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Assets, Finite-lived, Accumulated Amortization </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219_documentation_en-US" xlink:label="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Accumulated amortization written-off through the impairment of finite-lived intangible assets. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization" xlink:label="loc_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:to="lab_doc_ImpairmentofIntangibleAssetsFinitelivedAccumulatedAmortization_1CE7D9F74762EA210CAE635AF7572219" xlink:type="arc"/>

<link:label id="lab_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of intangible assets </link:label>

<link:label id="lab_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Assets, Finite-lived </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsFinitelived" xlink:label="loc_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A" xlink:to="lab_us-gaap_ImpairmentOfIntangibleAssetsFinitelived_436685B1991CD33AC453635AF757334A" xlink:type="arc"/>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F_terseLabel_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of intangible liabilities </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F_label_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Liabilities, Finite-lived </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F_documentation_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Liabilities, Finite-lived </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ImpairmentofIntangibleLiabilitiesFinitelived" xlink:label="loc_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:to="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelived_DB8417B51F5CCA53D2C6635AF757336F" xlink:type="arc"/>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E_terseLabel_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of intangible liabilities, accumulated accretion </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E_label_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Liabilities, Finite-lived, Accumulated Accretion </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E_documentation_en-US" xlink:label="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Accumulated accretion writen-off through the impairment of finite-lived intangible liabilities. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion" xlink:label="loc_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:to="lab_doc_ImpairmentofIntangibleLiabilitiesFinitelivedAccumulatedAccretion_5CD328AAC9E063560D24635AF757B10E" xlink:type="arc"/>

<link:label id="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4_terseLabel_en-US" xlink:label="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment of intangible items, net income impact </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4_label_en-US" xlink:label="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Items, Net Income Impact </link:label>

<link:label id="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4_documentation_en-US" xlink:label="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Impairment of Intangible Items, Net Income Impact </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ImpairmentofIntangibleItemsNetIncomeImpact" xlink:label="loc_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:to="lab_doc_ImpairmentofIntangibleItemsNetIncomeImpact_EFAA07447F51723C5028635AF75738A4" xlink:type="arc"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF_verboseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average amortization period for lease intangibles </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite-Lived Intangible Asset, Useful Life </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_E0E7AD32042691B8923A635AF75730AF" xlink:type="arc"/>

<link:label id="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D_terseLabel_en-US" xlink:label="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average amortization period for lease intangible liability </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D_label_en-US" xlink:label="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Finite Lived Intangible Liabilities Useful Life </link:label>

<link:label id="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D_documentation_en-US" xlink:label="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents useful life of finite-lived intangible liabilities. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FiniteLivedIntangibleLiabilitiesUsefulLife" xlink:label="loc_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:to="lab_doc_FiniteLivedIntangibleLiabilitiesUsefulLife_5835E543D27F19B18B3F635AF7573B4D" xlink:type="arc"/>

<link:label id="lab_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of properties pursuant to ground leases </link:label>

<link:label id="lab_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460_label_en-US" xlink:label="lab_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Properties Subject to Ground Leases </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfPropertiesSubjectToGroundLeases" xlink:label="loc_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460" xlink:to="lab_us-gaap_NumberOfPropertiesSubjectToGroundLeases_ABBE5E962E3341F06FFE33892D778460" xlink:type="arc"/>

<link:label id="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8_terseLabel_en-US" xlink:label="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of properties pursuant to parking lease </link:label>

<link:label id="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8_label_en-US" xlink:label="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number Of Properties With Leased Parking Structure </link:label>

<link:label id="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8_documentation_en-US" xlink:label="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number Of Properties With Leased Parking Structure </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberOfPropertiesWithLeasedParkingStructure" xlink:label="loc_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:to="lab_doc_NumberOfPropertiesWithLeasedParkingStructure_430771CB8A958F0E684833892D7720F8" xlink:type="arc"/>

<link:label id="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9_terseLabel_en-US" xlink:label="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Maximum lease terms </link:label>

<link:label id="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9_label_en-US" xlink:label="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lessee Leasing Arrangements Maximum Operating Leases Term of Contract </link:label>

<link:label id="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9_documentation_en-US" xlink:label="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the maximum operating term of the lessee's leasing arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract" xlink:label="loc_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:to="lab_doc_LesseeLeasingArrangementsMaximumOperatingLeasesTermOfContract_9CFD3FBC33973605286133892D77BAD9" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Future minimum lease obligations under non-cancelable ground leases </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_7B81958FF4121742B09E33892D77347F" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_9CAC584D5A46B585A0BB33892D774294_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_9CAC584D5A46B585A0BB33892D774294" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2017 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_9CAC584D5A46B585A0BB33892D774294_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_9CAC584D5A46B585A0BB33892D774294" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due, Next Twelve Months </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_9CAC584D5A46B585A0BB33892D774294" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2018 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Two Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_6E8AF2EA9882E4B6ADF133892D772C74" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2019 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Three Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1DD06581F51B5205468133892D77C6E3" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2020 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Four Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_8C25E355A241E9F5761B33892D7759C3" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Five Years </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_813C9F23E4595296156D33892D77AA05" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Thereafter </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due Thereafter </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_9468DA30FDDF8464E25933892D77743C" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_AF857FBC27EBD6DB629A33892D778EDF" xlink:type="arc"/>

<link:label id="lab_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Rent expenses for parking and ground leases </link:label>

<link:label id="lab_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33_label_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Rent Expense </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="loc_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33" xlink:to="lab_us-gaap_LeaseAndRentalExpense_B383F673EBF6A4EDEFF733892D77DB33" xlink:type="arc"/>

<link:label id="lab_us-gaap_ReceivablesAbstract_524B3808B440F4F943D43E1B29A8792B_label_en-US" xlink:label="lab_us-gaap_ReceivablesAbstract_524B3808B440F4F943D43E1B29A8792B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Receivables [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract_524B3808B440F4F943D43E1B29A8792B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesAbstract_524B3808B440F4F943D43E1B29A8792B" xlink:to="lab_us-gaap_ReceivablesAbstract_524B3808B440F4F943D43E1B29A8792B" xlink:type="arc"/>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Allowance for doubtful accounts </link:label>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Allowance for Doubtful Accounts Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_B461F4A097F38ACF1CCA3E1B3A75AB26" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of amounts used in computing basic and diluted earnings per share </link:label>

<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_E74DC98B13C95DCD37EB43CA0E21FA62" xlink:type="arc"/>

<link:label id="lab_us-gaap_SubsequentEventsTextBlock_75F7535CE1452C069B5F111BB21F84F6_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock_F1DAAB8B0FCC5F678A409FCFCDF16BBF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent Events </link:label>

<link:label id="lab_us-gaap_SubsequentEventsTextBlock_75F7535CE1452C069B5F111BB21F84F6_label_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock_F1DAAB8B0FCC5F678A409FCFCDF16BBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Events [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_F1DAAB8B0FCC5F678A409FCFCDF16BBF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock_F1DAAB8B0FCC5F678A409FCFCDF16BBF" xlink:to="lab_us-gaap_SubsequentEventsTextBlock_F1DAAB8B0FCC5F678A409FCFCDF16BBF" xlink:type="arc"/>

<link:label id="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B_terseLabel_en-US" xlink:label="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of properties subject to air space lease </link:label>

<link:label id="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B_label_en-US" xlink:label="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of properties subject to air space lease </link:label>

<link:label id="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B_documentation_en-US" xlink:label="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of properties pursuant to air space leases </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_Numberofpropertiessubjecttoairspacelease" xlink:label="loc_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:to="lab_doc_Numberofpropertiessubjecttoairspacelease_F98B7CEFE84FBCCB0E953E676FDD027B" xlink:type="arc"/>

<link:label id="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7_terseLabel_en-US" xlink:label="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of office space leases </link:label>

<link:label id="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7_label_en-US" xlink:label="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Office Space Leases </link:label>

<link:label id="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7_documentation_en-US" xlink:label="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of Office Space Leases </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberofOfficeSpaceLeases" xlink:label="loc_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:to="lab_doc_NumberofOfficeSpaceLeases_96E240343651DFA3E63B3E67705926A7" xlink:type="arc"/>

<link:label id="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7_terseLabel_en-US" xlink:label="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Organization and Business [Table] </link:label>

<link:label id="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7_label_en-US" xlink:label="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Organization and Business [Table] </link:label>

<link:label id="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7_documentation_en-US" xlink:label="lab_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Disclosure pertaining to organization and business. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OrganizationAndBusinessTable" xlink:label="loc_doc_OrganizationAndBusinessTable_A33EE7C49F8B3033A5666CE22D0BA6E7" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SubsequentEventTypeAxis_B6CB20D8AF72D5B6483B6CE22D0BFF4D_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis_B6CB20D8AF72D5B6483B6CE22D0BFF4D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>

<link:label id="lab_us-gaap_SubsequentEventTypeAxis_B6CB20D8AF72D5B6483B6CE22D0BFF4D_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis_B6CB20D8AF72D5B6483B6CE22D0BFF4D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_B6CB20D8AF72D5B6483B6CE22D0BFF4D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SubsequentEventTypeDomain_024D25C5115F143BC4236CE22D0CC58F_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain_024D25C5115F143BC4236CE22D0CC58F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>

<link:label id="lab_us-gaap_SubsequentEventTypeDomain_024D25C5115F143BC4236CE22D0CC58F_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain_024D25C5115F143BC4236CE22D0CC58F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>

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<link:label id="lab_us-gaap_SubsequentEventMember_94DF76668B3EFB6A1B386CE22D0CF193_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember_94DF76668B3EFB6A1B386CE22D0CF193" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent Events </link:label>

<link:label id="lab_us-gaap_SubsequentEventMember_94DF76668B3EFB6A1B386CE22D0CF193_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember_94DF76668B3EFB6A1B386CE22D0CF193" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Event [Member] </link:label>

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<link:label id="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1_terseLabel_en-US" xlink:label="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Organization and Business </link:label>

<link:label id="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1_label_en-US" xlink:label="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Organization and Business [Line Items] </link:label>

<link:label id="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1_documentation_en-US" xlink:label="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"/>

<link:loc xlink:href="doc-20161231.xsd#doc_OrganizationAndBusinessLineItems" xlink:label="loc_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:to="lab_doc_OrganizationAndBusinessLineItems_1B506AAD666387EC8AA76CE22D0DD2B1" xlink:type="arc"/>

<link:label id="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3_terseLabel_en-US" xlink:label="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Shares issued upon exercise of the underwriters' overallotment option </link:label>

<link:label id="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3_label_en-US" xlink:label="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Issued During Period Shares Upon Exercise of Underwriters Overallotment Option </link:label>

<link:label id="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3_documentation_en-US" xlink:label="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the number of new stock issued during the period upon exercise of the underwriters' overallotment option. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption" xlink:label="loc_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:to="lab_doc_StockIssuedDuringPeriodSharesUponExerciseOfUnderwritersOverallotmentOption_0DD518665B1F149BC1E16CE22D0DB6C3" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD_terseLabel_en-US" xlink:label="lab_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of partnership units issued </link:label>

<link:label id="lab_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD_label_en-US" xlink:label="lab_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Ownership Interests, Units Issued </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherOwnershipInterestsUnitsIssued" xlink:label="loc_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD" xlink:to="lab_us-gaap_OtherOwnershipInterestsUnitsIssued_7F85ABDCA8194857A6396CE22D0D80FD" xlink:type="arc"/>

<link:label id="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6_terseLabel_en-US" xlink:label="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Aggregate offering price of common stock </link:label>

<link:label id="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6_label_en-US" xlink:label="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Aggregate Offering Price of Common Stock </link:label>

<link:label id="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6_documentation_en-US" xlink:label="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of aggregate offering price of common stock. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AggregateOfferingPriceOfCommonStock" xlink:label="loc_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:to="lab_doc_AggregateOfferingPriceOfCommonStock_828A3705D62FCA616D296CE22D0E7CB6" xlink:type="arc"/>

<link:label id="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B_terseLabel_en-US" xlink:label="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amount remaining available </link:label>

<link:label id="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B_label_en-US" xlink:label="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sale of Stock, Remaining Authorized Amount </link:label>

<link:label id="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B_documentation_en-US" xlink:label="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Sale of Stock, Remaining Authorized Amount </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SaleofStockRemainingAuthorizedAmount" xlink:label="loc_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:to="lab_doc_SaleofStockRemainingAuthorizedAmount_C40D98118C8BD537A79F6CE22D0E291B" xlink:type="arc"/>

<link:label id="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372_terseLabel_en-US" xlink:label="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries </link:label>

<link:label id="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372_label_en-US" xlink:label="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Future Minimum Rental Receivables for Operating Leases [Table Text Block] </link:label>

<link:label id="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372_documentation_en-US" xlink:label="lab_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tabular disclosure of future minimum receivable required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining non-cancelable lease terms in excess of one year and the total minimum rentals to be received in the future under non-cancelable subleases as of the balance sheet date. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock" xlink:label="loc_doc_ScheduleOfFutureMinimumRentalReceivablesForOperatingLeasesTableTextBlock_1C39D4D137458D8720BF33892D822372" xlink:type="locator"/>

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<link:label id="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB_terseLabel_en-US" xlink:label="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CHI - KentuckyOne Health </link:label>

<link:label id="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB_label_en-US" xlink:label="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CHI - KentuckyOne Health [Member] </link:label>

<link:label id="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB_documentation_en-US" xlink:label="lab_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CHI - KentuckyOne Health </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CHIKentuckyOneHealthMember" xlink:label="loc_doc_CHIKentuckyOneHealthMember_3A532709B8457815E9CF6C3503089EBB" xlink:type="locator"/>

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<link:label id="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31_terseLabel_en-US" xlink:label="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CHI - Nebraska </link:label>

<link:label id="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31_label_en-US" xlink:label="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CHI - Nebraska [Member] </link:label>

<link:label id="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31_documentation_en-US" xlink:label="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CHI - Nebraska </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CHINebraskaMember" xlink:label="loc_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:to="lab_doc_CHINebraskaMember_D080331EEBA810F9F38D6C3503085F31" xlink:type="arc"/>

<link:label id="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8_terseLabel_en-US" xlink:label="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CHI - Franciscan (Seattle-Tacoma) </link:label>

<link:label id="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8_label_en-US" xlink:label="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CHI - Franciscan (Seattle-Tacoma) [Member] </link:label>

<link:label id="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8_documentation_en-US" xlink:label="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CHI - Franciscan (Seattle-Tacoma) </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CHIFranciscanSeattleTacomaMember" xlink:label="loc_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:to="lab_doc_CHIFranciscanSeattleTacomaMember_98FC3F12FC0CB1E8C4AD6C350308E9D8" xlink:type="arc"/>

<link:label id="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40_terseLabel_en-US" xlink:label="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CHI - St. Alexius (North Dakota) </link:label>

<link:label id="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40_label_en-US" xlink:label="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CHI - St. Alexius (North Dakota) [Member] </link:label>

<link:label id="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40_documentation_en-US" xlink:label="lab_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CHI - St. Alexius (North Dakota) </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CHISt.AlexiusNorthDakotaMember" xlink:label="loc_doc_CHISt.AlexiusNorthDakotaMember_33A04ACA6E22A1AD837E6C350308EE40" xlink:type="locator"/>

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<link:label id="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245_terseLabel_en-US" xlink:label="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Great Falls Hospital </link:label>

<link:label id="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245_label_en-US" xlink:label="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Great Falls Hospital [Member] </link:label>

<link:label id="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245_documentation_en-US" xlink:label="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Great Falls Hospital [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GreatFallsHospitalMember" xlink:label="loc_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:to="lab_doc_GreatFallsHospitalMember_B9C4C1F8A838B4BAFAA26C350308D245" xlink:type="arc"/>

<link:label id="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B_terseLabel_en-US" xlink:label="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Remaining portfolio </link:label>

<link:label id="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B_label_en-US" xlink:label="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Remaining Portfolio [Member] </link:label>

<link:label id="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B_documentation_en-US" xlink:label="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Remaining Portfolio </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RemainingPortfolioMember" xlink:label="loc_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:to="lab_doc_RemainingPortfolioMember_C66AB4401D422D37966C6C350308312B" xlink:type="arc"/>

<link:label id="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB_terseLabel_en-US" xlink:label="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Fixed Interest Rate </link:label>

<link:label id="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB_label_en-US" xlink:label="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Fixed Interest Rate Due In20162017201820192021 And2022 [Member] </link:label>

<link:label id="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB_documentation_en-US" xlink:label="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to the mortgage notes, bearing fixed interest due in 2017, 2018, 2019, 2020, 2021, 2022 and 2032 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member" xlink:label="loc_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:to="lab_doc_MortgageNotesBearingFixedInterestRateDueIn20162017201820192021And2022Member_45C63009E560702433C56C569DFEA1AB" xlink:type="arc"/>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2_terseLabel_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2_label_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest [Member] </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2_documentation_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MortgageNotesBearingVariableInterestMember" xlink:label="loc_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:to="lab_doc_MortgageNotesBearingVariableInterestMember_5D4C5E195309C68051416C485065A6A2" xlink:type="arc"/>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC_terseLabel_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest Due in 2017 and 2018 </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC_label_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest Due In 2017 and 2018 [Member] </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC_documentation_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest Due in 2017 and 2018 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member" xlink:label="loc_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:to="lab_doc_MortgageNotesBearingVariableInterestDueIn2017and2018Member_0648AB78E6502FEAD5AB6C4221ECD3EC" xlink:type="arc"/>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04_terseLabel_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest Due in 2017 </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04_label_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Notes Bearing Variable Interest Due In 2017 [Member] </link:label>

<link:label id="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04_documentation_en-US" xlink:label="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to the mortgage notes, bearing variable interest due in 2017. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MortgageNotesBearingVariableInterestDueIn2017Member" xlink:label="loc_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:to="lab_doc_MortgageNotesBearingVariableInterestDueIn2017Member_4B472E6CD8E0D5CFC3BC6C48F1613D04" xlink:type="arc"/>

<link:label id="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65_terseLabel_en-US" xlink:label="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Revolving Credit Facility Due September 2020 </link:label>

<link:label id="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65_label_en-US" xlink:label="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Revolving Credit Facility Due September 2020 [Member] </link:label>

<link:label id="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65_documentation_en-US" xlink:label="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Revolving Credit Facility Due September 2020 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RevolvingCreditFacilityDueSeptember2020Member" xlink:label="loc_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:to="lab_doc_RevolvingCreditFacilityDueSeptember2020Member_52C3AF53162682AF0F416C34AF8EEF65" xlink:type="arc"/>

<link:label id="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399_terseLabel_en-US" xlink:label="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 </link:label>

<link:label id="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399_label_en-US" xlink:label="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 [Member] </link:label>

<link:label id="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399_documentation_en-US" xlink:label="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member" xlink:label="loc_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:to="lab_doc_UnsecuredNotesBearingFixedInterestDueJanuary2023to2031Member_96C273FCC409D91BA0B46C34AF8F3399" xlink:type="arc"/>

<link:label id="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6_terseLabel_en-US" xlink:label="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Senior Unsecured Notes Due August 2025 to 2027 </link:label>

<link:label id="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6_label_en-US" xlink:label="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Senior Unsecured Notes Due August 2025 to 2027 [Member] </link:label>

<link:label id="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6_documentation_en-US" xlink:label="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Senior Unsecured Notes Due August 2025 to 2027 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SeniorUnsecuredNotesDueAugust2025to2027Member" xlink:label="loc_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:to="lab_doc_SeniorUnsecuredNotesDueAugust2025to2027Member_1C66ACB33981D0054D456C34AF8F09A6" xlink:type="arc"/>

<link:label id="lab_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8_terseLabel_en-US" xlink:label="lab_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgages </link:label>

<link:label id="lab_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8_label_en-US" xlink:label="lab_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgages [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8" xlink:to="lab_us-gaap_MortgagesMember_A460D7AA362D5E1698A16C34AF8F75D8" xlink:type="arc"/>

<link:label id="lab_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Unamortized deferred financing cost </link:label>

<link:label id="lab_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt Issuance Costs, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289" xlink:to="lab_us-gaap_DeferredFinanceCostsNet_496E715BFB45D83CCEB86C34AF91E289" xlink:type="arc"/>

<link:label id="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D_terseLabel_en-US" xlink:label="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unamortized fair value adjustment </link:label>

<link:label id="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D_label_en-US" xlink:label="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Debt, Unamortized Fair Value Adjustment </link:label>

<link:label id="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D_documentation_en-US" xlink:label="lab_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the unamortized amount of debt fair value adjustments. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DebtUnamortizedFairValueAdjustment" xlink:label="loc_doc_DebtUnamortizedFairValueAdjustment_457B9A52799A80CD1A816C34AF91E37D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LongTermDebt_170D3BBA1D47C2ACFC416C34AF916415_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt_170D3BBA1D47C2ACFC416C34AF916415" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total debt </link:label>

<link:label id="lab_us-gaap_LongTermDebt_170D3BBA1D47C2ACFC416C34AF916415_label_en-US" xlink:label="lab_us-gaap_LongTermDebt_170D3BBA1D47C2ACFC416C34AF916415" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Debt </link:label>

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<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_2F98C5A861EA99DC94406C34AF91CA29_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_2F98C5A861EA99DC94406C34AF91CA29" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average interest rate (as a percent) </link:label>

<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_2F98C5A861EA99DC94406C34AF91CA29_label_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_2F98C5A861EA99DC94406C34AF91CA29" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Long-term Debt, Weighted Average Interest Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:label="loc_us-gaap_LongtermDebtWeightedAverageInterestRate_2F98C5A861EA99DC94406C34AF91CA29" xlink:type="locator"/>

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<link:label id="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409_verboseLabel_en-US" xlink:label="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Number of properties included in collateralized </link:label>

<link:label id="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409_label_en-US" xlink:label="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pledged Assets Separately Reported Real Estate Pledged as Collateral Number </link:label>

<link:label id="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409_documentation_en-US" xlink:label="lab_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The number of properties, as of the date of the latest financial statement presented, of real estate owned but transferred to serve as collateral for the payment of the related debt obligation, primarily a secured borrowing or repurchase agreement, and for which the transferee is not permitted to sell or re-pledge them to an unrelated party. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber" xlink:label="loc_doc_PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralNumber_7837E744123600CD35906C34AF913409" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate_A90C07D1C93B7D7307C86C34AF918F6B_verboseLabel_en-US" xlink:label="lab_us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate_A90C07D1C93B7D7307C86C34AF918F6B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Net book value of properties included in the collateralized </link:label>

<link:label id="lab_us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate_A90C07D1C93B7D7307C86C34AF918F6B_label_en-US" xlink:label="lab_us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate_A90C07D1C93B7D7307C86C34AF918F6B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Pledged Assets, Not Separately Reported, Real Estate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate" xlink:label="loc_us-gaap_PledgedAssetsNotSeparatelyReportedRealEstate_A90C07D1C93B7D7307C86C34AF918F6B" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_C3DF3356664E2E67351D111BB1EBDE0E_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_F023D8BD2D3950DEA16D717ECECA4867" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION </link:label>

<link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_C3DF3356664E2E67351D111BB1EBDE0E_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_F023D8BD2D3950DEA16D717ECECA4867" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_F023D8BD2D3950DEA16D717ECECA4867" xlink:type="locator"/>

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<link:label id="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2_terseLabel_en-US" xlink:label="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ordinary dividends (dollars per share) </link:label>

<link:label id="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2_label_en-US" xlink:label="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Ordinary Dividends, Amount Per Share </link:label>

<link:label id="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2_documentation_en-US" xlink:label="lab_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ordinary Dividends, Amount Per Share </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OrdinaryDividendsAmountPerShare" xlink:label="loc_doc_OrdinaryDividendsAmountPerShare_D79CA59DC27208D96EA76BA7888379F2" xlink:type="locator"/>

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<link:label id="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF_terseLabel_en-US" xlink:label="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Qualified dividends (dollars per share) </link:label>

<link:label id="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF_label_en-US" xlink:label="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Qualified Dividends, Amount Per Share </link:label>

<link:label id="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF_documentation_en-US" xlink:label="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Qualified Dividends, Amount Per Share </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_QualifiedDividendsAmountPerShare" xlink:label="loc_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:to="lab_doc_QualifiedDividendsAmountPerShare_1606C48AEAEDA567C25D6BA7888376DF" xlink:type="arc"/>

<link:label id="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93_terseLabel_en-US" xlink:label="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Capital gain distribution (dollars per share) </link:label>

<link:label id="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93_label_en-US" xlink:label="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Capital Distribution, Amount Per Share </link:label>

<link:label id="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93_documentation_en-US" xlink:label="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Capital Distribution, Amount Per Share </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CapitalDistributionAmountPerShare" xlink:label="loc_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:to="lab_doc_CapitalDistributionAmountPerShare_F7E35CAFF4C4BBA7764C6BA78883FA93" xlink:type="arc"/>

<link:label id="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15_terseLabel_en-US" xlink:label="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Non-dividend distributions (dollars per share) </link:label>

<link:label id="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15_label_en-US" xlink:label="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Return of Capital, Amount Per Share </link:label>

<link:label id="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15_documentation_en-US" xlink:label="lab_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Return of Capital, Amount Per Share </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ReturnofCapitalAmountPerShare" xlink:label="loc_doc_ReturnofCapitalAmountPerShare_E97436696E6C1272D39D6BA788832B15" xlink:type="locator"/>

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<link:label id="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B_terseLabel_en-US" xlink:label="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total (dollars per share) </link:label>

<link:label id="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B_label_en-US" xlink:label="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dividends and Distributions, Amount Per Share </link:label>

<link:label id="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B_documentation_en-US" xlink:label="lab_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Dividends and Distributions, Amount Per Share </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DividendsandDistributionsAmountPerShare" xlink:label="loc_doc_DividendsandDistributionsAmountPerShare_D5150AFB91D059A4960A6BA788831A7B" xlink:type="locator"/>

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<link:label id="lab_us-gaap_TitleOfIndividualAxis_979E4F247210A74F51A96C35039A3701_terseLabel_en-US" xlink:label="lab_us-gaap_TitleOfIndividualAxis_979E4F247210A74F51A96C35039A3701" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Title of Individual [Axis] </link:label>

<link:label id="lab_us-gaap_TitleOfIndividualAxis_979E4F247210A74F51A96C35039A3701_label_en-US" xlink:label="lab_us-gaap_TitleOfIndividualAxis_979E4F247210A74F51A96C35039A3701" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Title of Individual [Axis] </link:label>

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<link:label id="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_53626DAA20955E3CC9026C35039AD0E9_terseLabel_en-US" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_53626DAA20955E3CC9026C35039AD0E9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Relationship to Entity [Domain] </link:label>

<link:label id="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_53626DAA20955E3CC9026C35039AD0E9_label_en-US" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_53626DAA20955E3CC9026C35039AD0E9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Relationship to Entity [Domain] </link:label>

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<link:label id="lab_us-gaap_OfficerMember_16C84736F5916A492B4F6C35039A779F_terseLabel_en-US" xlink:label="lab_us-gaap_OfficerMember_16C84736F5916A492B4F6C35039A779F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Officer </link:label>

<link:label id="lab_us-gaap_OfficerMember_16C84736F5916A492B4F6C35039A779F_label_en-US" xlink:label="lab_us-gaap_OfficerMember_16C84736F5916A492B4F6C35039A779F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Officer [Member] </link:label>

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<link:label id="lab_us-gaap_DirectorMember_568D63961549EEBA3C5A6C35039A9671_terseLabel_en-US" xlink:label="lab_us-gaap_DirectorMember_568D63961549EEBA3C5A6C35039A9671" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Trustees </link:label>

<link:label id="lab_us-gaap_DirectorMember_568D63961549EEBA3C5A6C35039A9671_label_en-US" xlink:label="lab_us-gaap_DirectorMember_568D63961549EEBA3C5A6C35039A9671" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Director [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember_568D63961549EEBA3C5A6C35039A9671" xlink:type="locator"/>

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<link:label id="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D_terseLabel_en-US" xlink:label="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Market Based RSU </link:label>

<link:label id="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D_label_en-US" xlink:label="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Market Based Restricted Stock Units (RSUs) [Member] </link:label>

<link:label id="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D_documentation_en-US" xlink:label="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Market Based Restricted Stock Units (RSUs) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MarketBasedRestrictedStockUnitsRSUsMember" xlink:label="loc_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:to="lab_doc_MarketBasedRestrictedStockUnitsRSUsMember_F643D69B5923CC5FAAD16C35039AE84D" xlink:type="arc"/>

<link:label id="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA_terseLabel_en-US" xlink:label="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Performance based restricted stock units </link:label>

<link:label id="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA_label_en-US" xlink:label="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Performance Based Restricted Stock Units (RSUs) [Member] </link:label>

<link:label id="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA_documentation_en-US" xlink:label="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Performance Based Restricted Stock Units (RSUs) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PerformanceBasedRestrictedStockUnitsRSUsMember" xlink:label="loc_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:to="lab_doc_PerformanceBasedRestrictedStockUnitsRSUsMember_6438CE49345E6F66B4916C35039ADECA" xlink:type="arc"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of shares authorized </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_EEEE480AA4C16F9781A26C35039B902A" xlink:type="arc"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of additional shares authorized </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_801B6DFB59A9458C01EC6C35039B2264" xlink:type="arc"/>

<link:label id="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243_terseLabel_en-US" xlink:label="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Share-based compensation, gross </link:label>

<link:label id="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243_label_en-US" xlink:label="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock Granted, Value, Share-based Compensation, Gross </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross" xlink:label="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243" xlink:to="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensationGross_EDBB65AAF849A804BC0A6C35039BF243" xlink:type="arc"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Vesting period </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_93A244123FE0D0376BB16C35039BB50F" xlink:type="arc"/>

<link:label id="lab_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Non-cash share compensation </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208" xlink:to="lab_us-gaap_ShareBasedCompensation_8167132E2998D5BE09446C35039BF208" xlink:type="arc"/>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unrecognized compensation expense </link:label>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_F9277F5938F3B4B7D8C56C35039BCC70" xlink:type="arc"/>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01_terseLabel_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Initial estimated cumulative forfeiture rate (as a percent) </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01_label_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Initial, Estimated Cumulative Forfeiture Rate </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01_documentation_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the initial estimated cumulative forfeiture rate on equity-based compensation awards. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate" xlink:label="loc_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:to="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialEstimatedCumulativeForfeitureRate_336B14077995F74176896C35039B8C01" xlink:type="arc"/>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48_terseLabel_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of dividend equivalent included in award </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48_label_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Number of Dividend Equivalent Included in Each Award </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48_documentation_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents number of dividend equivalent included in equity instruments other than options. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward" xlink:label="loc_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:to="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNumberOfDividendEquivalentIncludedInEachAward_06429784E731F3E6BCAD6C35039B0A48" xlink:type="arc"/>

<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Percentage of shares awarded </link:label>

<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_478DF5CD22AE1D8574416C35039BD975" xlink:type="arc"/>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E_terseLabel_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Grant date fair value (in dollars per share) </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E_label_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value </link:label>

<link:label id="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E_documentation_en-US" xlink:label="lab_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue" xlink:label="loc_doc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue_3C7A40D9ADD9B34072D56C35039BAD8E" xlink:type="locator"/>

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<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_6E59E59B734E456C0B786CD1EDB4A52B_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_6E59E59B734E456C0B786CD1EDB4A52B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Net income attributable to common shareholders </link:label>

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<link:label id="lab_us-gaap_EarningsPerShareBasic_BA0FE4CE4AC7787FD9746CD1EDB4FEC3_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic_BA0FE4CE4AC7787FD9746CD1EDB4FEC3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per share - basic (in dollars per share) </link:label>

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<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_4D5A31E8C77B5D45463B6CD1EDB474E6_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_4D5A31E8C77B5D45463B6CD1EDB474E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average number of shares outstanding - basic (in shares) </link:label>

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<link:label id="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax_9B6146A9B09BDD88F90B6CD1EDB42505_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax_9B6146A9B09BDD88F90B6CD1EDB42505" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per unit - basic (in dollars per share) </link:label>

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<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_9C5AD193EE694099B3336CD1EDB47AB3_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_9C5AD193EE694099B3336CD1EDB47AB3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average number of units outstanding - basic (in shares) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:label="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding_9C5AD193EE694099B3336CD1EDB47AB3" xlink:type="locator"/>

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<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_1FBA6D351882C36FC3436CD1EDB40DAB_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract_1FBA6D351882C36FC3436CD1EDB40DAB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share, Diluted [Abstract] </link:label>

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<link:label id="lab_us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_05E3D56CC6E1F941938A33128AF7296C_terseLabel_en-US" xlink:label="lab_us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_05E3D56CC6E1F941938A33128AF7296C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ownership interest in consolidated subsidiaries (as a percent) </link:label>

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<link:label id="lab_dei_EntityCentralIndexKey_0E46FFD427419AD5ADAE6E8A82735396_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey_0E46FFD427419AD5ADAE6E8A82735396" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Central Index Key </link:label>

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<link:label id="lab_dei_CurrentFiscalYearEndDate_6624523CD6BE5005D2456E8A827311A5_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate_6624523CD6BE5005D2456E8A827311A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Current Fiscal Year End Date </link:label>

<link:label id="lab_dei_CurrentFiscalYearEndDate_6624523CD6BE5005D2456E8A827311A5_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate_6624523CD6BE5005D2456E8A827311A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Current Fiscal Year End Date </link:label>

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<link:label id="lab_dei_EntityFilerCategory_DD3EDC4E6FC0E60F2B1C6E8A8273E7A8_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory_DD3EDC4E6FC0E60F2B1C6E8A8273E7A8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Filer Category </link:label>

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<link:label id="lab_dei_EntityCommonStockSharesOutstanding_714CEA4BBC62C70536826E8A82747135_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding_714CEA4BBC62C70536826E8A82747135" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>

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<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_BCC634C20A580CBBD90B6E8A8279C159_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer_BCC634C20A580CBBD90B6E8A8279C159" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>

<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_BCC634C20A580CBBD90B6E8A8279C159_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer_BCC634C20A580CBBD90B6E8A8279C159" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer_BCC634C20A580CBBD90B6E8A8279C159" xlink:type="locator"/>

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<link:label id="lab_dei_EntityVoluntaryFilers_D74A13C25A6A6466F3B36E8A8279E543_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers_D74A13C25A6A6466F3B36E8A8279E543" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Voluntary Filers </link:label>

<link:label id="lab_dei_EntityVoluntaryFilers_D74A13C25A6A6466F3B36E8A8279E543_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers_D74A13C25A6A6466F3B36E8A8279E543" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Voluntary Filers </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers_D74A13C25A6A6466F3B36E8A8279E543" xlink:type="locator"/>

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<link:label id="lab_dei_EntityCurrentReportingStatus_9941EB202B55DBD35B8E6E8A827A54A9_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus_9941EB202B55DBD35B8E6E8A827A54A9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Current Reporting Status </link:label>

<link:label id="lab_dei_EntityCurrentReportingStatus_9941EB202B55DBD35B8E6E8A827A54A9_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus_9941EB202B55DBD35B8E6E8A827A54A9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Current Reporting Status </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus_9941EB202B55DBD35B8E6E8A827A54A9" xlink:type="locator"/>

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<link:label id="lab_dei_EntityPublicFloat_1C97985593AD2201D82D6E8A827AF443_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat_1C97985593AD2201D82D6E8A827AF443" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Entity Public Float </link:label>

<link:label id="lab_dei_EntityPublicFloat_1C97985593AD2201D82D6E8A827AF443_label_en-US" xlink:label="lab_dei_EntityPublicFloat_1C97985593AD2201D82D6E8A827AF443" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Public Float </link:label>

<link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_dei_EntityPublicFloat_1C97985593AD2201D82D6E8A827AF443" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SubsequentEventTable_5C47653FFCD563E276DA566E02D0243F_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTable_5C47653FFCD563E276DA566E02D0243F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent Event [Table] </link:label>

<link:label id="lab_us-gaap_SubsequentEventTable_5C47653FFCD563E276DA566E02D0243F_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTable_5C47653FFCD563E276DA566E02D0243F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Event [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_5C47653FFCD563E276DA566E02D0243F" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SubsequentEventLineItems_FC486AE2A8264EDF97BF566E02D14EE0_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems_FC486AE2A8264EDF97BF566E02D14EE0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Subsequent events </link:label>

<link:label id="lab_us-gaap_SubsequentEventLineItems_FC486AE2A8264EDF97BF566E02D14EE0_label_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems_FC486AE2A8264EDF97BF566E02D14EE0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Subsequent Event [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_FC486AE2A8264EDF97BF566E02D14EE0" xlink:type="locator"/>

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<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_365723BE4DDFCC815585566E02D12D2D_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared_365723BE4DDFCC815585566E02D12D2D" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Dividends and distributions declared per common share and unit (in dollars per share) </link:label>

<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_365723BE4DDFCC815585566E02D12D2D_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared_365723BE4DDFCC815585566E02D12D2D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_365723BE4DDFCC815585566E02D12D2D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash paid per share </link:label>

<link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Common Stock, Dividends, Per Share, Cash Paid </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="loc_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A" xlink:to="lab_us-gaap_CommonStockDividendsPerShareCashPaid_A5767E2ADC69C6D825AE566E02D1955A" xlink:type="arc"/>

<link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750_terseLabel_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real estate taxes payable </link:label>

<link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750_label_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accrual for Taxes Other than Income Taxes </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750" xlink:to="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_04D34C55FF92F4CE54F76C3503A32750" xlink:type="arc"/>

<link:label id="lab_us-gaap_AccruedRentCurrentAndNoncurrent_D65B635303FAD1600C7F6C3503A3FAEE_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedRentCurrentAndNoncurrent_D65B635303FAD1600C7F6C3503A3FAEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued incentive compensation </link:label>

<link:label id="lab_us-gaap_AccruedRentCurrentAndNoncurrent_D65B635303FAD1600C7F6C3503A3FAEE_label_en-US" xlink:label="lab_us-gaap_AccruedRentCurrentAndNoncurrent_D65B635303FAD1600C7F6C3503A3FAEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accrued Rent </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedRentCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccruedRentCurrentAndNoncurrent_D65B635303FAD1600C7F6C3503A3FAEE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_15CBCF08CD421DCB06606C3503A3EEF9_terseLabel_en-US" xlink:label="lab_us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_15CBCF08CD421DCB06606C3503A3EEF9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real estate taxes payable </link:label>

<link:label id="lab_us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_15CBCF08CD421DCB06606C3503A3EEF9_label_en-US" xlink:label="lab_us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_15CBCF08CD421DCB06606C3503A3EEF9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Embedded Derivative, Fair Value of Embedded Derivative Liability </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability" xlink:label="loc_us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_15CBCF08CD421DCB06606C3503A3EEF9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_LeaseIncentivePayableCurrentAndNoncurrent_3005AA84E0287E7C90B76C92D92501E2_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseIncentivePayableCurrentAndNoncurrent_3005AA84E0287E7C90B76C92D92501E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tenant improvement allowance </link:label>

<link:label id="lab_us-gaap_LeaseIncentivePayableCurrentAndNoncurrent_3005AA84E0287E7C90B76C92D92501E2_label_en-US" xlink:label="lab_us-gaap_LeaseIncentivePayableCurrentAndNoncurrent_3005AA84E0287E7C90B76C92D92501E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Lease Incentive, Payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseIncentivePayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_LeaseIncentivePayableCurrentAndNoncurrent_3005AA84E0287E7C90B76C92D92501E2" xlink:type="locator"/>

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<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_E8F7AA486B153C9C4C326C3503A412DE_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent_E8F7AA486B153C9C4C326C3503A412DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued interest </link:label>

<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_E8F7AA486B153C9C4C326C3503A412DE_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent_E8F7AA486B153C9C4C326C3503A412DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_E8F7AA486B153C9C4C326C3503A412DE" xlink:type="locator"/>

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<link:label id="lab_us-gaap_SecurityDepositLiability_887EC42ABB2344C220146C3503A455B0_terseLabel_en-US" xlink:label="lab_us-gaap_SecurityDepositLiability_887EC42ABB2344C220146C3503A455B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Security deposits </link:label>

<link:label id="lab_us-gaap_SecurityDepositLiability_887EC42ABB2344C220146C3503A455B0_label_en-US" xlink:label="lab_us-gaap_SecurityDepositLiability_887EC42ABB2344C220146C3503A455B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Security Deposit Liability </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="loc_us-gaap_SecurityDepositLiability_887EC42ABB2344C220146C3503A455B0" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AccruedBonusesCurrentAndNoncurrent_8F5388275FD69B94C1F96C3503A485C5_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedBonusesCurrentAndNoncurrent_8F5388275FD69B94C1F96C3503A485C5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued incentive compensation </link:label>

<link:label id="lab_us-gaap_AccruedBonusesCurrentAndNoncurrent_8F5388275FD69B94C1F96C3503A485C5_label_en-US" xlink:label="lab_us-gaap_AccruedBonusesCurrentAndNoncurrent_8F5388275FD69B94C1F96C3503A485C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accrued Bonuses </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedBonusesCurrentAndNoncurrent" xlink:label="loc_us-gaap_AccruedBonusesCurrentAndNoncurrent_8F5388275FD69B94C1F96C3503A485C5" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_6F81904B3FC2FE0434D96C3503A46FBA_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_6F81904B3FC2FE0434D96C3503A46FBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Contingent consideration </link:label>

<link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_6F81904B3FC2FE0434D96C3503A46FBA_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_6F81904B3FC2FE0434D96C3503A46FBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Contingent Consideration, Liability </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:label="loc_us-gaap_BusinessCombinationContingentConsiderationLiability_6F81904B3FC2FE0434D96C3503A46FBA" xlink:type="locator"/>

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<link:label id="lab_us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent_E544D1C3700AD4B1FC056C3503A47EFC_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent_E544D1C3700AD4B1FC056C3503A47EFC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued expenses and other </link:label>

<link:label id="lab_us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent_E544D1C3700AD4B1FC056C3503A47EFC_label_en-US" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent_E544D1C3700AD4B1FC056C3503A47EFC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Accrued Liabilities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrentAndNoncurrent_E544D1C3700AD4B1FC056C3503A47EFC" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_B4D8A44064DD998F3F5A6C3503A467F4_totalLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_B4D8A44064DD998F3F5A6C3503A467F4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_B4D8A44064DD998F3F5A6C3503A467F4" xlink:type="locator"/>

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<link:label id="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799_terseLabel_en-US" xlink:label="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Four Healthcare Properties Acquired in Early 2017 </link:label>

<link:label id="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799_label_en-US" xlink:label="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Four Healthcare Properties Acquired in Early 2017 [Member] </link:label>

<link:label id="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799_documentation_en-US" xlink:label="lab_doc_FourHealthcarePropertiesAcquiredinEarly2017Member_EF421243DE74B03F238A6CE22B3B8799" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Four Healthcare Properties Acquired in Early 2017 [Member] </link:label>

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<link:label id="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00_terseLabel_en-US" xlink:label="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Orthopedic Associates MOB </link:label>

<link:label id="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00_label_en-US" xlink:label="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Orthopedic Associates MOB [Member] </link:label>

<link:label id="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00_documentation_en-US" xlink:label="lab_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Orthopedic Associates MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OrthopedicAssociatesMOBMember" xlink:label="loc_doc_OrthopedicAssociatesMOBMember_0B51880BE0043AD09A7D6CE22B3BFC00" xlink:type="locator"/>

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<link:label id="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97_terseLabel_en-US" xlink:label="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Arts Center at Hartford </link:label>

<link:label id="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97_label_en-US" xlink:label="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Medical Arts Center at Harford [Member] </link:label>

<link:label id="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97_documentation_en-US" xlink:label="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Medical Arts Center at Harford [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalArtsCenteratHarfordMember" xlink:label="loc_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:to="lab_doc_MedicalArtsCenteratHarfordMember_DEDB3F491E92B7A6AC996CE22B3B2E97" xlink:type="arc"/>

<link:label id="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240_terseLabel_en-US" xlink:label="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> CareMount Portfolio (2 MOBs) </link:label>

<link:label id="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240_label_en-US" xlink:label="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> CareMount Portfolio [Member] </link:label>

<link:label id="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240_documentation_en-US" xlink:label="lab_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> CareMount Portfolio [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CareMountPortfolioMember" xlink:label="loc_doc_CareMountPortfolioMember_ECFA9B3BFE60D967678F6CE22B3B4240" xlink:type="locator"/>

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<link:label id="lab_doc_NashvilleMOBMember_8A1CB8989F3520D7B8876CE22B3B9879_terseLabel_en-US" xlink:label="lab_doc_NashvilleMOBMember_8A1CB8989F3520D7B8876CE22B3B9879" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Nashville MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NashvilleMOBMember" xlink:label="loc_doc_NashvilleMOBMember_8A1CB8989F3520D7B8876CE22B3B9879" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NashvilleMOBMember_8A1CB8989F3520D7B8876CE22B3B9879" xlink:to="lab_doc_NashvilleMOBMember_8A1CB8989F3520D7B8876CE22B3B9879" xlink:type="arc"/>

<link:label id="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000_terseLabel_en-US" xlink:label="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Joint venture, Operating Partnership and Medical Center of New Albany I, LLC </link:label>

<link:label id="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000_label_en-US" xlink:label="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Joint venture, Operating Partnership and Medical Center of New Albany I, LLC [Member] </link:label>

<link:label id="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000_documentation_en-US" xlink:label="lab_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Joint venture, Operating Partnership and Medical Center of New Albany I, LLC [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember" xlink:label="loc_doc_JointventureOperatingPartnershipandMedicalCenterofNewAlbanyILLCMember_0CE93D6FEE55D3A14F366CE22B3BE000" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferred1_D9D5D353983B430D34BB6CE22B3B47B8_verboseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferred1_D9D5D353983B430D34BB6CE22B3B47B8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Purchase price </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferred1_D9D5D353983B430D34BB6CE22B3B47B8" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AreaOfRealEstateProperty_ABB11CD6E2BB928BB8046CE22B3B75FD_terseLabel_en-US" xlink:label="lab_us-gaap_AreaOfRealEstateProperty_ABB11CD6E2BB928BB8046CE22B3B75FD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Area of property (in square feet) </link:label>

<link:label id="lab_us-gaap_AreaOfRealEstateProperty_ABB11CD6E2BB928BB8046CE22B3B75FD_label_en-US" xlink:label="lab_us-gaap_AreaOfRealEstateProperty_ABB11CD6E2BB928BB8046CE22B3B75FD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Area of Real Estate Property </link:label>

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<link:label id="lab_us-gaap_LoansReceivableCommercialAcquisition_19327AD1383D524D6A366CE22B3BE07A_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableCommercialAcquisition_19327AD1383D524D6A366CE22B3BE07A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine term loan </link:label>

<link:label id="lab_us-gaap_LoansReceivableCommercialAcquisition_19327AD1383D524D6A366CE22B3BE07A_label_en-US" xlink:label="lab_us-gaap_LoansReceivableCommercialAcquisition_19327AD1383D524D6A366CE22B3BE07A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Loans Receivable, Gross, Commercial, Acquisition </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansReceivableCommercialAcquisition" xlink:label="loc_us-gaap_LoansReceivableCommercialAcquisition_19327AD1383D524D6A366CE22B3BE07A" xlink:type="locator"/>

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<link:label id="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142_terseLabel_en-US" xlink:label="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of transactions </link:label>

<link:label id="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142_label_en-US" xlink:label="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Transactions </link:label>

<link:label id="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142_documentation_en-US" xlink:label="lab_doc_NumberofTransactions_F487399C1F6C387EB2606CE22B3B1142" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of Transactions </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_0F08EAD8FAD8D244D8CF6CE22B3B4746_verboseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_0F08EAD8FAD8D244D8CF6CE22B3B4746" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Series A Preferred Units Issued </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_0F08EAD8FAD8D244D8CF6CE22B3B4746_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_0F08EAD8FAD8D244D8CF6CE22B3B4746" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Equity Interest Issued or Issuable, Number of Shares </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_0F08EAD8FAD8D244D8CF6CE22B3B4746" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Value of units issued for funding purchase price </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Equity Interest Issued or Issuable, Value Assigned </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB" xlink:to="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_5A0054F3A5AA26CAA6436CE22B3BC4AB" xlink:type="arc"/>

<link:label id="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6_terseLabel_en-US" xlink:label="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of Earning Per Share [Table] </link:label>

<link:label id="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6_label_en-US" xlink:label="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Earning Per Share [Table] </link:label>

<link:label id="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6_documentation_en-US" xlink:label="lab_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The table contains disclosure pertaining to the entity's earnings per share. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ScheduleOfEarningPerShareTable" xlink:label="loc_doc_ScheduleOfEarningPerShareTable_C18D5272A85A5096A2536DD5890514E6" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RestrictedStockMember_31E0156D8DC320B9AD106DD58906166D_verboseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockMember_31E0156D8DC320B9AD106DD58906166D" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Restricted shares </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_31E0156D8DC320B9AD106DD58906166D" xlink:type="locator"/>

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<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_5B309FC89097B8C7372B6DD589067930_verboseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember_5B309FC89097B8C7372B6DD589067930" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Restricted share units </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember_5B309FC89097B8C7372B6DD589067930" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember_5B309FC89097B8C7372B6DD589067930" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember_5B309FC89097B8C7372B6DD589067930" xlink:type="arc"/>

<link:label id="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292_terseLabel_en-US" xlink:label="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings Per Share </link:label>

<link:label id="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292_label_en-US" xlink:label="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share [Line Items] </link:label>

<link:label id="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292_documentation_en-US" xlink:label="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"/>

<link:loc xlink:href="doc-20161231.xsd#doc_EarningsPerShareLineItems" xlink:label="loc_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:to="lab_doc_EarningsPerShareLineItems_A003530B0ECCB068917A6DD589066292" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Numerator for earnings per share - basic: </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_E9AE182686E476502E326DD589062680" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:label id="lab_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355_label_en-US" xlink:label="lab_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:label="loc_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355" xlink:to="lab_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_51009F12176FB43611A96DD589079355" xlink:type="arc"/>

<link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414_negatedLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Operating Partnership </link:label>

<link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:label="loc_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414" xlink:to="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_615D63E5C063FDBE5E126DD589076414" xlink:type="arc"/>

<link:label id="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D_negatedLabel_en-US" xlink:label="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Partially owned properties (1) </link:label>

<link:label id="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D_label_en-US" xlink:label="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest in Net Income Loss Partially Owned Properties Nonredeemable </link:label>

<link:label id="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D_documentation_en-US" xlink:label="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount after tax of income (loss) attributable to nonredeemable noncontrolling partner in partially owned properties. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable" xlink:label="loc_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:to="lab_doc_NoncontrollingInterestInNetIncomeLossPartiallyOwnedPropertiesNonredeemable_B3890ED6806130F8F8476DD58907F27D" xlink:type="arc"/>

<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Preferred distributions </link:label>

<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Preferred Stock Dividends and Other Adjustments </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652" xlink:to="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_0DCC4236E5FDD85471B46DD58907D652" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_BBDD735C09C8494D45766DD58907D9CB_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_BBDD735C09C8494D45766DD58907D9CB" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) attributable to common shareholders </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_BBDD735C09C8494D45766DD58907D9CB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_BBDD735C09C8494D45766DD58907D9CB" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_BBDD735C09C8494D45766DD58907D9CB" xlink:type="arc"/>

<link:label id="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6_negatedTotalLabel_en-US" xlink:label="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US"> Numerator for earnings per unit - basic and diluted </link:label>

<link:label id="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6_label_en-US" xlink:label="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income Loss Available To Common Stockholders Basic and Diluted </link:label>

<link:label id="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6_documentation_en-US" xlink:label="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Net Income Loss Available To Common Stockholders Basic and Diluted </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted" xlink:label="loc_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:to="lab_doc_NetIncomeLossAvailableToCommonStockholdersBasicandDiluted_FAE9C3FDADDF95D6098F6DD5890765A6" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Numerator for earnings per share - diluted: </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_417323314F266398E93B6DD589074747" xlink:type="arc"/>

<link:label id="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77_terseLabel_en-US" xlink:label="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Operating Partnership net income </link:label>

<link:label id="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77_label_en-US" xlink:label="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Partnership Net Income Loss </link:label>

<link:label id="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77_documentation_en-US" xlink:label="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the net income (loss) of the Operating Partnership used to calculate diluted earnings per share. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OperatingPartnershipNetIncomeLossDiluted" xlink:label="loc_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:to="lab_doc_OperatingPartnershipNetIncomeLossDiluted_0B5B61B68C660765B1336DD58907BD77" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_CB08273700416B6837326DD589070821_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_CB08273700416B6837326DD589070821" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Numerator for earnings per share - diluted </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_CB08273700416B6837326DD589070821_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_CB08273700416B6837326DD589070821" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Diluted </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_CB08273700416B6837326DD589070821" xlink:type="locator"/>

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<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Denominator for earnings per share - basic and diluted: </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_ABA77CC9B12C2FB783496DD5890756B6" xlink:type="arc"/>

<link:label id="lab_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1_terseLabel_en-US" xlink:label="lab_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Effect of dilutive securities: </link:label>

<link:label id="lab_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1_label_en-US" xlink:label="lab_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DilutiveSecuritiesAbstract" xlink:label="loc_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1" xlink:to="lab_us-gaap_DilutiveSecuritiesAbstract_E018BD23FCC77E8BABE46DD5890763A1" xlink:type="arc"/>

<link:label id="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639_terseLabel_en-US" xlink:label="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interest - Operating Partnership units </link:label>

<link:label id="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639_label_en-US" xlink:label="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Incremental Common Shares Attributable to Dilutive Effect of Non Controlling Interests, Operating Partnerships </link:label>

<link:label id="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639_documentation_en-US" xlink:label="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of non-controlling interest pertaining to operating partnerships. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships" xlink:label="loc_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:to="lab_doc_IncrementalCommonSharesAttributableToDilutiveEffectOfNonControllingInterestsOperatingPartnerships_C84F3DAFCD07411111986DD58907B639" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE_terseLabel_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Effect of dilutive securities, restricted shares and RSUs </link:label>

<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE_label_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE" xlink:to="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_BB40B68C7A69FF48FBF06DD58907D3DE" xlink:type="arc"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_9D910CDC93FEF6083E7D6DD589076267_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_9D910CDC93FEF6083E7D6DD589076267" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Weighted average number of shares outstanding - diluted (in shares) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_9D910CDC93FEF6083E7D6DD589076267" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_9D910CDC93FEF6083E7D6DD589076267" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_9D910CDC93FEF6083E7D6DD589076267" xlink:type="arc"/>

<link:label id="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_CDA5BE9B30E1B67AF1096DD5890798F2_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_CDA5BE9B30E1B67AF1096DD5890798F2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Weighted average number of units outstanding - diluted (in shares) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted" xlink:label="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_CDA5BE9B30E1B67AF1096DD5890798F2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_CDA5BE9B30E1B67AF1096DD5890798F2" xlink:to="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_CDA5BE9B30E1B67AF1096DD5890798F2" xlink:type="arc"/>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per share/unit, basic and diluted: </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Share, Basic and Diluted [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_64C11F7EF58FC61C3F106DD589085EB3" xlink:type="arc"/>

<link:label id="lab_doc_MinnetonkaMOBMember_CA41AC8BB865C2C27BB86CE22CE82B31_terseLabel_en-US" xlink:label="lab_doc_MinnetonkaMOBMember_CA41AC8BB865C2C27BB86CE22CE82B31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Minnetonka MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinnetonkaMOBMember" xlink:label="loc_doc_MinnetonkaMOBMember_CA41AC8BB865C2C27BB86CE22CE82B31" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MinnetonkaMOBMember_CA41AC8BB865C2C27BB86CE22CE82B31" xlink:to="lab_doc_MinnetonkaMOBMember_CA41AC8BB865C2C27BB86CE22CE82B31" xlink:type="arc"/>

<link:label id="lab_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Class of Stock [Axis] </link:label>

<link:label id="lab_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Class of Stock [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54" xlink:to="lab_us-gaap_StatementClassOfStockAxis_0EB9F6AF56E81EC4A73E6CE22CE83D54" xlink:type="arc"/>

<link:label id="lab_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Class of Stock [Domain] </link:label>

<link:label id="lab_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Class of Stock [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18" xlink:to="lab_us-gaap_ClassOfStockDomain_351DE8D1AEA8A71D0DB26CE22CE8EF18" xlink:type="arc"/>

<link:label id="lab_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Series A Preferred units </link:label>

<link:label id="lab_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA_label_en-US" xlink:label="lab_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Series A Preferred Stock [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA" xlink:to="lab_us-gaap_SeriesAPreferredStockMember_908BAA40ADA6C74A68606CE22CE8D4EA" xlink:type="arc"/>

<link:label id="lab_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8_terseLabel_en-US" xlink:label="lab_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity Interest Type [Axis] </link:label>

<link:label id="lab_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8_label_en-US" xlink:label="lab_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Interest Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityInterestIssuedOrIssuableByTypeAxis" xlink:label="loc_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8" xlink:to="lab_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_9FA4FD8F08F6423B1CCB6CE22CE8C9D8" xlink:type="arc"/>

<link:label id="lab_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC_terseLabel_en-US" xlink:label="lab_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity Interest Issued or Issuable, Type [Domain] </link:label>

<link:label id="lab_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC_label_en-US" xlink:label="lab_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Interest Issued or Issuable, Type [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityInterestIssuedOrIssuableTypeDomain" xlink:label="loc_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC" xlink:to="lab_us-gaap_EquityInterestIssuedOrIssuableTypeDomain_671DBD070221D65EA1F36CE22CE8FEFC" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E_terseLabel_en-US" xlink:label="lab_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Units </link:label>

<link:label id="lab_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E_label_en-US" xlink:label="lab_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partnership Interest [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnershipInterestMember" xlink:label="loc_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E" xlink:to="lab_us-gaap_PartnershipInterestMember_A0F9F8CF5E19B3ADF1CA6CE22CE8006E" xlink:type="arc"/>

<link:label id="lab_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of real estate properties acquired </link:label>

<link:label id="lab_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D_label_en-US" xlink:label="lab_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Businesses Acquired </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfBusinessesAcquired" xlink:label="loc_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D" xlink:to="lab_us-gaap_NumberOfBusinessesAcquired_C755B6925DE68A632AEE6CE22CE9CD7D" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_145557C4599C108D9CE76CE22CE925E8_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_145557C4599C108D9CE76CE22CE925E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of units issued for funding purchase price (in shares) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" xlink:label="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_145557C4599C108D9CE76CE22CE925E8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_145557C4599C108D9CE76CE22CE925E8" xlink:to="lab_us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_145557C4599C108D9CE76CE22CE925E8" xlink:type="arc"/>

<link:label id="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1_terseLabel_en-US" xlink:label="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of shares </link:label>

<link:label id="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1_label_en-US" xlink:label="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Number of Shares </link:label>

<link:label id="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1_documentation_en-US" xlink:label="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Number of Shares </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares" xlink:label="loc_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:to="lab_doc_NoncontrollingInterestDecreasefromRedemptionsorPurchaseofInterestsNumberofShares_92BC2E68DD20F320BDC06CE22CE9E4E1" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interest, decrease from redemptions or purchase of interests </link:label>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2" xlink:to="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_CDCA722F7DC1545BABB66CE22CE963A2" xlink:type="arc"/>

<link:label id="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Percentage of interest held </link:label>

<link:label id="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B_label_en-US" xlink:label="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:label="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B" xlink:to="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_15D7E077F595D6F8200A6CE22CE9D63B" xlink:type="arc"/>

<link:label id="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0_terseLabel_en-US" xlink:label="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Conversion ratio </link:label>

<link:label id="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0_label_en-US" xlink:label="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unit Conversion Ratio </link:label>

<link:label id="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0_documentation_en-US" xlink:label="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ratio applied to the conversion of operating partnership units into common shares. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnitConversionRatio" xlink:label="loc_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:to="lab_doc_UnitConversionRatio_7965CD2A6957AA256B736CE22CE9EAF0" xlink:type="arc"/>

<link:label id="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C_terseLabel_en-US" xlink:label="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cumulative preferred return </link:label>

<link:label id="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C_label_en-US" xlink:label="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cumulative Preferred Return </link:label>

<link:label id="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C_documentation_en-US" xlink:label="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the percentage of cumulative preferred return rate. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CumulativePreferredReturn" xlink:label="loc_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:to="lab_doc_CumulativePreferredReturn_C71DE6DCE07C8A3B6DB56CE22CEA750C" xlink:type="arc"/>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E_terseLabel_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Shares issued upon conversion </link:label>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E_label_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Shares in Exchange </link:label>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E_documentation_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of share ratio exchanged in redemption, in addition to the cash received and preferred return percentage, as if currently redeemable, of redeemable noncontrolling interest for preferred shares, units or ownership interests classified as temporary equity. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange" xlink:label="loc_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:to="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionSharesInExchange_77EF355D7A099A5F7D666CE22CEA7A4E" xlink:type="arc"/>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2_terseLabel_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Redemption value per share </link:label>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2_label_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value Per Share </link:label>

<link:label id="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2_documentation_en-US" xlink:label="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Redemption value per share, as if currently redeemable, of redeemable noncontrolling interest for preferred shares, units or ownership interests classified as temporary equity. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare" xlink:label="loc_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:to="lab_doc_RedeemableNoncontrollingInterestEquityPreferredRedemptionValuePerShare_209849770B9A27524C736CE22CEACAC2" xlink:type="arc"/>

<link:label id="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0_terseLabel_en-US" xlink:label="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Period of time before redeemable </link:label>

<link:label id="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0_label_en-US" xlink:label="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Period In Which Preferred Units Will Be Redeemable </link:label>

<link:label id="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0_documentation_en-US" xlink:label="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the minimum period in which Series A Preferred Units will be redeemable. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PeriodInWhichPreferredUnitsWillBeRedeemable" xlink:label="loc_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:to="lab_doc_PeriodInWhichPreferredUnitsWillBeRedeemable_915208F0FD8D293AE3B16CE22CEA7CA0" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Value of Preferred Units </link:label>

<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Consideration Transferred, Equity Interests Issued and Issuable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_6FBB9E48970A02A6BD116CE22CEA2F18" xlink:type="arc"/>

<link:label id="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290_terseLabel_en-US" xlink:label="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business acquisition, equity interest redeemed, value assigned </link:label>

<link:label id="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290_label_en-US" xlink:label="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Equity Interest Redeemed, Value Assigned </link:label>

<link:label id="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290_documentation_en-US" xlink:label="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Equity Interest Redeemed, Value Assigned </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned" xlink:label="loc_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:to="lab_doc_BusinessAcquisitionEquityInterestRedeemedValueAssigned_59E7F415EB9D519102D36CE22CEA5290" xlink:type="arc"/>

<link:label id="lab_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity investment </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Method Investments </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3" xlink:to="lab_us-gaap_EquityMethodInvestments_42654F1561BC77D1E07F6CE22CEA54D3" xlink:type="arc"/>

<link:label id="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9_terseLabel_en-US" xlink:label="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Internal rate of return </link:label>

<link:label id="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9_label_en-US" xlink:label="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Percentage OF Internal Rate Of Return </link:label>

<link:label id="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9_documentation_en-US" xlink:label="lab_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the percentage of internal rate of return on investment. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PercentageOfInternalRateOfReturn" xlink:label="loc_doc_PercentageOfInternalRateOfReturn_270AB1BD9BE6984A909F6CE22CEAF2D9" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ReclassificationsOfTemporaryToPermanentEquity_C93BFC74B7A40AB563936CE22CEBDE14_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationsOfTemporaryToPermanentEquity_C93BFC74B7A40AB563936CE22CEBDE14" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Reclassification from noncontrolling interests </link:label>

<link:label id="lab_us-gaap_ReclassificationsOfTemporaryToPermanentEquity_C93BFC74B7A40AB563936CE22CEBDE14_label_en-US" xlink:label="lab_us-gaap_ReclassificationsOfTemporaryToPermanentEquity_C93BFC74B7A40AB563936CE22CEBDE14" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reclassifications of Temporary to Permanent Equity </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReclassificationsOfTemporaryToPermanentEquity" xlink:label="loc_us-gaap_ReclassificationsOfTemporaryToPermanentEquity_C93BFC74B7A40AB563936CE22CEBDE14" xlink:type="locator"/>

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<link:label id="lab_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> General Partner </link:label>

<link:label id="lab_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD_label_en-US" xlink:label="lab_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> General Partner [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralPartnerMember" xlink:label="loc_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD" xlink:to="lab_us-gaap_GeneralPartnerMember_E97C7595CCB8B7C8811C6B22991828AD" xlink:type="arc"/>

<link:label id="lab_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Limited Partner </link:label>

<link:label id="lab_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7_label_en-US" xlink:label="lab_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Limited Partner [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LimitedPartnerMember" xlink:label="loc_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7" xlink:to="lab_us-gaap_LimitedPartnerMember_018A1662967364194D1B6B229919BBC7" xlink:type="arc"/>

<link:label id="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E_terseLabel_en-US" xlink:label="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Total Partners’ Capital </link:label>

<link:label id="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E_label_en-US" xlink:label="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital [Member] </link:label>

<link:label id="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E_documentation_en-US" xlink:label="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Partners' Capital [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PartnersCapitalMember" xlink:label="loc_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:to="lab_doc_PartnersCapitalMember_0DFDDD0A7F6C047E10976B229919EA2E" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A_terseLabel_en-US" xlink:label="lab_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partner Capital Components [Axis] </link:label>

<link:label id="lab_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A_label_en-US" xlink:label="lab_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partner Capital Components [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnerCapitalComponentsAxis" xlink:label="loc_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A" xlink:to="lab_us-gaap_PartnerCapitalComponentsAxis_CC6E53B8282A4E263ADB6B2299190C3A" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16_terseLabel_en-US" xlink:label="lab_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Partner Capital Components [Domain] </link:label>

<link:label id="lab_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16_label_en-US" xlink:label="lab_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partner Capital Components [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnerCapitalComponentsDomain" xlink:label="loc_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16" xlink:to="lab_us-gaap_PartnerCapitalComponentsDomain_48BCE2A4D016C12E240B6B2299190B16" xlink:type="arc"/>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_E828A6D2D0ADBFBD51F86B2299197118" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Partners' Capital [Roll Forward] </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Partners' Capital [Roll Forward] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8" xlink:to="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward_9CB7DEF4768072C9F85D6B22991971C8" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_C2A9EEE8F0AA7097297A6B2299198306_periodStartLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_C2A9EEE8F0AA7097297A6B2299198306" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Partners' capital, beginning balance </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_C2A9EEE8F0AA7097297A6B2299198306" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_C2A9EEE8F0AA7097297A6B2299198306" xlink:to="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_C2A9EEE8F0AA7097297A6B2299198306" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net proceeds from sale of Trust common shares and issuance of common units </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Sale of Units </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountSaleOfUnits" xlink:label="loc_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A" xlink:to="lab_us-gaap_PartnersCapitalAccountSaleOfUnits_4E384ECC9EC4D5284E8A6B229919AC4A" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Trust Restricted share award grants, net </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Unit-based Compensation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountUnitBasedCompensation" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830" xlink:to="lab_us-gaap_PartnersCapitalAccountUnitBasedCompensation_2CAF07E677A9E657254F6B2299194830" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_BAB2B4665005F15D93176B229919C616_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_BAB2B4665005F15D93176B229919C616" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Purchase of OP Units </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_BAB2B4665005F15D93176B229919C616_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_BAB2B4665005F15D93176B229919C616" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Treasury Units, Purchased </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases" xlink:label="loc_us-gaap_PartnersCapitalAccountTreasuryUnitsPurchases_BAB2B4665005F15D93176B229919C616" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Conversion of OP Units </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Exchanges and Conversions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountExchangesAndConversions" xlink:label="loc_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1" xlink:to="lab_us-gaap_PartnersCapitalAccountExchangesAndConversions_1A7CF80CB826BF7C03166B22991981E1" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalAccountDistributions_4B60C97C7427AC85C76D6B22991A95CD_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountDistributions_4B60C97C7427AC85C76D6B22991A95CD" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> OP Units - distributions </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountDistributions_4B60C97C7427AC85C76D6B22991A95CD_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountDistributions_4B60C97C7427AC85C76D6B22991A95CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Distributions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountDistributions" xlink:label="loc_us-gaap_PartnersCapitalAccountDistributions_4B60C97C7427AC85C76D6B22991A95CD" xlink:type="locator"/>

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<link:label id="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791_negatedTerseLabel_en-US" xlink:label="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Preferred distributions </link:label>

<link:label id="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791_label_en-US" xlink:label="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Preferred Distributions </link:label>

<link:label id="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791_documentation_en-US" xlink:label="lab_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Preferred Distributions </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PartnersCapitalAccountPreferredDistributions" xlink:label="loc_doc_PartnersCapitalAccountPreferredDistributions_B1CC4934D7B8B95A56526B22991A8791" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnersCapitalAccountAcquisitions_27E2491E09D2362E4DD66B22991A6AD8_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountAcquisitions_27E2491E09D2362E4DD66B22991A6AD8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Issuance of OP Units in connection with acquisition </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountAcquisitions_27E2491E09D2362E4DD66B22991A6AD8_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountAcquisitions_27E2491E09D2362E4DD66B22991A6AD8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Acquisitions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountAcquisitions" xlink:label="loc_us-gaap_PartnersCapitalAccountAcquisitions_27E2491E09D2362E4DD66B22991A6AD8" xlink:type="locator"/>

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<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_110A267C28FEC446F2836B22991AA004_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_110A267C28FEC446F2836B22991AA004" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Distributions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_110A267C28FEC446F2836B22991AA004" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Change in market value of Redeemable Limited Partners </link:label>

<link:label id="lab_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital Account, Redemptions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="loc_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16" xlink:to="lab_us-gaap_PartnersCapitalAccountRedemptions_662F3393EA3B5FF0C9816B22991A1F16" xlink:type="arc"/>

<link:label id="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_76AEAEB619F08E1393ED6B22991A3127_negatedTerseLabel_en-US" xlink:label="lab_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_76AEAEB619F08E1393ED6B22991A3127" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Reclassification of Noncontrolling Interest - partially owned properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties" xlink:label="loc_doc_ReclassificationofNoncontrollingInterestPartiallyOwnedProperties_76AEAEB619F08E1393ED6B22991A3127" xlink:type="locator"/>

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<link:label id="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_59BE8BFFAE158C0B21E36B22991A7136_negatedTerseLabel_en-US" xlink:label="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_59BE8BFFAE158C0B21E36B22991A7136" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Buyout of Noncontrolling Interest - partially owned properties </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties" xlink:label="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_59BE8BFFAE158C0B21E36B22991A7136" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_59BE8BFFAE158C0B21E36B22991A7136" xlink:to="lab_doc_BuyoutofNoncontrollingInterestPartiallyOwnedProperties_59BE8BFFAE158C0B21E36B22991A7136" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_C024C219D145C45CBBD16B22991A34C5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_C024C219D145C45CBBD16B22991A34C5" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Change in fair value of interest rate cap agreements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_C024C219D145C45CBBD16B22991A34C5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_C024C219D145C45CBBD16B22991A34C5" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax_C024C219D145C45CBBD16B22991A34C5" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Adjustments for Limited Partners ownership in Operating Partnership </link:label>

<link:label id="lab_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Partners' Capital, Other </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalOther" xlink:label="loc_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82" xlink:to="lab_us-gaap_PartnersCapitalOther_3669CB5E6C3200E323626B22991A9F82" xlink:type="arc"/>

<link:label id="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_5E6CC8CABB043F63BCE16B22991A26D8_periodEndLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_5E6CC8CABB043F63BCE16B22991A26D8" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Partners' capital, ending balance </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_5E6CC8CABB043F63BCE16B22991A26D8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_5E6CC8CABB043F63BCE16B22991A26D8" xlink:to="lab_us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest_5E6CC8CABB043F63BCE16B22991A26D8" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_4E2CD96DD07005E80157111BB1D6BE6F_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_03794634BDCD5EEC858AA0036F0D18C9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value Measurements </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_4E2CD96DD07005E80157111BB1D6BE6F_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_03794634BDCD5EEC858AA0036F0D18C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Measurement Inputs, Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_03794634BDCD5EEC858AA0036F0D18C9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_03794634BDCD5EEC858AA0036F0D18C9" xlink:to="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock_03794634BDCD5EEC858AA0036F0D18C9" xlink:type="arc"/>

<link:label id="lab_us-gaap_OtherAssetsDisclosureTextBlock_413717368D49CEE4AA42111BB118241A_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsDisclosureTextBlock_5123DBFF70785488A609E433878D79F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Other Assets </link:label>

<link:label id="lab_us-gaap_OtherAssetsDisclosureTextBlock_413717368D49CEE4AA42111BB118241A_label_en-US" xlink:label="lab_us-gaap_OtherAssetsDisclosureTextBlock_5123DBFF70785488A609E433878D79F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Other Assets Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsDisclosureTextBlock" xlink:label="loc_us-gaap_OtherAssetsDisclosureTextBlock_5123DBFF70785488A609E433878D79F1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsDisclosureTextBlock_5123DBFF70785488A609E433878D79F1" xlink:to="lab_us-gaap_OtherAssetsDisclosureTextBlock_5123DBFF70785488A609E433878D79F1" xlink:type="arc"/>

<link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_49DEE78C273FFD42FDFD4966C8EB6D55_verboseLabel_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember_49DEE78C273FFD42FDFD4966C8EB6D55" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> In-place lease intangible </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeasesAcquiredInPlaceMember" xlink:label="loc_us-gaap_LeasesAcquiredInPlaceMember_49DEE78C273FFD42FDFD4966C8EB6D55" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAcquiredInPlaceMember_49DEE78C273FFD42FDFD4966C8EB6D55" xlink:to="lab_us-gaap_LeasesAcquiredInPlaceMember_49DEE78C273FFD42FDFD4966C8EB6D55" xlink:type="arc"/>

<link:label id="lab_us-gaap_AboveMarketLeasesMember_62F39C0DF02C092BAE604966C8EB2D23_verboseLabel_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember_62F39C0DF02C092BAE604966C8EB2D23" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Above market in-place lease intangible </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AboveMarketLeasesMember" xlink:label="loc_us-gaap_AboveMarketLeasesMember_62F39C0DF02C092BAE604966C8EB2D23" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AboveMarketLeasesMember_62F39C0DF02C092BAE604966C8EB2D23" xlink:to="lab_us-gaap_AboveMarketLeasesMember_62F39C0DF02C092BAE604966C8EB2D23" xlink:type="arc"/>

<link:label id="lab_doc_BelowMarketLeasesMember_13BC36730A76F7BF69E14966C8EBB16F_verboseLabel_en-US" xlink:label="lab_doc_BelowMarketLeasesMember_13BC36730A76F7BF69E14966C8EBB16F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Below market in-place lease intangible </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BelowMarketLeasesMember" xlink:label="loc_doc_BelowMarketLeasesMember_13BC36730A76F7BF69E14966C8EBB16F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BelowMarketLeasesMember_13BC36730A76F7BF69E14966C8EBB16F" xlink:to="lab_doc_BelowMarketLeasesMember_13BC36730A76F7BF69E14966C8EBB16F" xlink:type="arc"/>

<link:label id="lab_doc_BelowMarketGroundLeaseMember_E377158A967195B7E36D4966C8EB2A14_verboseLabel_en-US" xlink:label="lab_doc_BelowMarketGroundLeaseMember_E377158A967195B7E36D4966C8EB2A14" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Above market in-place ground lease </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BelowMarketGroundLeaseMember" xlink:label="loc_doc_BelowMarketGroundLeaseMember_E377158A967195B7E36D4966C8EB2A14" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BelowMarketGroundLeaseMember_E377158A967195B7E36D4966C8EB2A14" xlink:to="lab_doc_BelowMarketGroundLeaseMember_E377158A967195B7E36D4966C8EB2A14" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_52BC75E44847E02D23164966C8EB301B_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_52BC75E44847E02D23164966C8EB301B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair values of the assets acquired and the liabilities assumed </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_52BC75E44847E02D23164966C8EB301B_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_52BC75E44847E02D23164966C8EB301B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_52BC75E44847E02D23164966C8EB301B" xlink:type="locator"/>

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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Land </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_0CD9E3BD16989224B0544966C8EB1447" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_1583110741342A03F5E24966C8EBB80A_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_1583110741342A03F5E24966C8EBB80A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Building and improvements </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_1583110741342A03F5E24966C8EBB80A_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_1583110741342A03F5E24966C8EBB80A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings </link:label>

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<link:label id="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFiniteLivedIntangibleLiabilities_2D0262DE7622460830034966C8EBC3E7_label_en-US" xlink:label="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFiniteLivedIntangibleLiabilities_2D0262DE7622460830034966C8EBC3E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangible Liabilities </link:label>

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<link:label id="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLeaseInducement_C196E6FF09188F1EB6594966C8EB75D3_terseLabel_en-US" xlink:label="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLeaseInducement_C196E6FF09188F1EB6594966C8EB75D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Lease inducement </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability_E4B536534DD56B038F5A4966C8EB36CE_negatedLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability_E4B536534DD56B038F5A4966C8EB36CE" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Contingent consideration </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_D01B430B9FB2C9E3CFCA4966C8EC193D_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_D01B430B9FB2C9E3CFCA4966C8EC193D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Receivable </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_ACAB71F49DE84DCB33CC4966C8ECB0C0_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_ACAB71F49DE84DCB33CC4966C8ECB0C0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets </link:label>

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<link:label id="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_841B7A3B39FDE874A7C74966C8ECE984_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_841B7A3B39FDE874A7C74966C8ECE984" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Issuance of Common Shares </link:label>

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<link:label id="lab_doc_NoncashOrPartNoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_D2F962069FC933B9E36A4966C8ECCAEF_negatedLabel_en-US" xlink:label="lab_doc_NoncashOrPartNoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_D2F962069FC933B9E36A4966C8ECCAEF" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Issuance of OP Units </link:label>

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<link:label id="lab_doc_BusinessCombinationConsiderationTransferredPreferredShares_2276D88E89ED8FA8ED914966C8ECA005_negatedLabel_en-US" xlink:label="lab_doc_BusinessCombinationConsiderationTransferredPreferredShares_2276D88E89ED8FA8ED914966C8ECA005" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Issuance of Series A Preferred Units </link:label>

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<link:label id="lab_doc_BusinessCombinationConsiderationTransferredPreferredShares_2276D88E89ED8FA8ED914966C8ECA005_documentation_en-US" xlink:label="lab_doc_BusinessCombinationConsiderationTransferredPreferredShares_2276D88E89ED8FA8ED914966C8ECA005" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount of preferred shares of the acquirer, including instruments or interests issued in consideration for the business combination. </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_F442CB701105515736A74966C8EC502D_negatedLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_F442CB701105515736A74966C8EC502D" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interest </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net assets acquired </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_EA46284470D7CE3151B54966C8EC9CE3" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of future minimum lease obligations under non-cancelable ground leases </link:label>

<link:label id="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5" xlink:to="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_F1D661CAF746F11C448433892D7943D5" xlink:type="arc"/>

<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amortization expense related to in-place leases </link:label>

<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization of Intangible Assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets_51019047C947FBE5ABA9334AAC86FFB1" xlink:type="arc"/>

<link:label id="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992_terseLabel_en-US" xlink:label="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Decrease of rental income </link:label>

<link:label id="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992_label_en-US" xlink:label="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reduction in Rental Revenue from Amortization of Intangible Assets </link:label>

<link:label id="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992_documentation_en-US" xlink:label="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents amount of reduction in rental revenue from amortization of market lease intangibles. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets" xlink:label="loc_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:to="lab_doc_ReductionInRentalRevenueFromAmortizationOfIntangibleAssets_6C5ECF5E656563D867DB334AAC860992" xlink:type="arc"/>

<link:label id="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064_terseLabel_en-US" xlink:label="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Increase of rental income </link:label>

<link:label id="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064_label_en-US" xlink:label="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase In Rental Income From Amortization of Intangible Leases </link:label>

<link:label id="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064_documentation_en-US" xlink:label="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents amount of increase in rental revenue from amortization of intangible leases. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases" xlink:label="loc_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:to="lab_doc_IncreaseInRentalIncomeFromAmortizationOfIntangibleLeases_9CDC3A7198F7BE15D862334AAC86E064" xlink:type="arc"/>

<link:label id="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806_terseLabel_en-US" xlink:label="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Decrease (increase) of operating expense </link:label>

<link:label id="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806_label_en-US" xlink:label="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Decrease Increase Of Operating Expense Related To Intangible Leases </link:label>

<link:label id="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806_documentation_en-US" xlink:label="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of decrease (increase) of operating expense related to intangible leases. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases" xlink:label="loc_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:to="lab_doc_DecreaseIncreaseOfOperatingExpenseRelatedToIntangibleLeases_7F9FBCA3D90CD4FB5727334AAC87D806" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncomeStatementAbstract_E5FE9C81CE239CD30AF76DE4E12B5A3B_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract_E5FE9C81CE239CD30AF76DE4E12B5A3B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Income Statement [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_E5FE9C81CE239CD30AF76DE4E12B5A3B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract_E5FE9C81CE239CD30AF76DE4E12B5A3B" xlink:to="lab_us-gaap_IncomeStatementAbstract_E5FE9C81CE239CD30AF76DE4E12B5A3B" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Revenues: </link:label>

<link:label id="lab_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF_label_en-US" xlink:label="lab_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Revenue, Net [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateRevenueNetAbstract" xlink:label="loc_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF" xlink:to="lab_us-gaap_RealEstateRevenueNetAbstract_5C560EA0FE383DAA05376DE4E12E95FF" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Rental revenues </link:label>

<link:label id="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Leases, Income Statement, Lease Revenue </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="loc_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E" xlink:to="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_F2E9B0065CC37411F5896DE4E12F939E" xlink:type="arc"/>

<link:label id="lab_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423_terseLabel_en-US" xlink:label="lab_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Expense recoveries </link:label>

<link:label id="lab_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423_label_en-US" xlink:label="lab_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Tenant Reimbursements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="loc_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423" xlink:to="lab_us-gaap_TenantReimbursements_122AC30444E40E1E3B806DE4E130A423" xlink:type="arc"/>

<link:label id="lab_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Interest income on real estate loans and other </link:label>

<link:label id="lab_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Income, Operating </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A" xlink:to="lab_us-gaap_InterestIncomeOperating_0E79FBDB575DDDB2B1636DE4E130BC0A" xlink:type="arc"/>

<link:label id="lab_us-gaap_RealEstateRevenueNet_4FB4B0FECFE78CDE47436DE4E130009B_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateRevenueNet_4FB4B0FECFE78CDE47436DE4E130009B" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total revenues </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="loc_us-gaap_RealEstateRevenueNet_4FB4B0FECFE78CDE47436DE4E130009B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateRevenueNet_4FB4B0FECFE78CDE47436DE4E130009B" xlink:to="lab_us-gaap_RealEstateRevenueNet_4FB4B0FECFE78CDE47436DE4E130009B" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Expenses: </link:label>

<link:label id="lab_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D_label_en-US" xlink:label="lab_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Expenses [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="loc_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D" xlink:to="lab_us-gaap_OperatingExpensesAbstract_53AD53E94CCE5C45D1E76DE4E130028D" xlink:type="arc"/>

<link:label id="lab_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Interest expense </link:label>

<link:label id="lab_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF_label_en-US" xlink:label="lab_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Expense </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF" xlink:to="lab_us-gaap_InterestExpense_C4FFBE62C3ABA0B8C97D6DE4E130D4AF" xlink:type="arc"/>

<link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_26ABE02996E56347460C6DE4E130C31B_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense_26ABE02996E56347460C6DE4E130C31B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> General and administrative </link:label>

<link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_26ABE02996E56347460C6DE4E130C31B_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense_26ABE02996E56347460C6DE4E130C31B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> General and Administrative Expense </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_26ABE02996E56347460C6DE4E130C31B" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9_terseLabel_en-US" xlink:label="lab_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Operating expenses </link:label>

<link:label id="lab_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9_label_en-US" xlink:label="lab_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Direct Costs of Leased and Rented Property or Equipment </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9" xlink:to="lab_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_45E787D62971048C7FD96DE4E1305CB9" xlink:type="arc"/>

<link:label id="lab_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Depreciation and amortization </link:label>

<link:label id="lab_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA_label_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Depreciation, Depletion and Amortization, Nonproduction </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA" xlink:to="lab_us-gaap_DepreciationAndAmortization_BFA7C0F8159640F7EEDD6DE4E13041DA" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquisition expenses </link:label>

<link:label id="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Acquisition Related Costs </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:label="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38" xlink:to="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_64AC90E14951F68EB1726DE4E130DC38" xlink:type="arc"/>

<link:label id="lab_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Impairment loss </link:label>

<link:label id="lab_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Impairment of Real Estate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfRealEstate" xlink:label="loc_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387" xlink:to="lab_us-gaap_ImpairmentOfRealEstate_3620D2CE9B0972ADCE676DE4E130F387" xlink:type="arc"/>

<link:label id="lab_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total expenses </link:label>

<link:label id="lab_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70_label_en-US" xlink:label="lab_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operating Expenses </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70" xlink:to="lab_us-gaap_OperatingExpenses_997E1D23A3B61DFFE8946DE4E131AD70" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_82A7118BDDC9B9E53D9C6DE4E1315DB3_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_82A7118BDDC9B9E53D9C6DE4E1315DB3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Income (loss) before equity in income of unconsolidated entities and gain on sale of investment properties: </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_82A7118BDDC9B9E53D9C6DE4E1315DB3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_82A7118BDDC9B9E53D9C6DE4E1315DB3" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_82A7118BDDC9B9E53D9C6DE4E1315DB3" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity in income of unconsolidated entities </link:label>

<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Income (Loss) from Equity Method Investments </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD" xlink:to="lab_us-gaap_IncomeLossFromEquityMethodInvestments_88E8CB6035F9ECF7C3F96DE4E131F2BD" xlink:type="arc"/>

<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gain on sale of investment properties </link:label>

<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594_label_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Gain (Loss) on Disposition of Assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets1" xlink:label="loc_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594" xlink:to="lab_us-gaap_GainLossOnDispositionOfAssets1_FEEBFC727E6DB38E91716DE4E1311594" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProfitLoss_5EE43B7F94AE3CD9E9556DE4E13165B3_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss_5EE43B7F94AE3CD9E9556DE4E13165B3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_5EE43B7F94AE3CD9E9556DE4E13165B3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss_5EE43B7F94AE3CD9E9556DE4E13165B3" xlink:to="lab_us-gaap_ProfitLoss_5EE43B7F94AE3CD9E9556DE4E13165B3" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net (income) loss attributable to noncontrolling interests: </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterestAbstract_C3BF2793219F4A34E1CB6DE4E131EE7A" xlink:type="arc"/>

<link:label id="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90_totalLabel_en-US" xlink:label="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) attributable to controlling interest </link:label>

<link:label id="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90_label_en-US" xlink:label="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income Loss Attributable To Controlling Interest </link:label>

<link:label id="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90_documentation_en-US" xlink:label="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The portion of net income or loss attributable to the controlling interest. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NetIncomeLossAttributableToControllingInterest" xlink:label="loc_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:to="lab_doc_NetIncomeLossAttributableToControllingInterest_B2FE8186791E7CBE38116DE4E1319A90" xlink:type="arc"/>

<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_97EF620652376005A5D36DE4E131614A_negatedLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_97EF620652376005A5D36DE4E131614A" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Preferred distributions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments_97EF620652376005A5D36DE4E131614A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments_97EF620652376005A5D36DE4E131614A" xlink:to="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_97EF620652376005A5D36DE4E131614A" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net loss attributable to common unitholders </link:label>

<link:label id="lab_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Attributable to Parent </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349" xlink:to="lab_us-gaap_NetIncomeLoss_54B7E46E81AC0E243D316DE4E1328349" xlink:type="arc"/>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_EBB9F89AE268F8C19B356DE4E1327C50_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_EBB9F89AE268F8C19B356DE4E1327C50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) per share: </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_EBB9F89AE268F8C19B356DE4E1327C50" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedAbstract_EBB9F89AE268F8C19B356DE4E1327C50" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedAbstract_EBB9F89AE268F8C19B356DE4E1327C50" xlink:type="arc"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common shares: </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_4CCA7239EDF8231797086DE4E1322141" xlink:type="arc"/>

<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_DFBAB55B821CEDB545BD6DE4E1325673_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared_DFBAB55B821CEDB545BD6DE4E1325673" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Dividends and distributions declared per common share and OP unit (in dollars per share) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_DFBAB55B821CEDB545BD6DE4E1325673" xlink:type="locator"/>

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<link:label id="lab_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Earnings per unit: </link:label>

<link:label id="lab_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990_label_en-US" xlink:label="lab_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Earnings Per Unit [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerUnitAbstract" xlink:label="loc_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990" xlink:to="lab_us-gaap_EarningsPerUnitAbstract_E3F4C66789B2B1BE55906DE4E132F990" xlink:type="arc"/>

<link:label id="lab_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372_terseLabel_en-US" xlink:label="lab_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Distributions declared per common OP Unit (in dollars per share) </link:label>

<link:label id="lab_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372_label_en-US" xlink:label="lab_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Distributions Per Limited Partnership Unit Outstanding, Basic </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding" xlink:label="loc_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372" xlink:to="lab_us-gaap_DistributionsPerLimitedPartnershipUnitOutstanding_039ADA36D4E78F1E31D66DE4E1334372" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net loss per unit (in dollars per share) </link:label>

<link:label id="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted" xlink:label="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A" xlink:to="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted_C51F45F0068C6CAC6B826DE4E1331B5A" xlink:type="arc"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Weighted average common units (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted" xlink:label="loc_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF" xlink:to="lab_us-gaap_WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted_7C64BF3F919C274AF3166DE4E133B0CF" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net income (loss) attributable to redeemable noncontrolling interest </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Income (Loss) Attributable to Redeemable Noncontrolling Interest </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26" xlink:to="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_9B15D06C492F41F990746DE4E133AC26" xlink:type="arc"/>

<link:label id="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74_terseLabel_en-US" xlink:label="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Tinseltown - Loan Draws </link:label>

<link:label id="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74_label_en-US" xlink:label="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Tinseltown - Loan Draws [Member] </link:label>

<link:label id="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74_documentation_en-US" xlink:label="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tinseltown - Loan Draws </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TinseltownLoanDrawsMember" xlink:label="loc_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:to="lab_doc_TinseltownLoanDrawsMember_9FA478A5A9F59C63487B6DFB05EA0C74" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE_terseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB, Suite 380, Elgin, IL [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE_label_en-US" xlink:label="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randall Road MOB, Suite 380, Elgin, IL [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE_documentation_en-US" xlink:label="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Randall Road MOB, Suite 380, Elgin, IL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBSuite380ElginILMember" xlink:label="loc_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:to="lab_doc_RandallRoadMOBSuite380ElginILMember_F0CE0442DCC71D02EF166DFB05EA8FFE" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Davis, Minnetonka, MN [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D_label_en-US" xlink:label="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Davis, Minnetonka, MN [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D_documentation_en-US" xlink:label="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Mezzanine Loan - Davis, Minnetonka, MN. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanDavisMinnetonkaMNMember" xlink:label="loc_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:to="lab_doc_MezzanineLoanDavisMinnetonkaMNMember_3AF796294985B9F9F9DF6DFB05EA602D" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19_terseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB, Suite 160, Elgin, IL [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19_label_en-US" xlink:label="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randall Road MOB, Suite 160, Elgin, IL [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19_documentation_en-US" xlink:label="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to Randall Road MOB, Suite 160, Elgin, IL. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBSuite160ElginILMember" xlink:label="loc_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:to="lab_doc_RandallRoadMOBSuite160ElginILMember_3CF4322659211F1254846DFB05EB3B19" xlink:type="arc"/>

<link:label id="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE_terseLabel_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Gardendale Surgery Center [Member] </link:label>

<link:label id="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE_label_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Gardendale Surgery Center [Member] </link:label>

<link:label id="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE_documentation_en-US" xlink:label="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Gardendale Surgery Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GardendaleSurgeryCenterMember" xlink:label="loc_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:to="lab_doc_GardendaleSurgeryCenterMember_C1377DCBD514020875DE6DFB05ECC2FE" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Catalyst [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E_label_en-US" xlink:label="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Catalyst [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E_documentation_en-US" xlink:label="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Catalyst [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanCatalystMember" xlink:label="loc_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:to="lab_doc_MezzanineLoanCatalystMember_A99BF04CD7783960EC9D6DFB05F15D5E" xlink:type="arc"/>

<link:label id="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543_terseLabel_en-US" xlink:label="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real Estate Loan - El Paso [Member] </link:label>

<link:label id="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543_label_en-US" xlink:label="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Real Estate Loan - El Paso [Member] </link:label>

<link:label id="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543_documentation_en-US" xlink:label="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Real Estate Loan - El Paso </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RealEstateLoanElPasoMember" xlink:label="loc_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:to="lab_doc_RealEstateLoanElPasoMember_9A2E38E00CD01AD6780B6DFB05F22543" xlink:type="arc"/>

<link:label id="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B_terseLabel_en-US" xlink:label="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Equity Buyout - Foundation [Member] </link:label>

<link:label id="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B_label_en-US" xlink:label="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Buyout - Foundation [Member] </link:label>

<link:label id="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B_documentation_en-US" xlink:label="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Equity Buyout - Foundation [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EquityBuyoutFoundationMember" xlink:label="loc_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:to="lab_doc_EquityBuyoutFoundationMember_908C3A294258C983FF4B6DFB05F2761B" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Hazelwood MOB [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC_label_en-US" xlink:label="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Hazelwood MOB [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC_documentation_en-US" xlink:label="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Hazelwood MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanHazelwoodMOBMember" xlink:label="loc_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:to="lab_doc_MezzanineLoanHazelwoodMOBMember_4C337F38FE1A52F480DF6DFB05F207BC" xlink:type="arc"/>

<link:label id="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA_terseLabel_en-US" xlink:label="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jackson, Tennessee Land Purchase [Member] </link:label>

<link:label id="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA_label_en-US" xlink:label="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Jackson, Tennessee Land Purchase [Member] </link:label>

<link:label id="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA_documentation_en-US" xlink:label="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Jackson, Tennessee Land Purchase [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JacksonTennesseeLandPurchaseMember" xlink:label="loc_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:to="lab_doc_JacksonTennesseeLandPurchaseMember_3BA76A3ECE81FD26B9156DFB05F27FBA" xlink:type="arc"/>

<link:label id="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9_terseLabel_en-US" xlink:label="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Unity Portfolio [Member] </link:label>

<link:label id="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9_label_en-US" xlink:label="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Unity Portfolio [Member] </link:label>

<link:label id="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9_documentation_en-US" xlink:label="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Unity Portfolio </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnityPortfolioMember" xlink:label="loc_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:to="lab_doc_UnityPortfolioMember_FB69781663A57E24C1996DFB05F218D9" xlink:type="arc"/>

<link:label id="lab_doc_GreatFallsClinicMOBMember_45C7C934EB48F4454D556DFB05F2DF37_terseLabel_en-US" xlink:label="lab_doc_GreatFallsClinicMOBMember_45C7C934EB48F4454D556DFB05F2DF37" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Great Falls Clinic MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_GreatFallsClinicMOBMember" xlink:label="loc_doc_GreatFallsClinicMOBMember_45C7C934EB48F4454D556DFB05F2DF37" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_GreatFallsClinicMOBMember_45C7C934EB48F4454D556DFB05F2DF37" xlink:to="lab_doc_GreatFallsClinicMOBMember_45C7C934EB48F4454D556DFB05F2DF37" xlink:type="arc"/>

<link:label id="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E_terseLabel_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital MOB [Member] </link:label>

<link:label id="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E_label_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital MOB [Member] </link:label>

<link:label id="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E_documentation_en-US" xlink:label="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Doctors Community Hospital MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DoctorsCommunityHospitalMOBMember" xlink:label="loc_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:to="lab_doc_DoctorsCommunityHospitalMOBMember_8686F82A7B9A960F31966DFB05F3721E" xlink:type="arc"/>

<link:label id="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645_terseLabel_en-US" xlink:label="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Northwest Michigan Surgery Center Units 1 & 2 [Member] </link:label>

<link:label id="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645_label_en-US" xlink:label="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Northwest Michigan Surgery Center Units 1 & 2 [Member] </link:label>

<link:label id="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645_documentation_en-US" xlink:label="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Northwest Michigan Surgery Center Units 1 & 2 </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthwestMichiganSurgeryCenterUnits12Member" xlink:label="loc_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:to="lab_doc_NorthwestMichiganSurgeryCenterUnits12Member_D887A62DC031C71226446DFB05F34645" xlink:type="arc"/>

<link:label id="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA_terseLabel_en-US" xlink:label="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> United Surgical Partners J.V. </link:label>

<link:label id="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA_label_en-US" xlink:label="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> United Surgical Partners J.V. [Member] </link:label>

<link:label id="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA_documentation_en-US" xlink:label="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> United Surgical Partners J.V. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UnitedSurgicalPartnersJ.V.Member" xlink:label="loc_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:to="lab_doc_UnitedSurgicalPartnersJ.V.Member_5BE8D867D2C47894D7236DFB05F3B6AA" xlink:type="arc"/>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9_terseLabel_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Unit 4 [Member] </link:label>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9_label_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Unit 4 [Member] </link:label>

<link:label id="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9_documentation_en-US" xlink:label="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> N.W. Michigan Surgery Center Unit 4 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_N.W.MichiganSurgeryCenterUnit4Member" xlink:label="loc_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:to="lab_doc_N.W.MichiganSurgeryCenterUnit4Member_B1E1610C5F9B1F12F2746DFB05F316C9" xlink:type="arc"/>

<link:label id="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2_terseLabel_en-US" xlink:label="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Syracuse Portfolio [Member] </link:label>

<link:label id="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2_label_en-US" xlink:label="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Syracuse Portfolio [Member] </link:label>

<link:label id="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2_documentation_en-US" xlink:label="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Syracuse Portfolio </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SyracusePortfolioMember" xlink:label="loc_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:to="lab_doc_SyracusePortfolioMember_2C2A184A55AF013FD97B6DFB05F325F2" xlink:type="arc"/>

<link:label id="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE_terseLabel_en-US" xlink:label="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Curie Building Loan [Member] </link:label>

<link:label id="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE_label_en-US" xlink:label="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Curie Building Loan [Member] </link:label>

<link:label id="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE_documentation_en-US" xlink:label="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Curie Building Loan [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CurieBuildingLoanMember" xlink:label="loc_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:to="lab_doc_CurieBuildingLoanMember_1D8DB3296C00CD759B376DFB05F40DFE" xlink:type="arc"/>

<link:label id="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A_terseLabel_en-US" xlink:label="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest Buyout - Great Falls Clinic [Member] </link:label>

<link:label id="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A_label_en-US" xlink:label="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest Buyout - Great Falls Clinic [Member] </link:label>

<link:label id="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A_documentation_en-US" xlink:label="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest Buyout - Great Falls Clinic [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncontrollingInterestBuyoutGreatFallsClinicMember" xlink:label="loc_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:to="lab_doc_NoncontrollingInterestBuyoutGreatFallsClinicMember_DACF58BA2DF9C35A7F8A6DFB05F4BA5A" xlink:type="arc"/>

<link:label id="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223_terseLabel_en-US" xlink:label="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Flower Mound Portfolio [Member] </link:label>

<link:label id="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223_label_en-US" xlink:label="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Flower Mound Portfolio [Member] </link:label>

<link:label id="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223_documentation_en-US" xlink:label="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Flower Mound Portfolio [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FlowerMoundPortfolioMember" xlink:label="loc_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:to="lab_doc_FlowerMoundPortfolioMember_50AB1837B5747BD708506DFB05F4E223" xlink:type="arc"/>

<link:label id="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_A80EF2384EA52F61F4096DFB05F589DC_terseLabel_en-US" xlink:label="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_A80EF2384EA52F61F4096DFB05F589DC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> West Tennessee Bone & Joint 1 MOB 1 ASC </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_WestTnBoneJointPhysiciansDriveJacksonTnMember" xlink:label="loc_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_A80EF2384EA52F61F4096DFB05F589DC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_A80EF2384EA52F61F4096DFB05F589DC" xlink:to="lab_doc_WestTnBoneJointPhysiciansDriveJacksonTnMember_A80EF2384EA52F61F4096DFB05F589DC" xlink:type="arc"/>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1_terseLabel_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Physicians Medical Plaza MOB [Member] </link:label>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1_label_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Physicians Medical Plaza MOB [Member] </link:label>

<link:label id="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1_documentation_en-US" xlink:label="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Physicians Medical Plaza MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PhysiciansMedicalPlazaMOBMember" xlink:label="loc_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:to="lab_doc_PhysiciansMedicalPlazaMOBMember_B41A94909B9DCEC833C76DFB05F5A7D1" xlink:type="arc"/>

<link:label id="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19_terseLabel_en-US" xlink:label="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Foundation Healthcare [Member] </link:label>

<link:label id="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19_label_en-US" xlink:label="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Foundation Healthcare [Member] </link:label>

<link:label id="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19_documentation_en-US" xlink:label="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Foundation Healthcare </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FoundationHealthcareMember" xlink:label="loc_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:to="lab_doc_FoundationHealthcareMember_47A9382308261FF4DB556DFB05F54A19" xlink:type="arc"/>

<link:label id="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E_terseLabel_en-US" xlink:label="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Acquisition costs capitalized </link:label>

<link:label id="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E_label_en-US" xlink:label="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition Cost of Acquired Entity Transaction Costs Capitalized </link:label>

<link:label id="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E_documentation_en-US" xlink:label="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount of direct costs of the business combination capitalized including legal, accounting, and other costs incurred to consummate the business acquisition. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized" xlink:label="loc_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:to="lab_doc_BusinessAcquisitionCostOfAcquiredEntityTransactionCostsCapitalized_FCFB1F65743A9339C5B86DFB05F5861E" xlink:type="arc"/>

<link:label id="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD_terseLabel_en-US" xlink:label="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interest, increase from business combination, percent </link:label>

<link:label id="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD_label_en-US" xlink:label="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Increase from Business Combination, Percent </link:label>

<link:label id="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD_documentation_en-US" xlink:label="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount of percentage increase in noncontrolling interest from a business combination. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent" xlink:label="loc_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:to="lab_doc_NoncontrollingInterestIncreasefromBusinessCombinationPercent_A49479ECB6F2B8D622C66DFB05F6A3DD" xlink:type="arc"/>

<link:label id="lab_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of real estate properties </link:label>

<link:label id="lab_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730_label_en-US" xlink:label="lab_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Real Estate Properties </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="loc_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730" xlink:to="lab_us-gaap_NumberOfRealEstateProperties_5857865E8EB3226ABF416DFB05F69730" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncontrolling interest, ownership percentage by parent </link:label>

<link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B_label_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Ownership Percentage by Parent </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_1ACBA7DFEC70F53FBC3A6DFB05F6951B" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Percentage of interest acquired </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Percentage of Voting Interests Acquired </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:label="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754" xlink:to="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_86242F5E4E8FF13298076DFB05F69754" xlink:type="arc"/>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379_terseLabel_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Secured loans on real estate, loan amount </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379_label_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Loan Amount </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379_documentation_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Loan Amount </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SecuredLoansonRealEstateLoanAmount" xlink:label="loc_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:to="lab_doc_SecuredLoansonRealEstateLoanAmount_93863BE301380D3278846DFB05F65379" xlink:type="arc"/>

<link:label id="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00_terseLabel_en-US" xlink:label="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Properties [Member] </link:label>

<link:label id="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00_label_en-US" xlink:label="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Properties [Member] </link:label>

<link:label id="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00_documentation_en-US" xlink:label="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Properties [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PropertiesMember" xlink:label="loc_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:to="lab_doc_PropertiesMember_356FCB691721BAE25C865CC740BCAC00" xlink:type="arc"/>

<link:label id="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2_terseLabel_en-US" xlink:label="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Minnesota Portfolio </link:label>

<link:label id="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2_label_en-US" xlink:label="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Minnesota Portfolio [Member] </link:label>

<link:label id="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2_documentation_en-US" xlink:label="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Minnesota Portfolio [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinnesotaPortfolioMember" xlink:label="loc_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:to="lab_doc_MinnesotaPortfolioMember_57CFED6CABF25D5849495CC740BCE5D2" xlink:type="arc"/>

<link:label id="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_3DF49D8D4FED58E12ECC5CC740BCC8B2_terseLabel_en-US" xlink:label="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_3DF49D8D4FED58E12ECC5CC740BCC8B2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Edina MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_EdinaMedicalOfficeBuildingEdinaMNMember" xlink:label="loc_doc_EdinaMedicalOfficeBuildingEdinaMNMember_3DF49D8D4FED58E12ECC5CC740BCC8B2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_EdinaMedicalOfficeBuildingEdinaMNMember_3DF49D8D4FED58E12ECC5CC740BCC8B2" xlink:to="lab_doc_EdinaMedicalOfficeBuildingEdinaMNMember_3DF49D8D4FED58E12ECC5CC740BCC8B2" xlink:type="arc"/>

<link:label id="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_87863864E95AD751714D5CC740BC726B_terseLabel_en-US" xlink:label="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_87863864E95AD751714D5CC740BC726B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Crystal MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CrystalMedicalOfficeBuildingCrystalMNMember" xlink:label="loc_doc_CrystalMedicalOfficeBuildingCrystalMNMember_87863864E95AD751714D5CC740BC726B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CrystalMedicalOfficeBuildingCrystalMNMember_87863864E95AD751714D5CC740BC726B" xlink:to="lab_doc_CrystalMedicalOfficeBuildingCrystalMNMember_87863864E95AD751714D5CC740BC726B" xlink:type="arc"/>

<link:label id="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_4B7164F86A1AC9A7155A5CC740BC97D6_terseLabel_en-US" xlink:label="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_4B7164F86A1AC9A7155A5CC740BC97D6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Savage MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SavageMedicalOfficeBuildingSavageMNMember" xlink:label="loc_doc_SavageMedicalOfficeBuildingSavageMNMember_4B7164F86A1AC9A7155A5CC740BC97D6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SavageMedicalOfficeBuildingSavageMNMember_4B7164F86A1AC9A7155A5CC740BC97D6" xlink:to="lab_doc_SavageMedicalOfficeBuildingSavageMNMember_4B7164F86A1AC9A7155A5CC740BC97D6" xlink:type="arc"/>

<link:label id="lab_doc_DellRoadMOBMember_245A7917FFD9B9220D0E5CC740BD516A_terseLabel_en-US" xlink:label="lab_doc_DellRoadMOBMember_245A7917FFD9B9220D0E5CC740BD516A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Dell Road MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_DellRoadMOBMember" xlink:label="loc_doc_DellRoadMOBMember_245A7917FFD9B9220D0E5CC740BD516A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_DellRoadMOBMember_245A7917FFD9B9220D0E5CC740BD516A" xlink:to="lab_doc_DellRoadMOBMember_245A7917FFD9B9220D0E5CC740BD516A" xlink:type="arc"/>

<link:label id="lab_doc_VadnaisHeightsMOBMember_52FDC1AA114D3B7E58AE5CC740BD3700_terseLabel_en-US" xlink:label="lab_doc_VadnaisHeightsMOBMember_52FDC1AA114D3B7E58AE5CC740BD3700" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Vadnais Heights MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_VadnaisHeightsMOBMember" xlink:label="loc_doc_VadnaisHeightsMOBMember_52FDC1AA114D3B7E58AE5CC740BD3700" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_VadnaisHeightsMOBMember_52FDC1AA114D3B7E58AE5CC740BD3700" xlink:to="lab_doc_VadnaisHeightsMOBMember_52FDC1AA114D3B7E58AE5CC740BD3700" xlink:type="arc"/>

<link:label id="lab_doc_JamestownMOBMember_5AC9646B216DDABE88665CC740BD01A5_terseLabel_en-US" xlink:label="lab_doc_JamestownMOBMember_5AC9646B216DDABE88665CC740BD01A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jamestown MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JamestownMOBMember" xlink:label="loc_doc_JamestownMOBMember_5AC9646B216DDABE88665CC740BD01A5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JamestownMOBMember_5AC9646B216DDABE88665CC740BD01A5" xlink:to="lab_doc_JamestownMOBMember_5AC9646B216DDABE88665CC740BD01A5" xlink:type="arc"/>

<link:label id="lab_doc_MinnesotaEyeMOBMember_542F07AD412312BFA1E15CC740BD68CA_terseLabel_en-US" xlink:label="lab_doc_MinnesotaEyeMOBMember_542F07AD412312BFA1E15CC740BD68CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Minnesota Eye MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MinnesotaEyeMOBMember" xlink:label="loc_doc_MinnesotaEyeMOBMember_542F07AD412312BFA1E15CC740BD68CA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MinnesotaEyeMOBMember_542F07AD412312BFA1E15CC740BD68CA" xlink:to="lab_doc_MinnesotaEyeMOBMember_542F07AD412312BFA1E15CC740BD68CA" xlink:type="arc"/>

<link:label id="lab_doc_ColumbusMOBMember_DC5019479F06480D29E45CC740BD0853_terseLabel_en-US" xlink:label="lab_doc_ColumbusMOBMember_DC5019479F06480D29E45CC740BD0853" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Columbus MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ColumbusMOBMember" xlink:label="loc_doc_ColumbusMOBMember_DC5019479F06480D29E45CC740BD0853" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ColumbusMOBMember_DC5019479F06480D29E45CC740BD0853" xlink:to="lab_doc_ColumbusMOBMember_DC5019479F06480D29E45CC740BD0853" xlink:type="arc"/>

<link:label id="lab_doc_MethodistSportsMOBMember_7E4BD43D1FC1DEE897225CC740BD6BCA_terseLabel_en-US" xlink:label="lab_doc_MethodistSportsMOBMember_7E4BD43D1FC1DEE897225CC740BD6BCA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Methodist Sports MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MethodistSportsMOBMember" xlink:label="loc_doc_MethodistSportsMOBMember_7E4BD43D1FC1DEE897225CC740BD6BCA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MethodistSportsMOBMember_7E4BD43D1FC1DEE897225CC740BD6BCA" xlink:to="lab_doc_MethodistSportsMOBMember_7E4BD43D1FC1DEE897225CC740BD6BCA" xlink:type="arc"/>

<link:label id="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018_terseLabel_en-US" xlink:label="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Indianapolis South (4 MOBs) </link:label>

<link:label id="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018_label_en-US" xlink:label="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Indianapolis South (4 MOBS) [Member] </link:label>

<link:label id="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018_documentation_en-US" xlink:label="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Indianapolis South (4 MOBS) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IndianapolisSouth4MOBSMember" xlink:label="loc_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:to="lab_doc_IndianapolisSouth4MOBSMember_4AE516674374F434A7FA5CC740BDE018" xlink:type="arc"/>

<link:label id="lab_doc_BaylorCancerCenterMember_C990D21241B47F83A17D5CC740BD7728_terseLabel_en-US" xlink:label="lab_doc_BaylorCancerCenterMember_C990D21241B47F83A17D5CC740BD7728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Baylor Cancer Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BaylorCancerCenterMember" xlink:label="loc_doc_BaylorCancerCenterMember_C990D21241B47F83A17D5CC740BD7728" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BaylorCancerCenterMember_C990D21241B47F83A17D5CC740BD7728" xlink:to="lab_doc_BaylorCancerCenterMember_C990D21241B47F83A17D5CC740BD7728" xlink:type="arc"/>

<link:label id="lab_doc_BridgeportMedicalCenterMember_EC823D52C5D8EABB735A5CC740BDE8E6_terseLabel_en-US" xlink:label="lab_doc_BridgeportMedicalCenterMember_EC823D52C5D8EABB735A5CC740BDE8E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Bridgeport Medical Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BridgeportMedicalCenterMember" xlink:label="loc_doc_BridgeportMedicalCenterMember_EC823D52C5D8EABB735A5CC740BDE8E6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BridgeportMedicalCenterMember_EC823D52C5D8EABB735A5CC740BDE8E6" xlink:to="lab_doc_BridgeportMedicalCenterMember_EC823D52C5D8EABB735A5CC740BDE8E6" xlink:type="arc"/>

<link:label id="lab_doc_RenaissanceOfficeBuildingMember_95E598745B017AC9AC1A5CC740BDC248_terseLabel_en-US" xlink:label="lab_doc_RenaissanceOfficeBuildingMember_95E598745B017AC9AC1A5CC740BDC248" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Renaissance Office Building </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RenaissanceOfficeBuildingMember" xlink:label="loc_doc_RenaissanceOfficeBuildingMember_95E598745B017AC9AC1A5CC740BDC248" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RenaissanceOfficeBuildingMember_95E598745B017AC9AC1A5CC740BDC248" xlink:to="lab_doc_RenaissanceOfficeBuildingMember_95E598745B017AC9AC1A5CC740BDC248" xlink:type="arc"/>

<link:label id="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883_terseLabel_en-US" xlink:label="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> University of Rochester Strong Memorial Portfolio (5 MOBs) </link:label>

<link:label id="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883_label_en-US" xlink:label="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> University of Rochester Strong Memorial Portfolio (5 MOBs) [Member] </link:label>

<link:label id="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883_documentation_en-US" xlink:label="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> University of Rochester Strong Memorial Portfolio (5 MOBs) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember" xlink:label="loc_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:to="lab_doc_UniversityofRochesterStrongMemorialPortfolio5MOBsMember_63C2B9E0FCC0E10761FD5CC740BD8883" xlink:type="arc"/>

<link:label id="lab_doc_AvalonParkFloridaHospitalMOBMember_1D91FA5DDB7BF6C334745CC740BD3E0C_terseLabel_en-US" xlink:label="lab_doc_AvalonParkFloridaHospitalMOBMember_1D91FA5DDB7BF6C334745CC740BD3E0C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Avalon Park Florida Hospital MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AvalonParkFloridaHospitalMOBMember" xlink:label="loc_doc_AvalonParkFloridaHospitalMOBMember_1D91FA5DDB7BF6C334745CC740BD3E0C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AvalonParkFloridaHospitalMOBMember_1D91FA5DDB7BF6C334745CC740BD3E0C" xlink:to="lab_doc_AvalonParkFloridaHospitalMOBMember_1D91FA5DDB7BF6C334745CC740BD3E0C" xlink:type="arc"/>

<link:label id="lab_doc_PremierSurgeryCenterofLouisvilleMember_05437D7B257007C296F85CC740BD5404_terseLabel_en-US" xlink:label="lab_doc_PremierSurgeryCenterofLouisvilleMember_05437D7B257007C296F85CC740BD5404" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Premier Surgery Center of Louisville </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PremierSurgeryCenterofLouisvilleMember" xlink:label="loc_doc_PremierSurgeryCenterofLouisvilleMember_05437D7B257007C296F85CC740BD5404" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PremierSurgeryCenterofLouisvilleMember_05437D7B257007C296F85CC740BD5404" xlink:to="lab_doc_PremierSurgeryCenterofLouisvilleMember_05437D7B257007C296F85CC740BD5404" xlink:type="arc"/>

<link:label id="lab_doc_BatonRougeMOBMember_CDB1B60D1658B944B3FC5CC740BD74AC_terseLabel_en-US" xlink:label="lab_doc_BatonRougeMOBMember_CDB1B60D1658B944B3FC5CC740BD74AC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Baton Rouge MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BatonRougeMOBMember" xlink:label="loc_doc_BatonRougeMOBMember_CDB1B60D1658B944B3FC5CC740BD74AC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BatonRougeMOBMember_CDB1B60D1658B944B3FC5CC740BD74AC" xlink:to="lab_doc_BatonRougeMOBMember_CDB1B60D1658B944B3FC5CC740BD74AC" xlink:type="arc"/>

<link:label id="lab_doc_HealthparkMedicalCenterMember_631E50ED27A0E622B2D85CC740BD9BB1_terseLabel_en-US" xlink:label="lab_doc_HealthparkMedicalCenterMember_631E50ED27A0E622B2D85CC740BD9BB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Healthpark Medical Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HealthparkMedicalCenterMember" xlink:label="loc_doc_HealthparkMedicalCenterMember_631E50ED27A0E622B2D85CC740BD9BB1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HealthparkMedicalCenterMember_631E50ED27A0E622B2D85CC740BD9BB1" xlink:to="lab_doc_HealthparkMedicalCenterMember_631E50ED27A0E622B2D85CC740BD9BB1" xlink:type="arc"/>

<link:label id="lab_doc_PlazaHCAMOBMember_D5C8A7C313663E1DD8EB5CC740BDEE82_terseLabel_en-US" xlink:label="lab_doc_PlazaHCAMOBMember_D5C8A7C313663E1DD8EB5CC740BDEE82" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Plaza HCA MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PlazaHCAMOBMember" xlink:label="loc_doc_PlazaHCAMOBMember_D5C8A7C313663E1DD8EB5CC740BDEE82" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PlazaHCAMOBMember_D5C8A7C313663E1DD8EB5CC740BDEE82" xlink:to="lab_doc_PlazaHCAMOBMember_D5C8A7C313663E1DD8EB5CC740BDEE82" xlink:type="arc"/>

<link:label id="lab_doc_NorthernOhioMedicalCenterMember_5DA4B3520818CE7CC1B55CC740BD7BAC_terseLabel_en-US" xlink:label="lab_doc_NorthernOhioMedicalCenterMember_5DA4B3520818CE7CC1B55CC740BD7BAC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Northern Ohio Medical Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NorthernOhioMedicalCenterMember" xlink:label="loc_doc_NorthernOhioMedicalCenterMember_5DA4B3520818CE7CC1B55CC740BD7BAC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NorthernOhioMedicalCenterMember_5DA4B3520818CE7CC1B55CC740BD7BAC" xlink:to="lab_doc_NorthernOhioMedicalCenterMember_5DA4B3520818CE7CC1B55CC740BD7BAC" xlink:type="arc"/>

<link:label id="lab_doc_UniversityofMichiganNorthvilleMOBMember_A4C90B0F6992438F88E05CC740BD8CEE_terseLabel_en-US" xlink:label="lab_doc_UniversityofMichiganNorthvilleMOBMember_A4C90B0F6992438F88E05CC740BD8CEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> University of Michigan - Northville MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_UniversityofMichiganNorthvilleMOBMember" xlink:label="loc_doc_UniversityofMichiganNorthvilleMOBMember_A4C90B0F6992438F88E05CC740BD8CEE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_UniversityofMichiganNorthvilleMOBMember_A4C90B0F6992438F88E05CC740BD8CEE" xlink:to="lab_doc_UniversityofMichiganNorthvilleMOBMember_A4C90B0F6992438F88E05CC740BD8CEE" xlink:type="arc"/>

<link:label id="lab_doc_CoonRapidsMedicalCenterMOBMember_01FF4FEAA9A7094ED5F65CC740BD4B40_terseLabel_en-US" xlink:label="lab_doc_CoonRapidsMedicalCenterMOBMember_01FF4FEAA9A7094ED5F65CC740BD4B40" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Coon Rapids Medical Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CoonRapidsMedicalCenterMOBMember" xlink:label="loc_doc_CoonRapidsMedicalCenterMOBMember_01FF4FEAA9A7094ED5F65CC740BD4B40" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CoonRapidsMedicalCenterMOBMember_01FF4FEAA9A7094ED5F65CC740BD4B40" xlink:to="lab_doc_CoonRapidsMedicalCenterMOBMember_01FF4FEAA9A7094ED5F65CC740BD4B40" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - UF Health MOB </link:label>

<link:label id="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9_label_en-US" xlink:label="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - UF Health MOB [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9_documentation_en-US" xlink:label="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - UF Health MOB [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanUFHealthMOBMember" xlink:label="loc_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:to="lab_doc_MezzanineLoanUFHealthMOBMember_6C85C6C9B8B0961591835CC740BEF2C9" xlink:type="arc"/>

<link:label id="lab_doc_PremierLandmarkMOBMember_31231AB3A77326B28FEB5CC740BEA20A_terseLabel_en-US" xlink:label="lab_doc_PremierLandmarkMOBMember_31231AB3A77326B28FEB5CC740BEA20A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Premier Landmark MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PremierLandmarkMOBMember" xlink:label="loc_doc_PremierLandmarkMOBMember_31231AB3A77326B28FEB5CC740BEA20A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PremierLandmarkMOBMember_31231AB3A77326B28FEB5CC740BEA20A" xlink:to="lab_doc_PremierLandmarkMOBMember_31231AB3A77326B28FEB5CC740BEA20A" xlink:type="arc"/>

<link:label id="lab_doc_PalmBeachASCMember_16B7915BDF61C778B3015CC740BE59EF_terseLabel_en-US" xlink:label="lab_doc_PalmBeachASCMember_16B7915BDF61C778B3015CC740BE59EF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Palm Beach ASC </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PalmBeachASCMember" xlink:label="loc_doc_PalmBeachASCMember_16B7915BDF61C778B3015CC740BE59EF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PalmBeachASCMember_16B7915BDF61C778B3015CC740BE59EF" xlink:to="lab_doc_PalmBeachASCMember_16B7915BDF61C778B3015CC740BE59EF" xlink:type="arc"/>

<link:label id="lab_doc_BrookstonePhysicianCenterMOBMember_8CD0BDCC3768BE3820055CC740BEA80D_terseLabel_en-US" xlink:label="lab_doc_BrookstonePhysicianCenterMOBMember_8CD0BDCC3768BE3820055CC740BEA80D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Brookstone Physician Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BrookstonePhysicianCenterMOBMember" xlink:label="loc_doc_BrookstonePhysicianCenterMOBMember_8CD0BDCC3768BE3820055CC740BEA80D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BrookstonePhysicianCenterMOBMember_8CD0BDCC3768BE3820055CC740BEA80D" xlink:to="lab_doc_BrookstonePhysicianCenterMOBMember_8CD0BDCC3768BE3820055CC740BEA80D" xlink:type="arc"/>

<link:label id="lab_doc_JacksonWomensClinicMOBMember_20AE5FC75CE537089F135CC740BE2CCC_terseLabel_en-US" xlink:label="lab_doc_JacksonWomensClinicMOBMember_20AE5FC75CE537089F135CC740BE2CCC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Jackson Woman's Clinic MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_JacksonWomensClinicMOBMember" xlink:label="loc_doc_JacksonWomensClinicMOBMember_20AE5FC75CE537089F135CC740BE2CCC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_JacksonWomensClinicMOBMember_20AE5FC75CE537089F135CC740BE2CCC" xlink:to="lab_doc_JacksonWomensClinicMOBMember_20AE5FC75CE537089F135CC740BE2CCC" xlink:type="arc"/>

<link:label id="lab_doc_HillsideMedicalCenterMOBMember_FBD86F9142EBEA05FCAD5CC740BE375F_terseLabel_en-US" xlink:label="lab_doc_HillsideMedicalCenterMOBMember_FBD86F9142EBEA05FCAD5CC740BE375F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HillsideMedicalCenterMOBMember" xlink:label="loc_doc_HillsideMedicalCenterMOBMember_FBD86F9142EBEA05FCAD5CC740BE375F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HillsideMedicalCenterMOBMember_FBD86F9142EBEA05FCAD5CC740BE375F" xlink:to="lab_doc_HillsideMedicalCenterMOBMember_FBD86F9142EBEA05FCAD5CC740BE375F" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBMember_C9D55F305A9C5996DD675CC740BE3210_terseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBMember_C9D55F305A9C5996DD675CC740BE3210" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBMember" xlink:label="loc_doc_RandallRoadMOBMember_C9D55F305A9C5996DD675CC740BE3210" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBMember_C9D55F305A9C5996DD675CC740BE3210" xlink:to="lab_doc_RandallRoadMOBMember_C9D55F305A9C5996DD675CC740BE3210" xlink:type="arc"/>

<link:label id="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8_terseLabel_en-US" xlink:label="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Unit 140 </link:label>

<link:label id="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8_label_en-US" xlink:label="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randal Road MOB - Unit 140 [Member] </link:label>

<link:label id="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8_documentation_en-US" xlink:label="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Randal Road MOB - Unit 140 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandalRoadMOBUnit140Member" xlink:label="loc_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:to="lab_doc_RandalRoadMOBUnit140Member_BB68B0E527212F1066B95CC740BE24C8" xlink:type="arc"/>

<link:label id="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_CB42DC1248A3E77743FC5CC740BE8F36_terseLabel_en-US" xlink:label="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_CB42DC1248A3E77743FC5CC740BE8F36" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Medical Specialists of Palm Beach MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MedicalSpecialistsofPalmBeachMOBMember" xlink:label="loc_doc_MedicalSpecialistsofPalmBeachMOBMember_CB42DC1248A3E77743FC5CC740BE8F36" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MedicalSpecialistsofPalmBeachMOBMember_CB42DC1248A3E77743FC5CC740BE8F36" xlink:to="lab_doc_MedicalSpecialistsofPalmBeachMOBMember_CB42DC1248A3E77743FC5CC740BE8F36" xlink:type="arc"/>

<link:label id="lab_doc_OhioHealthSWHealthCenterMOBMember_FE6E3D70E37DF76EAB8B5CC740BEBDEC_terseLabel_en-US" xlink:label="lab_doc_OhioHealthSWHealthCenterMOBMember_FE6E3D70E37DF76EAB8B5CC740BEBDEC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> OhioHealth - SW Health Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_OhioHealthSWHealthCenterMOBMember" xlink:label="loc_doc_OhioHealthSWHealthCenterMOBMember_FE6E3D70E37DF76EAB8B5CC740BEBDEC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_OhioHealthSWHealthCenterMOBMember_FE6E3D70E37DF76EAB8B5CC740BEBDEC" xlink:to="lab_doc_OhioHealthSWHealthCenterMOBMember_FE6E3D70E37DF76EAB8B5CC740BEBDEC" xlink:type="arc"/>

<link:label id="lab_doc_TriosHealthMOBMember_13266A63C087219845335CC740BE5578_terseLabel_en-US" xlink:label="lab_doc_TriosHealthMOBMember_13266A63C087219845335CC740BE5578" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Trios Health MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_TriosHealthMOBMember" xlink:label="loc_doc_TriosHealthMOBMember_13266A63C087219845335CC740BE5578" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_TriosHealthMOBMember_13266A63C087219845335CC740BE5578" xlink:to="lab_doc_TriosHealthMOBMember_13266A63C087219845335CC740BE5578" xlink:type="arc"/>

<link:label id="lab_doc_IMSParadiseValleyMOBMember_7602E143B1824166B59D5CC740BE2ED8_terseLabel_en-US" xlink:label="lab_doc_IMSParadiseValleyMOBMember_7602E143B1824166B59D5CC740BE2ED8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Paradise Valley MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSParadiseValleyMOBMember" xlink:label="loc_doc_IMSParadiseValleyMOBMember_7602E143B1824166B59D5CC740BE2ED8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSParadiseValleyMOBMember_7602E143B1824166B59D5CC740BE2ED8" xlink:to="lab_doc_IMSParadiseValleyMOBMember_7602E143B1824166B59D5CC740BE2ED8" xlink:type="arc"/>

<link:label id="lab_doc_IMSAvondaleMOBMember_8F0A7821B553DC23273B5CC740BE6457_terseLabel_en-US" xlink:label="lab_doc_IMSAvondaleMOBMember_8F0A7821B553DC23273B5CC740BE6457" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Avondale MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSAvondaleMOBMember" xlink:label="loc_doc_IMSAvondaleMOBMember_8F0A7821B553DC23273B5CC740BE6457" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSAvondaleMOBMember_8F0A7821B553DC23273B5CC740BE6457" xlink:to="lab_doc_IMSAvondaleMOBMember_8F0A7821B553DC23273B5CC740BE6457" xlink:type="arc"/>

<link:label id="lab_doc_IMSPalmValleyMOBMember_47E6AA472B856F1883B25CC740BE9759_terseLabel_en-US" xlink:label="lab_doc_IMSPalmValleyMOBMember_47E6AA472B856F1883B25CC740BE9759" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> IMS - Palm Valley MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSPalmValleyMOBMember" xlink:label="loc_doc_IMSPalmValleyMOBMember_47E6AA472B856F1883B25CC740BE9759" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSPalmValleyMOBMember_47E6AA472B856F1883B25CC740BE9759" xlink:to="lab_doc_IMSPalmValleyMOBMember_47E6AA472B856F1883B25CC740BE9759" xlink:type="arc"/>

<link:label id="lab_doc_IMSNorthMountainMOBMember_05104CA6C1CDDDD754F55CC740BE6F3C_terseLabel_en-US" xlink:label="lab_doc_IMSNorthMountainMOBMember_05104CA6C1CDDDD754F55CC740BE6F3C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> IMS - North Mountain MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_IMSNorthMountainMOBMember" xlink:label="loc_doc_IMSNorthMountainMOBMember_05104CA6C1CDDDD754F55CC740BE6F3C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_IMSNorthMountainMOBMember_05104CA6C1CDDDD754F55CC740BE6F3C" xlink:to="lab_doc_IMSNorthMountainMOBMember_05104CA6C1CDDDD754F55CC740BE6F3C" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Warm Springs Rehab Hospital </link:label>

<link:label id="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62_label_en-US" xlink:label="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Warm Springs Rehab Hospital [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62_documentation_en-US" xlink:label="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Warm Springs Rehab Hospital [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanWarmSpringsRehabHospitalMember" xlink:label="loc_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:to="lab_doc_MezzanineLoanWarmSpringsRehabHospitalMember_57DAF4D61A6B05303ADD5CC740BE3E62" xlink:type="arc"/>

<link:label id="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D_terseLabel_en-US" xlink:label="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Memorial Hermann Medical Complex (2 MOBs) </link:label>

<link:label id="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D_label_en-US" xlink:label="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Memorial Hermann Medical Complex (2 MOBs) [Member] </link:label>

<link:label id="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D_documentation_en-US" xlink:label="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Memorial Hermann Medical Complex (2 MOBs) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MemorialHermannMedicalComplex2MOBsMember" xlink:label="loc_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:to="lab_doc_MemorialHermannMedicalComplex2MOBsMember_F5617FD44968B5EA214D5CC740BEA24D" xlink:type="arc"/>

<link:label id="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C_terseLabel_en-US" xlink:label="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Construction Loan - Tinseltown </link:label>

<link:label id="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C_label_en-US" xlink:label="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Construction Loan - Tinseltown [Member] </link:label>

<link:label id="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C_documentation_en-US" xlink:label="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Construction Loan - Tinseltown [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ConstructionLoanTinseltownMember" xlink:label="loc_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:to="lab_doc_ConstructionLoanTinseltownMember_CBE52AE5E7B360B2A1B15CC740BE0A6C" xlink:type="arc"/>

<link:label id="lab_doc_NewAlbanyMedicalCenterMOBMember_AE7FB9ACFBD8893145F05CC740BE3ED8_terseLabel_en-US" xlink:label="lab_doc_NewAlbanyMedicalCenterMOBMember_AE7FB9ACFBD8893145F05CC740BE3ED8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> New Albany Medical Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NewAlbanyMedicalCenterMOBMember" xlink:label="loc_doc_NewAlbanyMedicalCenterMOBMember_AE7FB9ACFBD8893145F05CC740BE3ED8" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NewAlbanyMedicalCenterMOBMember_AE7FB9ACFBD8893145F05CC740BE3ED8" xlink:to="lab_doc_NewAlbanyMedicalCenterMOBMember_AE7FB9ACFBD8893145F05CC740BE3ED8" xlink:type="arc"/>

<link:label id="lab_doc_FountainHillsMedicalCampusMOBMember_D6364166B065ED7DB0CE5CC740BECBA0_terseLabel_en-US" xlink:label="lab_doc_FountainHillsMedicalCampusMOBMember_D6364166B065ED7DB0CE5CC740BECBA0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fountain Hills Medical Campus MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_FountainHillsMedicalCampusMOBMember" xlink:label="loc_doc_FountainHillsMedicalCampusMOBMember_D6364166B065ED7DB0CE5CC740BECBA0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_FountainHillsMedicalCampusMOBMember_D6364166B065ED7DB0CE5CC740BECBA0" xlink:to="lab_doc_FountainHillsMedicalCampusMOBMember_D6364166B065ED7DB0CE5CC740BECBA0" xlink:type="arc"/>

<link:label id="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B_terseLabel_en-US" xlink:label="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Catalyst Portfolio (12 MOBs) </link:label>

<link:label id="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B_label_en-US" xlink:label="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Catalyst Portfolio (12 MOBs) [Member] </link:label>

<link:label id="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B_documentation_en-US" xlink:label="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Catalyst Portfolio (12 MOBs) [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CatalystPortfolio12MOBsMember" xlink:label="loc_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:to="lab_doc_CatalystPortfolio12MOBsMember_938E2A4C72C48D52CAE35CC740BE4B3B" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Truman Medical Center </link:label>

<link:label id="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456_label_en-US" xlink:label="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Truman Medical Center [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456_documentation_en-US" xlink:label="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Truman Medical Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanTrumanMedicalCenterMember" xlink:label="loc_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:to="lab_doc_MezzanineLoanTrumanMedicalCenterMember_DEAA372744A7EE7FF4A25CC740BFF456" xlink:type="arc"/>

<link:label id="lab_doc_AreteSurgicalCenterMember_76A424A61448DBDFD9925CC740BFE0C4_terseLabel_en-US" xlink:label="lab_doc_AreteSurgicalCenterMember_76A424A61448DBDFD9925CC740BFE0C4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Arete Surgical Center </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AreteSurgicalCenterMember" xlink:label="loc_doc_AreteSurgicalCenterMember_76A424A61448DBDFD9925CC740BFE0C4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AreteSurgicalCenterMember_76A424A61448DBDFD9925CC740BFE0C4" xlink:to="lab_doc_AreteSurgicalCenterMember_76A424A61448DBDFD9925CC740BFE0C4" xlink:type="arc"/>

<link:label id="lab_doc_CambridgeProfessionalCenterMOBMember_FC25776D1C9A763100F55CC740BFE269_terseLabel_en-US" xlink:label="lab_doc_CambridgeProfessionalCenterMOBMember_FC25776D1C9A763100F55CC740BFE269" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cambridge Professional Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_CambridgeProfessionalCenterMOBMember" xlink:label="loc_doc_CambridgeProfessionalCenterMOBMember_FC25776D1C9A763100F55CC740BFE269" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_CambridgeProfessionalCenterMOBMember_FC25776D1C9A763100F55CC740BFE269" xlink:to="lab_doc_CambridgeProfessionalCenterMOBMember_FC25776D1C9A763100F55CC740BFE269" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Great Falls Replacement Surgical Hospital </link:label>

<link:label id="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12_label_en-US" xlink:label="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Great Falls Replacement Surgical Hospital [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12_documentation_en-US" xlink:label="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Great Falls Replacement Surgical Hospital [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember" xlink:label="loc_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:to="lab_doc_MezzanineLoanGreatFallsReplacementSurgicalHospitalMember_7197B34F161E73530D9E5CC740BF3D12" xlink:type="arc"/>

<link:label id="lab_doc_HonorHealth44thStreetMOBMember_A12F7BE2F0F9EF704F1E5CC740BF231C_terseLabel_en-US" xlink:label="lab_doc_HonorHealth44thStreetMOBMember_A12F7BE2F0F9EF704F1E5CC740BF231C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> HonorHealth 44th Street MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HonorHealth44thStreetMOBMember" xlink:label="loc_doc_HonorHealth44thStreetMOBMember_A12F7BE2F0F9EF704F1E5CC740BF231C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HonorHealth44thStreetMOBMember_A12F7BE2F0F9EF704F1E5CC740BF231C" xlink:to="lab_doc_HonorHealth44thStreetMOBMember_A12F7BE2F0F9EF704F1E5CC740BF231C" xlink:type="arc"/>

<link:label id="lab_doc_MercyMedicalCenterMOBMember_BF496C066ADEBDC5F7F35CC740BF4423_terseLabel_en-US" xlink:label="lab_doc_MercyMedicalCenterMOBMember_BF496C066ADEBDC5F7F35CC740BF4423" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mercy Medical Center MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MercyMedicalCenterMOBMember" xlink:label="loc_doc_MercyMedicalCenterMOBMember_BF496C066ADEBDC5F7F35CC740BF4423" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MercyMedicalCenterMOBMember_BF496C066ADEBDC5F7F35CC740BF4423" xlink:to="lab_doc_MercyMedicalCenterMOBMember_BF496C066ADEBDC5F7F35CC740BF4423" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Wilson Surgery Center </link:label>

<link:label id="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0_label_en-US" xlink:label="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Wilson Surgery Center [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0_documentation_en-US" xlink:label="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan - Wilson Surgery Center [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanWilsonSurgeryCenterMember" xlink:label="loc_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:to="lab_doc_MezzanineLoanWilsonSurgeryCenterMember_4F690C73C06FB3F9FD255CC740BF35B0" xlink:type="arc"/>

<link:label id="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E_terseLabel_en-US" xlink:label="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center - Suite 100 </link:label>

<link:label id="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E_label_en-US" xlink:label="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center - Suite 100 [Member] </link:label>

<link:label id="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E_documentation_en-US" xlink:label="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Hillside Medical Center - Suite 100 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_HillsideMedicalCenterSuite100Member" xlink:label="loc_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:to="lab_doc_HillsideMedicalCenterSuite100Member_08E0C09633B18B55B2755CC740BF365E" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A_terseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 170 </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A_label_en-US" xlink:label="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 170 [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A_documentation_en-US" xlink:label="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 170 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBSuite170Member" xlink:label="loc_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:to="lab_doc_RandallRoadMOBSuite170Member_A726BC84BFB57BE05F2B5CC740BF5F9A" xlink:type="arc"/>

<link:label id="lab_doc_KSFOrthopaedicMOBMember_5E3B876AC95CD406E3EC5CC740BF7A00_terseLabel_en-US" xlink:label="lab_doc_KSFOrthopaedicMOBMember_5E3B876AC95CD406E3EC5CC740BF7A00" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> KSF Orthopaedic MOB </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_KSFOrthopaedicMOBMember" xlink:label="loc_doc_KSFOrthopaedicMOBMember_5E3B876AC95CD406E3EC5CC740BF7A00" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_KSFOrthopaedicMOBMember_5E3B876AC95CD406E3EC5CC740BF7A00" xlink:to="lab_doc_KSFOrthopaedicMOBMember_5E3B876AC95CD406E3EC5CC740BF7A00" xlink:type="arc"/>

<link:label id="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B_terseLabel_en-US" xlink:label="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 320 </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B_label_en-US" xlink:label="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 320 [Member] </link:label>

<link:label id="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B_documentation_en-US" xlink:label="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Randall Road MOB - Suite 320 [Member] </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_RandallRoadMOBSuite320Member" xlink:label="loc_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:to="lab_doc_RandallRoadMOBSuite320Member_22B1088F8C135BB719615CC740BF9D5B" xlink:type="arc"/>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, Loan Type [Axis] </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, Loan Type [Axis] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanTypeAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_1E2424CCBBA03A9E38F75CC740C0585D" xlink:type="arc"/>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, Loan Type [Domain] </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, Loan Type [Domain] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_A3A94DBC3F8F8B83DF3B5CC740C07716" xlink:type="arc"/>

<link:label id="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A_terseLabel_en-US" xlink:label="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mezzanine loan </link:label>

<link:label id="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A_label_en-US" xlink:label="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mezzanine Loan [Member] </link:label>

<link:label id="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A_documentation_en-US" xlink:label="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents information pertaining to the mezzanine loan. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_MezzanineLoanMember" xlink:label="loc_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:to="lab_doc_MezzanineLoanMember_6CC0C98E5DF70460C8665CC740C0721A" xlink:type="arc"/>

<link:label id="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9_terseLabel_en-US" xlink:label="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Investment in Unconsolidated Entity </link:label>

<link:label id="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9_label_en-US" xlink:label="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Investment in Unconsolidated Entity </link:label>

<link:label id="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9_documentation_en-US" xlink:label="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business combination, recognized identifiable assets acquired and liabilities assumed, investment in unconsolidated entity. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity" xlink:label="loc_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:to="lab_doc_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentInUnconsolidatedEntity_942E7C769FB98373DE345D09287492F9" xlink:type="arc"/>

<link:label id="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93_terseLabel_en-US" xlink:label="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Number of medical office buildings </link:label>

<link:label id="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93_label_en-US" xlink:label="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Number of Medical Office Buildings </link:label>

<link:label id="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93_documentation_en-US" xlink:label="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of medical office buildings. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NumberOfMedicalOfficeBuildings" xlink:label="loc_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:to="lab_doc_NumberOfMedicalOfficeBuildings_05636B699FCB93FC52045CC740C04B93" xlink:type="arc"/>

<link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ownership percentage by noncontrolling owners </link:label>

<link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE_label_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_403D61D50E3BD587D7D35CC740C0FCEE" xlink:type="arc"/>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Mortgage loan interest rate </link:label>

<link:label id="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Mortgage Loans on Real Estate, Interest Rate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateInterestRate_48D358ABED28329FC53E5CC740C09B0E" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Revenue of acquired since acquisition </link:label>

<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" xlink:label="loc_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997" xlink:to="lab_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_5B0EBF95E8A31B0174495CC740C0F997" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Income of acquiree since acquisition </link:label>

<link:label id="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" xlink:label="loc_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B" xlink:to="lab_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_79071C49F410E9822BF15CC740C14C6B" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of other assets </link:label>

<link:label id="lab_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Other Assets [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfOtherAssetsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E" xlink:to="lab_us-gaap_ScheduleOfOtherAssetsTableTextBlock_AF32309B08580842847A38BE958EE22E" xlink:type="arc"/>

<link:label id="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_061F594FBCDBF2333BAB111BB1DE8C04_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_1A889B83E5C35B1793804672B8E14463" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Intangibles </link:label>

<link:label id="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_061F594FBCDBF2333BAB111BB1DE8C04_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_1A889B83E5C35B1793804672B8E14463" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Intangible Assets Disclosure [Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="loc_us-gaap_IntangibleAssetsDisclosureTextBlock_1A889B83E5C35B1793804672B8E14463" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsDisclosureTextBlock_1A889B83E5C35B1793804672B8E14463" xlink:to="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_1A889B83E5C35B1793804672B8E14463" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTable_17E95E442CC3F2A8019B6D53C62808FB" xlink:type="arc"/>

<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC_terseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Estimate of Fair Value Measurement </link:label>

<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Estimate of Fair Value Measurement [Member] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC" xlink:to="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_1A94333D698B9993C10B6D53C62906EC" xlink:type="arc"/>

<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>

<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089" xlink:to="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_43631F8FDB739267ABA86D53C6291089" xlink:type="arc"/>

<link:label id="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Assets: </link:label>

<link:label id="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract" xlink:label="loc_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F" xlink:to="lab_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_246577F965E46750CD046D53C629621F" xlink:type="arc"/>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680_terseLabel_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Real estate loans receivable </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680_label_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Loan Balance </link:label>

<link:label id="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680_documentation_en-US" xlink:label="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Secured Loans on Real Estate, Loan Balance </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_SecuredLoansonRealEstateLoanBalance" xlink:label="loc_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:to="lab_doc_SecuredLoansonRealEstateLoanBalance_BE7143FA26B23F7783E56D53C62A1680" xlink:type="arc"/>

<link:label id="lab_us-gaap_NotesReceivableNet_B5EB9BD6F9FE9947B5946D53C62A67A2_verboseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_B5EB9BD6F9FE9947B5946D53C62A67A2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Notes receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesReceivableNet" xlink:label="loc_us-gaap_NotesReceivableNet_B5EB9BD6F9FE9947B5946D53C62A67A2" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet_B5EB9BD6F9FE9947B5946D53C62A67A2" xlink:to="lab_us-gaap_NotesReceivableNet_B5EB9BD6F9FE9947B5946D53C62A67A2" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeAssets_ABC913CBE17FF2B6556D6D53C62A65EC_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets_ABC913CBE17FF2B6556D6D53C62A65EC" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Derivative assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_ABC913CBE17FF2B6556D6D53C62A65EC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets_ABC913CBE17FF2B6556D6D53C62A65EC" xlink:to="lab_us-gaap_DerivativeAssets_ABC913CBE17FF2B6556D6D53C62A65EC" xlink:type="arc"/>

<link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_EDADE20CD71D0DC2A1896D53C62A2737_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_EDADE20CD71D0DC2A1896D53C62A2737" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Liabilities: </link:label>

<link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_EDADE20CD71D0DC2A1896D53C62A2737_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_EDADE20CD71D0DC2A1896D53C62A2737" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:label="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_EDADE20CD71D0DC2A1896D53C62A2737" xlink:type="locator"/>

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<link:label id="lab_us-gaap_UnsecuredDebt_351258DAAE089BF337456D53C62A76F0_negatedLabel_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_351258DAAE089BF337456D53C62A76F0" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Credit facility </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="loc_us-gaap_UnsecuredDebt_351258DAAE089BF337456D53C62A76F0" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnsecuredDebt_351258DAAE089BF337456D53C62A76F0" xlink:to="lab_us-gaap_UnsecuredDebt_351258DAAE089BF337456D53C62A76F0" xlink:type="arc"/>

<link:label id="lab_us-gaap_NotesPayable_5509203000C8A26BEB5A6D61054B3F93_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NotesPayable_5509203000C8A26BEB5A6D61054B3F93" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Notes payable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesPayable" xlink:label="loc_us-gaap_NotesPayable_5509203000C8A26BEB5A6D61054B3F93" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayable_5509203000C8A26BEB5A6D61054B3F93" xlink:to="lab_us-gaap_NotesPayable_5509203000C8A26BEB5A6D61054B3F93" xlink:type="arc"/>

<link:label id="lab_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96_negatedLabel_en-US" xlink:label="lab_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Mortgage debt </link:label>

<link:label id="lab_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96_label_en-US" xlink:label="lab_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Notes Payable, Fair Value Disclosure </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesPayableFairValueDisclosure" xlink:label="loc_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96" xlink:to="lab_us-gaap_NotesPayableFairValueDisclosure_328D7A393A590B7AFA846D53C62AAF96" xlink:type="arc"/>

<link:label id="lab_us-gaap_DerivativeLiabilities_CC1610EEFF426986D89F6D53C62B63C2_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities_CC1610EEFF426986D89F6D53C62B63C2" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US"> Derivative liabilities </link:label>

<link:label id="lab_us-gaap_DerivativeLiabilities_CC1610EEFF426986D89F6D53C62B63C2_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities_CC1610EEFF426986D89F6D53C62B63C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative Liability </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_CC1610EEFF426986D89F6D53C62B63C2" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_D8C041A12D2B04D26B5B6DD58AC1C8AC_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract_D8C041A12D2B04D26B5B6DD58AC1C8AC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_D8C041A12D2B04D26B5B6DD58AC1C8AC" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_D8C041A12D2B04D26B5B6DD58AC1C8AC" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract_D8C041A12D2B04D26B5B6DD58AC1C8AC" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_DC8BC1CA75B56D6575306DD58AC27723_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_DC8BC1CA75B56D6575306DD58AC27723" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash Flows from Operating Activities: </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_DC8BC1CA75B56D6575306DD58AC27723_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_DC8BC1CA75B56D6575306DD58AC27723" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_DC8BC1CA75B56D6575306DD58AC27723" xlink:type="locator"/>

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<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Adjustments to reconcile net income (loss) to net cash provided by operating activities </link:label>

<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_27F9081837066A0863F96DD58AC213FE" xlink:type="arc"/>

<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Depreciation and amortization </link:label>

<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Depreciation, Depletion and Amortization </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization_E4464893E1FE082E1CE36DD58AC25027" xlink:type="arc"/>

<link:label id="lab_us-gaap_AmortizationOfFinancingCosts_5D21A2FAA201AE8569096DD58AC221CE_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts_5D21A2FAA201AE8569096DD58AC221CE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amortization of deferred financing costs </link:label>

<link:label id="lab_us-gaap_AmortizationOfFinancingCosts_5D21A2FAA201AE8569096DD58AC221CE_label_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts_5D21A2FAA201AE8569096DD58AC221CE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization of Debt Issuance Costs </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_5D21A2FAA201AE8569096DD58AC221CE" xlink:type="locator"/>

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<link:label id="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D_terseLabel_en-US" xlink:label="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accelerated amortization of deferred financing costs </link:label>

<link:label id="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D_label_en-US" xlink:label="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accelerated Amortization of Financing Costs </link:label>

<link:label id="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D_documentation_en-US" xlink:label="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Accelerated Amortization of Financing Costs </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_AcceleratedAmortizationofFinancingCosts" xlink:label="loc_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:to="lab_doc_AcceleratedAmortizationofFinancingCosts_B00D68223A02EF64F8F86DD58AC22A9D" xlink:type="arc"/>

<link:label id="lab_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amortization of lease inducements and above/below market lease intangibles </link:label>

<link:label id="lab_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12_label_en-US" xlink:label="lab_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization of Lease Incentives </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfLeaseIncentives" xlink:label="loc_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12" xlink:to="lab_us-gaap_AmortizationOfLeaseIncentives_BE6ECC24D638387E60A46DD58AC2EE12" xlink:type="arc"/>

<link:label id="lab_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Straight-line rental revenue/expense </link:label>

<link:label id="lab_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9_label_en-US" xlink:label="lab_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Straight Line Rent </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StraightLineRent" xlink:label="loc_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9" xlink:to="lab_us-gaap_StraightLineRent_34930F166CAC322623176DD58AC250F9" xlink:type="arc"/>

<link:label id="lab_us-gaap_AmortizationOfDebtDiscountPremium_ECD483B0203B038932E86DD58AC2EC78_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfDebtDiscountPremium_ECD483B0203B038932E86DD58AC2EC78" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Amortization of above market assumed debt </link:label>

<link:label id="lab_us-gaap_AmortizationOfDebtDiscountPremium_ECD483B0203B038932E86DD58AC2EC78_label_en-US" xlink:label="lab_us-gaap_AmortizationOfDebtDiscountPremium_ECD483B0203B038932E86DD58AC2EC78" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amortization of Debt Discount (Premium) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="loc_us-gaap_AmortizationOfDebtDiscountPremium_ECD483B0203B038932E86DD58AC2EC78" xlink:type="locator"/>

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<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_A92F343BD7903EF0F7226DD58AC3E0D1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1_A92F343BD7903EF0F7226DD58AC3E0D1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Gain on sale of investment properties </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets1" xlink:label="loc_us-gaap_GainLossOnDispositionOfAssets1_A92F343BD7903EF0F7226DD58AC3E0D1" xlink:type="locator"/>

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<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_1104AB030B9141E8B18B6DD58AC33551_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments_1104AB030B9141E8B18B6DD58AC33551" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Equity in income of unconsolidated entities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_1104AB030B9141E8B18B6DD58AC33551" xlink:type="locator"/>

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<link:label id="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_53373F397A8F95E112706DD58AC318D3_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_53373F397A8F95E112706DD58AC318D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Distribution from unconsolidated entities </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_53373F397A8F95E112706DD58AC318D3_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentDividendsOrDistributions_53373F397A8F95E112706DD58AC318D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Equity Method Investment, Dividends or Distributions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_53373F397A8F95E112706DD58AC318D3" xlink:type="locator"/>

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<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_90E0A83446EBC34AB2AC6DD58AC3D078_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet_90E0A83446EBC34AB2AC6DD58AC3D078" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Change in fair value of derivatives </link:label>

<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_90E0A83446EBC34AB2AC6DD58AC3D078_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet_90E0A83446EBC34AB2AC6DD58AC3D078" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Derivative, Gain (Loss) on Derivative, Net </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_90E0A83446EBC34AB2AC6DD58AC3D078" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_C67AB3232135B67219556DD58AC343EB_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts_C67AB3232135B67219556DD58AC343EB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Provision for bad debts </link:label>

<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_C67AB3232135B67219556DD58AC343EB_label_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts_C67AB3232135B67219556DD58AC343EB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Provision for Doubtful Accounts </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts_C67AB3232135B67219556DD58AC343EB" xlink:type="locator"/>

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<link:label id="lab_us-gaap_ShareBasedCompensation_AB4691B54351858EF53C6DD58AC3FB54_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_AB4691B54351858EF53C6DD58AC3FB54" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Non-cash share compensation </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_AB4691B54351858EF53C6DD58AC3FB54" xlink:type="locator"/>

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<link:label id="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3_terseLabel_en-US" xlink:label="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Ziegler shared service amendment payment </link:label>

<link:label id="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3_label_en-US" xlink:label="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Issuance of Common Stock Issued for Services </link:label>

<link:label id="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3_documentation_en-US" xlink:label="lab_doc_IssuanceofCommonStockIssuedforServices_45168B11D3B9C13A81556DD58AC310C3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Issuance of Common Stock Issued for Services </link:label>

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<link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_52B16A5A677012B29AD66DD58AC308EA_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_52B16A5A677012B29AD66DD58AC308EA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Write-off of contingent consideration </link:label>

<link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_52B16A5A677012B29AD66DD58AC308EA_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_52B16A5A677012B29AD66DD58AC308EA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1" xlink:label="loc_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_52B16A5A677012B29AD66DD58AC308EA" xlink:type="locator"/>

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<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9EBE96735652419EC4536DD58AC39EFA_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9EBE96735652419EC4536DD58AC39EFA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Change in operating assets and liabilities: </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9EBE96735652419EC4536DD58AC39EFA_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9EBE96735652419EC4536DD58AC39EFA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Operating Capital [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9EBE96735652419EC4536DD58AC39EFA" xlink:type="locator"/>

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<link:label id="lab_us-gaap_IncreaseDecreaseInLeasingReceivables_190232AC263282C61EB56DD58AC3DA86_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInLeasingReceivables_190232AC263282C61EB56DD58AC3DA86" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Tenant receivables </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInLeasingReceivables_190232AC263282C61EB56DD58AC3DA86_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInLeasingReceivables_190232AC263282C61EB56DD58AC3DA86" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Leasing Receivables </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInLeasingReceivables_190232AC263282C61EB56DD58AC3DA86" xlink:type="locator"/>

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<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Other assets </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Other Operating Assets </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_FF44036D77EA60D89ABD6DD58AC32D3A" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accounts payable to related parties </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Accounts Payable, Related Parties </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_3E559AFFFF2B851B97886DD58AC3C338" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accounts payable, trade </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Accounts Payable, Trade </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableTrade_543B82008AE8389DFDD06DD58AC33704" xlink:type="arc"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_E92DCE6968B4C39A07E56DD58AC3427D" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net cash provided by operating activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_5948C7FC240D6F8B81516DD58AC413E4" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash Flows from Investing Activities: </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_0809862B8A3C591F9E8E6DD58AC45358" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Proceeds on sales of investment properties </link:label>

<link:label id="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Sale of Real Estate Held-for-investment </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E" xlink:to="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_D6D109BCDC53CC8EB0D96DD58AC4A03E" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Acquisition of investment properties, net </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire Real Estate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4" xlink:to="lab_us-gaap_PaymentsToAcquireRealEstate_43E55C71B16A123BCF8D6DD58AC4CCC4" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Capital expenditures on existing investment properties </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire and Develop Real Estate </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632" xlink:to="lab_us-gaap_PaymentsToAcquireAndDevelopRealEstate_A6CD29F6E2B1F6CB08806DD58AC49632" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Payments for real estate loans receivable </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire Loans Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90" xlink:to="lab_us-gaap_PaymentsToAcquireLoansReceivable_A89F609A24A4C514118E6DD58AC41F90" xlink:type="arc"/>

<link:label id="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5_terseLabel_en-US" xlink:label="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Pay down of contingent consideration </link:label>

<link:label id="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5_label_en-US" xlink:label="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability, Investing Activity </link:label>

<link:label id="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5_documentation_en-US" xlink:label="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability, Investing Activity </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity" xlink:label="loc_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:to="lab_doc_BusinessCombinationContingentConsiderationArrangementsChangeinAmountofContingentConsiderationLiabilityInvestingActivity_7310E2E54D33A0FE6ADE6DD58AC4E9A5" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Proceeds from (payments for) real estate loans receivable </link:label>

<link:label id="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments for (Proceeds from) Loans Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForProceedsFromLoansReceivable" xlink:label="loc_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167" xlink:to="lab_us-gaap_PaymentsForProceedsFromLoansReceivable_220093183EAF3D3A51F86DD58AC4A167" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130_negatedLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Repayment of real estate loan receivable </link:label>

<link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130_label_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Collection of Loans Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130" xlink:to="lab_us-gaap_ProceedsFromCollectionOfLoansReceivable_34B0A05C999FE1FF77E26DD58AC47130" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Note receivable </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Acquire Notes Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireNotesReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA" xlink:to="lab_us-gaap_PaymentsToAcquireNotesReceivable_85F877697C01ED574CEB6DD58AC46BDA" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Repayment of note receivable </link:label>

<link:label id="lab_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE_label_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Collection of Notes Receivable </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:label="loc_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE" xlink:to="lab_us-gaap_ProceedsFromCollectionOfNotesReceivable_F53307BDDDEF23278B866DD58AC4B7AE" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Leasing commissions </link:label>

<link:label id="lab_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6_label_en-US" xlink:label="lab_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments for Lease Commissions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForLeaseCommissions" xlink:label="loc_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6" xlink:to="lab_us-gaap_PaymentsForLeaseCommissions_82A09119BDE9AFB027C76DD58AC41AE6" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Lease inducements </link:label>

<link:label id="lab_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34_label_en-US" xlink:label="lab_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments for Tenant Improvements </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForTenantImprovements" xlink:label="loc_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34" xlink:to="lab_us-gaap_PaymentsForTenantImprovements_7F984E4C748EFD371A956DD58AC49A34" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net cash used in investing activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A2754D1F8604804F7A3D6DD58AC459C9" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Cash Flows from Financing Activities: </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_39010856AC0AF3FF3A4F6DD58AC4B1F1" xlink:type="arc"/>

<link:label id="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38_terseLabel_en-US" xlink:label="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net proceeds from sale of common shares </link:label>

<link:label id="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38_label_en-US" xlink:label="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds From Payments To From Sale Of Common Shares Net </link:label>

<link:label id="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38_documentation_en-US" xlink:label="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the cash inflow (outflow) from additional capital contribution to the entity. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet" xlink:label="loc_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:to="lab_doc_ProceedsFromPaymentsToFromSaleOfCommonSharesNet_B698DC87DADBDBAE54C56DD58AC4BB38" xlink:type="arc"/>

<link:label id="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A_terseLabel_en-US" xlink:label="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Formation transactions </link:label>

<link:label id="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A_label_en-US" xlink:label="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Payments for Formation Transaction </link:label>

<link:label id="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A_documentation_en-US" xlink:label="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the cash inflow or cash outflow during the period related to formation transactions. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NetPaymentsForFormationTransaction" xlink:label="loc_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:to="lab_doc_NetPaymentsForFormationTransaction_EEC0EEB4D37719EEE1186DD58AC5DB9A" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Proceeds from credit facility borrowings </link:label>

<link:label id="lab_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C_label_en-US" xlink:label="lab_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Long-term Lines of Credit </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:label="loc_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C" xlink:to="lab_us-gaap_ProceedsFromLongTermLinesOfCredit_94864BC215476E1B73846DD58AC5415C" xlink:type="arc"/>

<link:label id="lab_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Payment on credit facility borrowings </link:label>

<link:label id="lab_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Repayments of Long-term Lines of Credit </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743" xlink:to="lab_us-gaap_RepaymentsOfLongTermLinesOfCredit_232F14A3198568BD525F6DD58AC50743" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Proceeds from issuance of mortgage debt </link:label>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Issuance of Secured Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_3E78A9361D25ACC678006DD58AC58078" xlink:type="arc"/>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Proceeds from issuance of senior unsecured notes </link:label>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from Issuance of Unsecured Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfUnsecuredDebt_4385780B000EDE54037A6DD58AC53942" xlink:type="arc"/>

<link:label id="lab_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Principal payments on mortgage debt </link:label>

<link:label id="lab_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Repayments of Secured Debt </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1" xlink:to="lab_us-gaap_RepaymentsOfSecuredDebt_E072A9E39CB4D8FBC3BE6DD58AC5D0D1" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsOfDebtIssuanceCosts_9808B34F2260098EC54B6DD58AC571CC_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtIssuanceCosts_9808B34F2260098EC54B6DD58AC571CC" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Debt issuance costs </link:label>

<link:label id="lab_us-gaap_PaymentsOfDebtIssuanceCosts_9808B34F2260098EC54B6DD58AC571CC_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtIssuanceCosts_9808B34F2260098EC54B6DD58AC571CC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments of Debt Issuance Costs </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="loc_us-gaap_PaymentsOfDebtIssuanceCosts_9808B34F2260098EC54B6DD58AC571CC" xlink:type="locator"/>

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<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Dividends paid - shareholders </link:label>

<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments of Ordinary Dividends, Common Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock_A50B1F29C056FEEA71256DD58AC5D089" xlink:type="arc"/>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833_negatedLabel_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Distributions to noncontrolling interest - Operating Partnership </link:label>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833_label_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Minority Shareholders in Operating Partnership </link:label>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833_documentation_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of cash outflow to a noncontrolling interest in operating partnership. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PaymentsToMinorityShareholdersInOperatingPartnership" xlink:label="loc_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:to="lab_doc_PaymentsToMinorityShareholdersInOperatingPartnership_5761C0A95E6AA74ED34C6DD58AC59833" xlink:type="arc"/>

<link:label id="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870_negatedLabel_en-US" xlink:label="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Preferred distributions paid - OP Unit holder </link:label>

<link:label id="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870_label_en-US" xlink:label="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Members and Partners </link:label>

<link:label id="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870_documentation_en-US" xlink:label="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount of Preferred cash distribution paid to operating partnership members and unit holders. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PaymentsToMembersAndPartners" xlink:label="loc_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:to="lab_doc_PaymentsToMembersAndPartners_6B14A866E9C3E22AD1F36DD58AC5C870" xlink:type="arc"/>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7_negatedLabel_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Distributions to noncontrolling interest - partially owned properties </link:label>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7_label_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments to Minority Shareholders in Partially Owned Properties </link:label>

<link:label id="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7_documentation_en-US" xlink:label="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of cash outflow to a noncontrolling interest in partially owned properties. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties" xlink:label="loc_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:to="lab_doc_PaymentsToMinorityShareholdersInPartiallyOwnedProperties_2408D9866B09BF8FCD846DD58AC54BC7" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US"> Purchase of Series A Preferred Units </link:label>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments for Repurchase of Preferred Stock and Preference Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_7DF7F6FD43397E4518B46DD58AC5E914" xlink:type="arc"/>

<link:label id="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555_negatedLabel_en-US" xlink:label="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Purchase of OP Units </link:label>

<link:label id="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555_label_en-US" xlink:label="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments For Redemption Of Operating Partnership Units </link:label>

<link:label id="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555_documentation_en-US" xlink:label="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The cash outflow to reacquire Operating Partnership units during the period. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_PaymentsForRedemptionOfOperatingPartnershipUnits" xlink:label="loc_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:to="lab_doc_PaymentsForRedemptionOfOperatingPartnershipUnits_25777078651965770B326DD58AC52555" xlink:type="arc"/>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Common shares repurchased and retired </link:label>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Payments for Repurchase of Common Stock </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_F6E72091693442D166CE6DD58AC67839" xlink:type="arc"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net cash provided by financing activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_ED283FBCB09941EFAEC46DD58AC691E3" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179_totalLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in cash and cash equivalents </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash and Cash Equivalents, Period Increase (Decrease) </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_F12D6C0C7175BD225F136DD58AC6F179" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_6E3B46C8DE32190D49D86DD58AC6DA75_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_6E3B46C8DE32190D49D86DD58AC6DA75" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Cash and cash equivalents, beginning of period </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_6E3B46C8DE32190D49D86DD58AC6DA75" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_6E3B46C8DE32190D49D86DD58AC6DA75" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_6E3B46C8DE32190D49D86DD58AC6DA75" xlink:type="arc"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_4708A380CCC8221AE2F16DD58AC6A066_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_4708A380CCC8221AE2F16DD58AC6A066" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Cash and cash equivalents, end of period </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_4708A380CCC8221AE2F16DD58AC6A066" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_4708A380CCC8221AE2F16DD58AC6A066" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_4708A380CCC8221AE2F16DD58AC6A066" xlink:type="arc"/>

<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_8F08B6D6CEFF49D8E41C6DD58AC61921_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract_8F08B6D6CEFF49D8E41C6DD58AC61921" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental cash flow information: </link:label>

<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_8F08B6D6CEFF49D8E41C6DD58AC61921_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract_8F08B6D6CEFF49D8E41C6DD58AC61921" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Supplemental Cash Flow Information [Abstract] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_8F08B6D6CEFF49D8E41C6DD58AC61921" xlink:type="locator"/>

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<link:label id="lab_us-gaap_InterestPaid_77DE4D513261E607C8666DD58AC6AED2_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaid_77DE4D513261E607C8666DD58AC6AED2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of cash flow information - interest paid during the year </link:label>

<link:label id="lab_us-gaap_InterestPaid_77DE4D513261E607C8666DD58AC6AED2_label_en-US" xlink:label="lab_us-gaap_InterestPaid_77DE4D513261E607C8666DD58AC6AED2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Interest Paid </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_us-gaap_InterestPaid_77DE4D513261E607C8666DD58AC6AED2" xlink:type="locator"/>

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<link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_93C9527507EBB470862D6DD58AC6B1CF_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_93C9527507EBB470862D6DD58AC6B1CF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Noncash investing and financing activities: </link:label>

<link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_93C9527507EBB470862D6DD58AC6B1CF_label_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_93C9527507EBB470862D6DD58AC6B1CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] </link:label>

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<link:label id="lab_us-gaap_LiabilitiesAssumed1_14B9794FB51A258E7DD76DD58AC61AA0_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAssumed1_14B9794FB51A258E7DD76DD58AC61AA0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of noncash activity - assumed debt </link:label>

<link:label id="lab_us-gaap_LiabilitiesAssumed1_14B9794FB51A258E7DD76DD58AC61AA0_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAssumed1_14B9794FB51A258E7DD76DD58AC61AA0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities Assumed </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAssumed1" xlink:label="loc_us-gaap_LiabilitiesAssumed1_14B9794FB51A258E7DD76DD58AC61AA0" xlink:type="locator"/>

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<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_D3C755F82F9F13F75EBB6DD58AC69195_verboseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_D3C755F82F9F13F75EBB6DD58AC69195" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions_D3C755F82F9F13F75EBB6DD58AC69195" xlink:type="locator"/>

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<link:label id="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF_terseLabel_en-US" xlink:label="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions </link:label>

<link:label id="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF_label_en-US" xlink:label="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncash Acquisition Issuance of Operating Partnership Units Value </link:label>

<link:label id="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF_documentation_en-US" xlink:label="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Amount of noncash issuance of Operating Partnership units in connection with acquisitions assumed in noncash investing or financing activities. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue" xlink:label="loc_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:to="lab_doc_NoncashAcquisitionIssuanceOfOperatingPartnershipUnitsValue_6E4A15A2A0CF3682FD066DD58AC6C3FF" xlink:type="arc"/>

<link:label id="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E_terseLabel_en-US" xlink:label="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions </link:label>

<link:label id="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E_label_en-US" xlink:label="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Stock and OP Units Issued During Period, Value, Acquisitions </link:label>

<link:label id="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E_documentation_en-US" xlink:label="lab_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Stock and OP Units Issued During Period, Value, Acquisitions </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions" xlink:label="loc_doc_StockandOPUnitsIssuedDuringPeriodValueAcquisitions_0C0292C5D87DB3A6DD7A6DD58AC67E3E" xlink:type="locator"/>

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<link:label id="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3_terseLabel_en-US" xlink:label="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of noncash activity - contingent consideration </link:label>

<link:label id="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3_label_en-US" xlink:label="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Noncash or Part Noncash Acquisition Contingent Consideration </link:label>

<link:label id="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3_documentation_en-US" xlink:label="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Represents the amount of contingent consideration in a noncash (or part noncash) acquisition. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_NoncashOrPartNoncashAcquisitionContingentConsideration" xlink:label="loc_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:to="lab_doc_NoncashOrPartNoncashAcquisitionContingentConsideration_E212023D7EE25C2C3F296DD58AC685A3" xlink:type="arc"/>

<link:label id="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551_terseLabel_en-US" xlink:label="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Summary of the carrying amount of intangible assets and liabilities </link:label>

<link:label id="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551_label_en-US" xlink:label="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Intangible Assets and Liabilities [Table Text Block] </link:label>

<link:label id="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551_documentation_en-US" xlink:label="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment and leases acquired as part of a real property acquisition at below market lease rate with a finite life. </link:label>

<link:loc xlink:href="doc-20161231.xsd#doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:to="lab_doc_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_B4E491A7C2DB7D59EDF1334AB8B0D551" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Summary of the carrying amount of acquired lease intangibles </link:label>

<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_C935F7ECA24F0CD0FB95334AB8B0F991" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of future amortization of the acquired lease intangibles </link:label>

<link:label id="lab_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F_label_en-US" xlink:label="lab_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" xlink:label="loc_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F" xlink:to="lab_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_ED3C1F00C4539EF70F22334AB8B0D85F" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of acquisitions and aggregate purchase price </link:label>

<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:label="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9" xlink:to="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_AEC4D3C717C8DA4927444966C929F7A9" xlink:type="arc"/>

<link:label id="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed </link:label>

<link:label id="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] </link:label>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22" xlink:type="locator"/>

<link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22" xlink:to="lab_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_F5D5936C652741E51EF74966C929DA22" xlink:type="arc"/>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_FB13955DBD7177D91ECC4966C9298710_verboseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_FB13955DBD7177D91ECC4966C9298710" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Schedule of pro forma combined revenue, net income, and earnings per share-basic and diluted </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_FB13955DBD7177D91ECC4966C9298710_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaInformationTextBlock_FB13955DBD7177D91ECC4966C9298710" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Acquisition, Pro Forma Information [Table Text Block] </link:label>

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Filing Submission 0001574540-17-000007 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Physicians Realty Trust, et al. – ‘10-K’ for 12/31/16 – ‘EX-101.LAB’

On: Friday, 2/24/17, at 9:51am ET · For: 12/31/16 · Accession #: 1574540-17-7 · File #s: 1-36007, 333-205034-01

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Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘EX-101.LAB’ — XBRL Labels — doc-20161231_lab

This Exhibit is an XBRL XML File.

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents