A Business at a Glance
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Healthcare Realty Trust Inc
HR
$7.4B
Mkt Cap
$21.40
+1.23%
Healthcare Realty Trust Inc (HR) has a 5-year average return on invested capital (ROIC) of -0.4%. This is below average and may indicate limited pricing power.
Healthcare Realty Trust Inc (HR) has a market capitalization of $7.4B. It is classified as a mid-cap stock.
Yes, Healthcare Realty Trust Inc (HR) pays a dividend with a trailing twelve-month yield of 4.88%. The company also returns capital through share buybacks, with a buyback yield of 0.08%.
Healthcare Realty Trust Inc (HR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Healthcare Realty Trust Inc (HR) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Healthcare Realty Trust Inc (HR) has a net profit margin of -20.8%. The company is currently unprofitable.
Healthcare Realty Trust Inc (HR) generated $401 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Healthcare Realty Trust is a self-managed REIT that owns, leases, manages, acquires, finances, develops, and redevelops income-producing real estate properties associated with outpatient healthcare service delivery throughout the United States. As of December 31, 2025, the company had gross investments of approximately $10.3 billion in 502 consolidated properties and a weighted average 30% ownership interest in 61 unconsolidated joint venture properties, with a portfolio occupancy of 90.5%. The company's portfolio is primarily composed of medical office and outpatient facilities (89.6% of investments), supplemented by inpatient, office, and land held for development, with a weighted average lease expiration of 4.4 years. The company provides leasing and property management services to approximately 93% of its portfolio and generates revenue through long-term triple-net and modified gross leases to a diverse tenant base with no single tenant representing 10% or more of consolidated revenues. The business model emphasizes targeted return-on-investment capital deployment, including redevelopments, ready-to-occupy spec suites, and selective external growth, while maintaining a disciplined balance sheet and generating stable, growing income from its geographically diversified portfolio concentrated in higher-growth Sunbelt markets.
【Earnings growth acceleration ahead】 Management expects materially higher earnings growth driven by occupancy gains, annual lease escalators, improved tenant retention, and enhanced cash leasing spreads as the portfolio optimization is completed and assets are concentrated in higher-growth markets. The company is tracking ahead of schedule on its three-year strategic plan, with redevelopment projects expected to deliver approximately $50 million of incremental NOI upside, and management remains confident in its ability to continue allocating capital toward accretive redevelopments and selective external growth while maintaining mid-5x leverage. The company plans to modestly increase the number of assets in redevelopment in coming quarters by front-loading capital spend into the earlier part of the three-year plan to maximize NOI upside sooner, and remains open to selling additional assets, including core assets, and accretively recycling proceeds into capital allocation priorities to further improve earnings growth.
| Metric | Target | Period |
|---|---|---|
| Normalized FFO per share | $1.59–$1.65 | FY2026 |
| Same-Store cash NOI growth | 3.75%–4.75% | FY2026 |
Normalized FFO per share (FY2026): “we increased full-year normalized FFO per share guidance by $0.01 to $1.59-$1.65 per share, or $1.62 at the midpoint”
Same-Store cash NOI growth (FY2026): “We increased Same-Store cash NOI growth by 25 basis points to a revised range of 3.75%-4.75%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 1.3B | 1.3B | 933M | 535M |
| Net Income | -201M | -246M | -654M | -278M | 41M | 67M |
| EPS | $-0.57 | $-0.71 | $-1.81 | $-0.74 | $0.15 | $0.45 |
| Free Cash Flow | 395M | 401M | 462M | 468M | -130M | 135M |
| ROIC | 0.0% | -0.4% | -6.0% | -0.2% | 2.2% | 2.4% |
| Gross Margin | - | 14.2% | 9.4% | 8.4% | 14.5% | 22.4% |
| Debt/Equity | 0.98 | 0.85 | 0.89 | 0.73 | 0.71 | 0.82 |
| Dividends/Share | $1.04 | $1.10 | $1.24 | $1.24 | $1.24 | $1.21 |
| Operating Income | 0 | -37M | -412M | -20M | 188M | 120M |
| Operating Margin | 0.0% | -3.1% | -32.5% | -1.5% | 20.1% | 22.4% |
| ROE | -4.5% | -5.0% | -10.9% | -3.9% | 0.8% | 2.5% |
| Shares Outstanding | 347M | 347M | 362M | 376M | 273M | 148M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 372M | 404M | 461M | 614M | 696M | 692M | 500M | 535M | 933M | 1.3B | 1.3B | 1.2B | 1.2B |
| Gross Margin | 31.6% | 31.3% | 30.4% | 28.8% | 28.2% | 27.5% | 22.6% | 22.4% | 14.5% | 8.4% | 9.4% | 14.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 25M | 26M | 29M | 33M | 35M | 41M | 31M | 34M | 53M | 58M | 83M | 73M | 76M |
| EBIT | 83M | 94M | 102M | 124M | 315M | 127M | 128M | 120M | 188M | -20M | -412M | -37M | 0 |
| Op. Margin | 22.4% | 23.2% | 22.1% | 20.1% | 45.3% | 18.3% | 25.7% | 22.4% | 20.1% | -1.5% | -32.5% | -3.1% | 0.0% |
| Net Income | 45M | 33M | 46M | 64M | 213M | 30M | 72M | 67M | 41M | -278M | -654M | -246M | -201M |
| Net Margin | 12.2% | 8.2% | 10.0% | 10.4% | 30.7% | 4.4% | 14.4% | 12.5% | 4.4% | -20.7% | -51.6% | -20.8% | -17.3% |
| Non-Recurring | 0 | 2.6M | 3.1M | 14M | 8.9M | 0 | 0 | 15M | 243M | 0 | 251M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.1% | 3.2% | 3.2% | 2.6% | 5.4% | 2.2% | 2.1% | 2.4% | 2.2% | -0.2% | -6.0% | -0.4% | 0.0% |
| ROE | 3.2% | 2.3% | 3.0% | 2.6% | 6.5% | 0.9% | 2.2% | 2.5% | 0.8% | -3.9% | -10.9% | -5.0% | -4.5% |
| ROA | 1.6% | 1.1% | 1.3% | 1.3% | 3.4% | 0.5% | 1.1% | 1.2% | 0.5% | -2.1% | -5.6% | -2.5% | -2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 168M | 191M | 204M | 308M | 337M | 340M | 470M | 233M | 273M | 500M | 502M | 457M | 462M |
| Free Cash Flow | 139M | 162M | 161M | 243M | 260M | 249M | 395M | 135M | -130M | 468M | 462M | 401M | 395M |
| Owner Earnings | 24M | 31M | 20M | 56M | 48M | 40M | 270M | 19M | -201M | -245M | -205M | -129M | -105M |
| CapEx | 29M | 29M | 43M | 65M | 78M | 92M | 75M | 97M | 403M | 31M | 40M | 56M | 67M |
| Maint. CapEx | 140M | 154M | 177M | 245M | 280M | 290M | 190M | 203M | 453M | 731M | 675M | 564M | 542M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 140M | 154M | 177M | 245M | 280M | 290M | 190M | 203M | 453M | 731M | 675M | 564M | 542M |
| CapEx/OCF | 17.2% | 15.3% | 21.1% | 21.1% | 23.1% | 26.9% | 15.9% | 7.6% | 17.7% | 6.3% | 8.0% | 12.2% | 14.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 137M | 146M | 159M | 207M | 253M | 256M | 163M | 175M | 284M | 472M | 458M | 387M | 362M |
| Dividend Yield | 23.5% | 11.0% | 8.6% | 7.7% | 9.2% | 7.6% | 7.3% | 6.7% | 6.0% | 8.4% | 8.6% | 7.0% | 4.9% |
| Share Buybacks | 1.1M | 1.7M | 2.6M | 3.4M | 70M | 12M | 1.4M | 3.8M | 3.2M | 2.3M | 8.9M | 4.0M | 5.8M |
| Buyback Yield | 0.1% | 0.1% | 0.2% | 0.1% | 2.5% | 0.3% | 0.1% | 0.1% | 0.1% | 0.0% | 0.2% | 0.1% | 0.1% |
| Stock-Based Comp | 4.4M | 5.7M | 7.1M | 6.9M | 9.8M | 10M | 9.9M | 11M | 20M | 14M | 32M | 22M | 25M |
| Debt Repayment | 12M | 0 | 0 | 11M | 1.9M | 18M | 48M | 25M | 20M | 19M | 25M | 266M | 266M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.6B | 1.8B | 2.7B | 2.4B | 2.7B | 2.9B | 1.8B | 5.3B | 5.0B | 4.6B | 3.9B | 4.3B |
| Cash & Equiv. | 10M | 13M | 11M | 100M | 126M | 33M | 115M | 13M | 61M | 26M | 69M | 26M | 26M |
| Long-Term Debt | 1.4B | 1.6B | 1.8B | 2.8B | 2.5B | 2.7B | 3.0B | 1.8B | 5.4B | 5.0B | 4.7B | 3.9B | 4.1B |
| Debt/Equity | 0.97 | 1.15 | 1.05 | 0.85 | 0.78 | 0.82 | 0.95 | 0.82 | 0.71 | 0.73 | 0.89 | 0.85 | 0.98 |
| Interest Coverage | 1.6 | 1.7 | 1.7 | 1.4 | 3.1 | 1.3 | 2.3 | 2.3 | 1.3 | -0.1 | -1.7 | -0.2 | -0.2 |
| Equity | 1.4B | 1.4B | 1.7B | 3.3B | 3.3B | 3.4B | 3.2B | 2.2B | 7.6B | 6.8B | 5.2B | 4.6B | 4.4B |
| Total Assets | 3.0B | 3.2B | 3.7B | 6.4B | 6.2B | 6.6B | 6.8B | 4.3B | 13.8B | 12.6B | 10.7B | 9.2B | 9.1B |
| Total Liabilities | 1.6B | 1.8B | 2.0B | 3.1B | 2.8B | 3.2B | 3.6B | 2.1B | 6.2B | 5.7B | 5.3B | 4.5B | 4.7B |
| Intangibles | 297M | 271M | 278M | 459M | 373M | 278M | 239M | 212M | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 101M | 95M | 105M | 168M | 185M | 172M | 200M | N/A | N/A | N/A | N/A | N/A | 138M |
| Per Share Data | |||||||||||||
| EPS | 0.74 | 0.26 | 0.33 | 0.34 | 1.02 | 0.14 | 0.52 | 0.45 | 0.15 | -0.74 | -1.81 | -0.71 | -0.57 |
| Owner EPS | 0.39 | 0.25 | 0.14 | 0.30 | 0.23 | 0.19 | 1.94 | 0.13 | -0.74 | -0.65 | -0.57 | -0.37 | -0.30 |
| Book Value | 23.60 | 10.89 | 12.13 | 17.44 | 15.56 | 15.59 | 22.86 | 14.75 | 27.77 | 18.14 | 14.48 | 13.32 | 12.81 |
| Cash Flow/Share | 2.75 | 1.51 | 1.46 | 1.64 | 1.61 | 1.58 | 3.39 | 1.57 | 1.00 | 1.33 | 1.39 | 1.32 | 0.98 |
| Dividends/Share | 2.31 | 1.17 | 1.19 | 1.21 | 1.23 | 1.25 | 1.20 | 1.21 | 1.24 | 1.24 | 1.24 | 1.10 | 1.04 |
| Shares Out. | 61.3M | 126.7M | 139.1M | 188.0M | 209.3M | 215.4M | 138.8M | 148.1M | 272.6M | 376.0M | 361.6M | 346.6M | 346.5M |
| Valuation | |||||||||||||
| P/E Ratio | 29.6 | 44.7 | 38.3 | 42.2 | 13.0 | 117.1 | 30.7 | 41.3 | 101.2 | N/A | N/A | N/A | -37.4 |
| P/FCF | 4.8 | 9.1 | 10.9 | 11.1 | 10.7 | 14.2 | 5.6 | 20.3 | N/A | 12.0 | 12.2 | 14.4 | 18.8 |
| EV/EBIT | 32.9 | 32.6 | 34.5 | 43.5 | 16.4 | 49.3 | N/A | 73.9 | 49.9 | N/A | N/A | N/A | N/A |
| Price/Book | 0.9 | 1.1 | 1.0 | 0.8 | 0.8 | 1.1 | 0.7 | 3.2 | 0.5 | 0.8 | 1.1 | 1.3 | 1.7 |
| Price/Sales | 3.1 | 3.3 | 4.0 | 4.4 | 3.9 | 4.8 | 4.4 | 12.5 | 5.0 | 4.2 | 4.2 | 4.7 | 6.4 |
| FCF Yield | 10.4% | 11.0% | 9.1% | 9.0% | 9.4% | 7.0% | 17.8% | 1.9% | -3.1% | 8.4% | 8.2% | 6.9% | 5.3% |
| Market Cap | 1.3B | 1.5B | 1.8B | 2.7B | 2.8B | 3.5B | 2.2B | 7.1B | 4.1B | 5.6B | 5.6B | 5.8B | 7.4B |
| Avg. Price | 9.51 | 10.49 | 13.35 | 14.27 | 13.14 | 15.55 | 15.99 | 17.55 | 17.21 | 14.87 | 14.66 | 15.94 | 21.40 |
| Year-End Price | 10.96 | 11.62 | 12.64 | 14.35 | 13.22 | 16.40 | 15.98 | 18.59 | 15.18 | 14.89 | 15.57 | 16.69 | 21.40 |
Healthcare Realty Trust Inc passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 18.6x vs a median of 12.0x. The company's 5-year average gross margin is 13.8%. Total shareholder yield (dividends) is 5.0%. At current prices, the estimated annualized return to fair value is -6.2%.
Healthcare Realty Trust Inc (HR) has a debt-to-equity ratio of 0.85. This indicates moderate leverage.
Healthcare Realty Trust Inc (HR) reported earnings per share (EPS) of $-0.71 in its most recent fiscal year.
Healthcare Realty Trust Inc (HR) has a return on equity (ROE) of -5.0%. A negative ROE may indicate losses or negative equity.
Healthcare Realty Trust Inc (HR) has a 5-year average gross margin of 13.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Healthcare Realty Trust Inc (HR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Healthcare Realty Trust Inc (HR) has a book value per share of $13.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects materially higher earnings growth driven by occupancy gains, annual lease escalators, improved tenant retention, and enhanced cash leasing spreads as the portfolio optimization is completed and assets are concentrated in higher-growth markets. The company is tracking ahead of schedule on its three-year strategic plan, with redevelopment projects expected to deliver approximately $50 million of incremental NOI upside, and management remains confident in its ability to continue allocating capital toward accretive redevelopments and selective external growth while maintaining mid-5x leverage. The company plans to modestly increase the number of assets in redevelopment in coming quarters by front-loading capital spend into the earlier part of the three-year plan to maximize NOI upside sooner, and remains open to selling additional assets, including core assets, and accretively recycling proceeds into capital allocation priorities to further improve earnings growth.
Based on recent SEC filings and earnings calls, Healthcare Realty Trust Inc (HR) has provided the following forward guidance: Normalized FFO per share: $1.59–$1.65 (FY2026); Same-Store cash NOI growth: 3.75%–4.75% (FY2026).
No recent press releases.