Healthcare Realty Trust Incorporated
- Open
- 20.45
- Day high
- 20.48
- Day low
- 20.24
- Prev close
- 20.64
- Volume
- 1.6M
- Mkt cap
- $7.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 6.1
- Yield
- 4.76%
- Per share
- $0.96
- ▼Insiders net selling -$525K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Healthcare Realty Trust Incorporated (HR) is a Real Estate company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Healthcare Realty Trust Incorporated (HR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.39 | $0.41 | +5.1% | $268M | -5.5% |
| Feb 12, 2026 | $0.40 | $0.40 | +0.0% | $286M | +1.3% |
| Oct 30, 2025 | $0.40 | $0.41 | +2.5% | $298M | +4.2% |
| Jul 31, 2025 | $0.40 | $0.41 | +2.5% | $298M | +1.8% |
| May 1, 2025 | $0.39 | $0.39 | +0.0% | $299M | +0.7% |
| Feb 19, 2025 | $0.39 | $0.40 | +2.6% | $291M | -2.7% |
| Aug 2, 2024 | $0.38 | $0.38 | +0.0% | $316M | -1.3% |
| Feb 16, 2024 | $0.40 | $0.39 | -2.5% | $330M | -2.2% |
| Nov 3, 2023 | $0.39 | $0.39 | +0.0% | $342M | +1.7% |
| Mar 1, 2023 | $0.40 | $0.42 | +5.0% | $338M | -1.2% |
| Nov 9, 2022 | $0.42 | $0.39 | -7.1% | $306M | +55.4% |
| May 5, 2022 | $0.45 | $0.44 | -2.2% | $143M | -27.7% |
HR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Callaway Amanda Lofficer: SVP & Chief Accounting Officer | Sell | 25,767 | $20.37 |
| May 20, 2026 | HENRY DAVIDdirector | Grant | 6,683 | $20.20 |
| May 20, 2026 | Bohjalian Thomas Ndirector | Grant | 6,683 | $20.20 |
| May 20, 2026 | MOORE CONSTANCE Bdirector | Grant | 6,683 | $20.20 |
| May 20, 2026 | RUFRANO GLENN Jdirector | Grant | 6,683 | $20.20 |
| May 20, 2026 | WOOD DONALD Cdirector | Grant | 6,683 | $20.20 |
| Apr 15, 2026 | Scott Peter Aofficer: President and CEO | Tax | 36,029 | $17.84 |
| Mar 6, 2026 | Bohjalian Thomas Ndirector | Buy | 10,000 | $18.09 |
| Mar 5, 2026 | Gabbay Danielofficer: EVP, Chief Financial Officer | Buy | 10 | $18.74 |
| Feb 25, 2026 | Gabbay Danielofficer: EVP, Chief Financial Officer | Grant | 32,107 | $17.13 |
| Feb 25, 2026 | Gabbay Danielofficer: EVP, Chief Financial Officer | Grant | 159,051 | $17.29 |
| Feb 17, 2026 | Crowley Ryan E.officer: EVP and CIO | Tax | 736 | $17.96 |
| Feb 11, 2026 | Crowley Ryan E.officer: EVP and CIO | Tax | 968 | $17.13 |
| Feb 11, 2026 | Hull Robert Eofficer: EVP and COO | Grant | 33,859 | $17.13 |
| Feb 11, 2026 | Hull Robert Eofficer: EVP and COO | Tax | 4,097 | $17.36 |
Source: HR SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full HR insider & 13F page →Healthcare Realty Trust Incorporated company profile
Overview
Healthcare Realty Trust Incorporated (NYSE:HR) is a real estate investment trust (REIT) founded in 1993 and headquartered in Nashville, Tennessee. The company specializes in owning, managing, financing, and developing healthcare real estate properties, primarily focused on outpatient medical facilities across the United States. Since going public in 1993, Healthcare Realty has grown to become one of the largest healthcare REITs in the country, with a portfolio valued at approximately $10.7 billion as of 2024. The company underwent significant expansion through strategic acquisitions, including a major merger that was completed in 2022, which substantially increased its portfolio size and geographic footprint.
Business
Healthcare Realty Trust operates in the healthcare real estate sector, which is a specialized segment of commercial real estate focused on properties used for medical services delivery. The company's core business involves owning and leasing medical office buildings, outpatient facilities, and other healthcare-related properties to healthcare providers, medical practices, and health systems. The company's portfolio consists primarily of outpatient medical facilities, which are healthcare buildings where patients receive medical care without being admitted for overnight stays. These facilities include medical office buildings housing physician practices, specialty clinics, diagnostic centers, ambulatory surgery centers, and other outpatient treatment facilities. This type of real estate has become increasingly important as the healthcare industry has shifted toward providing more services in outpatient settings rather than traditional hospital environments, driven by cost efficiency and patient preference. Healthcare Realty's business model centers around multi-tenant medical office buildings, where multiple healthcare providers lease space within the same property. As of recent reports, the company owns approximately 211 properties across 24 states, totaling about 15.5 million square feet of medical real estate. The company also provides property management and leasing services, managing nearly 12 million square feet nationwide including properties owned by third parties. The healthcare real estate sector benefits from several demographic and industry trends, including an aging U.S. population that requires more medical services, the continued shift from inpatient to outpatient care delivery, and the ongoing consolidation of healthcare providers who need modern, efficient facilities to serve their patients.
Revenue model
Healthcare Realty Trust generates revenue primarily through rental income from leasing medical office space to healthcare tenants. The company operates under the traditional REIT business model where it collects monthly rent payments from tenants who have signed multi-year lease agreements, typically ranging from 5 to 15 years for medical office space. These leases often include annual rent escalations, currently averaging around 2.8% per year, which helps protect against inflation and provides predictable income growth. The company's paying customers are primarily healthcare providers including physician practices, specialty medical groups, health systems, hospitals, and other healthcare service providers who need professional medical office space. These tenants tend to be relatively stable compared to other commercial real estate sectors because healthcare demand is generally non-cyclical and essential in nature. Healthcare Realty also generates additional revenue through property management services provided to third-party property owners, though this represents a smaller portion of total revenue compared to rental income from owned properties. Several factors can impact the company's profitability and margins. Positive factors include the aging U.S. population driving increased healthcare demand, the ongoing shift toward outpatient care delivery, potential for rent increases through lease renewals and annual escalations, and the ability to improve occupancy rates in underperforming properties. Negative factors include rising interest rates that increase borrowing costs, inflation in operating expenses such as utilities and maintenance, competition from other medical real estate owners, potential healthcare industry consolidation that could reduce demand, and the risk of tenant bankruptcies or non-renewals. The company's margins are also sensitive to occupancy rates, as vacant space generates no rental income while still incurring operating expenses.
Competitive moat
Healthcare Realty Trust possesses a moderate economic moat based on several characteristics of the healthcare real estate sector, though it faces meaningful competitive pressures. The company's primary moat stems from the specialized nature of medical office buildings, which are typically designed and configured specifically for healthcare use with features like medical gas systems, specialized HVAC, reinforced floors for heavy equipment, and layouts optimized for patient flow. This specialization creates switching costs for tenants, as relocating a medical practice is expensive and disruptive to patient care. The company also benefits from tenant stickiness in the healthcare sector, where medical practices often prefer to remain in established locations where they have built patient relationships and referral networks. Healthcare tenants typically have longer lease terms and higher renewal rates compared to general office tenants, with Healthcare Realty reporting tenant retention rates in the 80-85% range. However, the company's moat is limited by several factors. The healthcare REIT sector is highly competitive, with numerous well-capitalized competitors including Welltower, Ventas, and HCP, among others. These competitors often compete for the same high-quality properties and tenants. Additionally, healthcare systems and large medical groups increasingly have the capital and expertise to develop their own facilities, potentially reducing demand for leased space. The company also faces potential disruption from telemedicine and changing healthcare delivery models, which could reduce demand for traditional medical office space over time. While this trend has been gradual, it represents a long-term structural challenge to the sector. Geographic concentration in certain markets also creates vulnerability to local economic downturns or changes in healthcare provider dynamics in specific regions.
Risks & safety
Healthcare Realty Trust presents moderate financial risk with some concerning leverage metrics but adequate liquidity position. **Debt and Solvency:** - Net debt-to-EBITDA ratio of 6.4x as of Q1 2025, which is elevated for a REIT - Total debt-to-equity ratio of approximately 0.99x, indicating high leverage - Cash position of $26 million with total current liabilities of $239 million, creating potential liquidity concerns - Current ratio of 0.14, indicating difficulty meeting short-term obligations without asset sales **Valuation Metrics:** - EV/EBITDA of approximately 16x, which is reasonable for a healthcare REIT - Price-to-book ratio of 1.16x, suggesting modest premium to book value - Free cash flow negative in recent quarter at -$21 million, though this includes capital expenditures for tenant improvements **Other Considerations:** - Company actively pursuing asset sales of $400-500 million to reduce leverage - Dividend payout ratio above 100% of FFO, creating coverage concerns - Management targeting leverage reduction to 5.5-6.0x range through deleveraging strategy
Recent development
Over the past few years, Healthcare Realty Trust has undergone significant strategic transformation and operational improvements. The company completed a major merger integration in 2022 that substantially expanded its portfolio size and geographic presence, requiring extensive organizational restructuring and system integration efforts. Following the merger, management has focused on operational optimization including achieving full G&A cost savings, transitioning to an integrated leasing model, and improving property management efficiency. The company has made substantial progress in leasing momentum, achieving record new lease signings of nearly 2 million square feet in 2024, while improving tenant retention rates from the high-70% range to over 80%. A major strategic priority has been portfolio optimization through selective asset dispositions. The company generated over $1.3 billion in proceeds during 2024 through joint venture formations and asset sales, using these proceeds primarily for debt reduction and share repurchases. Management has indicated plans to continue this strategy with $400-500 million in additional dispositions planned for 2025, focusing on non-core assets in slower-growth markets. The company has also prioritized balance sheet improvement, successfully reducing leverage from over 7x to 6.4x net debt-to-EBITDA while targeting further reduction to the 5.5-6.0x range. This deleveraging effort has been accompanied by significant share repurchase activity, with nearly $450 million in buybacks completed. Recent leadership changes include the appointment of Peter Scott as President and CEO in 2025, replacing interim leadership as the company conducted a comprehensive CEO search. The new leadership team has outlined strategic priorities focused on continued occupancy growth, operational efficiency improvements, and maintaining financial discipline while pursuing selective growth opportunities.
HR company profile · for informational purposes only — not investment advice.
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