Healthcare Realty Trust (HR) Company Report

Healthcare Realty Trust reported Normalized FFO per share of $1.61 for FY 2025, representing 3% year-over-year growth, and achieved 4.8% Same Store Cash NOI growth.
The company significantly strengthened its balance sheet, reducing Net Debt to Adjusted EBITDA to 5.4x as of December 31, 2025, and repaid $900 million in Term Loans and Senior Notes during 2025.
Strategic capital allocation included ~$1.2 billion in asset sales in 2025 at a blended cap rate of 6.7% and the initiation of $50 million in share repurchases in January 2026, with $450 million authorization remaining.
For 2026, Healthcare Realty provided guidance for Normalized FFO per share in the range of $1.58 – $1.64 and Same Store Cash NOI growth between 3.50% – 4.50%.

3 hours ago

8-K

Healthcare Realty Trust Exceeds 2025 Expectations and Provides 2026 Guidance

Earnings

Guidance Update

New Projects/Investments

Healthcare Realty Trust reported strong financial results for 2025, with normalized FFO of $1.61 per share and same-store cash NOI growth of 4.8%, both surpassing original guidance. For 2026, the company provided guidance of $1.58-$1.64 per share for normalized FFO (midpoint $1.61) and anticipates same-store cash NOI growth of 3.5%-4.5%.
The company successfully executed its strategic plan, achieving $10 million in run-rate G&A savings and completing $1.2 billion in asset dispositions at a 6.7% cap rate. These actions contributed to a reduction in net debt to EBITDA to 5.4 times from 6.4 times, and the repayment of $900 million of debt. The dividend was also rightsized, offering a nearly 6% current yield to shareholders.
Capital allocation priorities include redevelopments, which are expected to yield attractive 10% returns on cost and have shown significant lease-up momentum with a 500 basis point increase in leased percentage within the redevelopment portfolio in Q4 2025. Additionally, the company repurchased $50 million of stock in January, with $450 million remaining authorization, and established a new $600 million commercial paper program.

Feb 13, 2026, 2:00 PM

Transcript

Healthcare Realty Trust Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance

Earnings

Guidance Update

Share Buyback

Healthcare Realty Trust reported full-year 2025 normalized FFO of $1.61 per share and same-store NOI growth of 4.8%, exceeding original guidance. For Q4 2025, normalized FFO was $0.40 per share and same-store cash NOI growth was 5.5%.
The company successfully executed its three-year strategic plan ahead of schedule, including $1.2 billion in asset dispositions at a 6.7% cap rate, achieving $10 million in run rate G&A savings, and reducing net debt to EBITDA to 5.4 times.
For 2026, the company forecasts normalized FFO per share between $1.58 and $1.64 (midpoint $1.61) and anticipates same-store cash NOI growth of 3.5%-4.5%. Capital allocation priorities include redevelopments, stock buybacks (with $50 million purchased in January and $450 million remaining authorization), and disciplined joint venture transactions. Dan Gabbay was also officially welcomed as the new Chief Financial Officer.

Feb 13, 2026, 2:00 PM

Transcript

Healthcare Realty Trust Reports Q4 2025 Results and 2026 Guidance

Earnings

Guidance Update

CFO Change

Healthcare Realty Trust reported full-year 2025 normalized FFO of $1.61 per share and same-store NOI growth of 4.8%, surpassing original guidance.
The company successfully executed its strategic plan, achieving $10 million in run rate G&A savings, completing $1.2 billion in asset dispositions at a 6.7% cap rate, and reducing net debt to EBITDA to 5.4x.
For 2026, the company provided guidance for normalized FFO per share between $1.58 and $1.64 (midpoint $1.61) and same-store cash NOI growth of 3.5%-4.5%.
Capital allocation priorities include redevelopments, returning capital to shareholders through stock buybacks, with $50 million already purchased in January and $450 million remaining authorization, and disciplined joint venture transactions. Dan Gabbay was also officially welcomed as the new CFO.

Feb 13, 2026, 2:00 PM

Transcript

Healthcare Realty Trust Announces Q4 2025 Results

Earnings

New Projects/Investments

Healthcare Realty Trust reported net income attributable to common stockholders of $13,208 thousand and diluted earnings per share of $0.04 for Q4 2025.
Total revenues for Q4 2025 reached $353,949 thousand, with Same Store Cash NOI increasing 5.5% year-over-year to $157,917 thousand.
Funds Available for Distribution (FAD) was $113,875 thousand for Q4 2025, supporting quarterly dividends and OP distributions totaling $85,506 thousand.
As of December 31, 2025, net debt stood at $4,072,017 thousand, with 97.7% of its debt at a fixed rate. The leverage ratio was 36.8% and net debt to adjusted EBITDA was 5.4x for FY 2025.

Feb 13, 2026, 2:00 PM

Presentation

Healthcare Realty Trust Announces Fourth Quarter and Full Year 2025 Results and 2026 Guidance

Earnings

Guidance Update

Share Buyback

Healthcare Realty reported Normalized FFO of $0.40 per share for the fourth quarter of 2025 and $1.61 per share for the full year 2025.
The company introduced 2026 guidance, projecting Normalized FFO per share between $1.58 and $1.64 and Same Store Cash NOI growth between 3.5% and 4.5%.
During 2025 and through February 2026, Healthcare Realty completed $1.2 billion in asset sales at a blended cap rate of 6.7%, which contributed to reducing Net Debt to Adjusted EBITDA to 5.4x at December 31, 2025.
The Board approved a common stock dividend of $0.24 per share to be paid on March 11, 2026, and the company repurchased 2.9 million shares for $50 million in January 2026.

Feb 12, 2026, 9:17 PM

8-K

Healthcare Realty Trust Establishes $600 Million Commercial Paper Program

Debt Issuance

Healthcare Realty Trust (NYSE:HR) has established its inaugural commercial paper program.
The program allows its operating partnership, Healthcare Realty Holdings, L.P., to issue up to $600 million of short-term, unsecured commercial paper notes.
These notes will be fully and unconditionally guaranteed by the Company, with proceeds intended for general corporate purposes.

Feb 12, 2026, 9:16 PM

Press Release

Healthcare Realty Trust Reports Q4 and Full Year 2025 Results, Issues 2026 Guidance

Earnings

Guidance Update

Dividends

Healthcare Realty Trust reported Q4 2025 GAAP Net Income of $0.04 per share, NAREIT FFO of $0.36 per share, and Normalized FFO of $0.40 per share, with full-year 2025 GAAP Net Loss of $0.71 per share, NAREIT FFO of $1.38 per share, and Normalized FFO of $1.61 per share.
The company achieved same-store cash NOI growth of +5.5% in Q4 2025 and +4.8% for the full year 2025, while reducing Net Debt to Adjusted EBITDA to 5.4x at December 31, 2025.
Healthcare Realty completed $1.2 billion in asset dispositions during 2025 and through February 2026, and repurchased 2.9 million shares for $50 million in January 2026.
The company introduced full-year 2026 guidance, projecting NAREIT FFO per share between $1.44 and $1.50 and Normalized FFO per share between $1.58 and $1.64, and declared a common stock dividend of $0.24 per share.

Feb 12, 2026, 9:15 PM

Press Release

Healthcare Realty Trust Inc. Announces Equity Offering

Equity Offering

New Projects/Investments

Healthcare Realty Trust Incorporated (HR) has entered into agreements for an offering and sale of Class A common stock with an aggregate offering price of up to $1,000,000,000, effective December 17, 2025.
The net proceeds from this equity offering are designated for general corporate purposes, including the acquisition, development, and redevelopment of healthcare facilities.
The Company affirmed its intention to qualify as a real estate investment trust (REIT) for all subsequent years, having qualified as a REIT for all prior taxable years through 2025.

Dec 17, 2025, 9:11 PM

8-K

HR Reports Strong Q3 2025 Results and Updates Guidance

Earnings

Guidance Update

New Projects/Investments

Healthcare Realty Trust (HR) reported Normalized FFO of $0.41 per share and same-store cash NOI growth of 5.4% for Q3 2025.
The company updated its 2025 guidance, increasing the midpoint of FFO per share to a new range of $1.59 to $1.61 and projecting same-store cash NOI growth of 4% to 4.75%.
HR has sold $500 million of assets year-to-date at a blended cap rate of 6.5%, with an additional $700 million in its remaining disposition pipeline, significantly reducing net debt to adjusted EBITDA to 5.8 times.
The board authorized a $1 billion ATM equity program and up to $500 million in share buybacks, while same-store occupancy improved to 91.1% in Q3 2025.
HR is actively investing in its development and redevelopment pipeline, with current projects expected to generate approximately $16 million in stabilized NOI.