Healthcare Realty Trust Highlights 2025 Results and 2026 Outlook
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Healthcare Realty Trust ( (HR) ) has issued an update.
On February 27, 2026, Healthcare Realty Trust released a business update highlighting its 2025 performance and current positioning as the only REIT focused exclusively on the outpatient medical sector, with a $10.7 billion enterprise value, $6.5 billion market capitalization, and a 5.2% dividend yield based on fourth-quarter 2025 payouts. As of December 31, 2025, the REIT reported 92.1% same-store occupancy, 4.8% same-store cash NOI growth, and 5.4x net debt to adjusted EBITDA, supported by a reconstituted board with significant REIT experience, an expanded management team, and strong health system tenant relationships across key U.S. markets.
The 2025 update shows normalized FFO per share rising 3% to $1.61, driven by occupancy gains, 81.5% tenant retention, positive cash leasing spreads, and 5.8 million square feet of leasing, including 1.6 million square feet of new leases, while the company completed roughly $1.2 billion of asset sales and used proceeds to repay $900 million of term loans and senior notes. Management emphasized a significantly improved balance sheet with $1.4 billion of liquidity, Moody’s affirmation of its Baa2 rating with a Stable outlook, and outlined 2026 guidance targeting normalized FFO per share of $1.58–$1.64 and same-store cash NOI growth of 3.5%–4.5%, underscoring confidence in multi-year sector tailwinds from an aging population, limited new outpatient supply, and strong private-market demand for medical real estate.
The most recent analyst rating on (HR) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Healthcare Realty Trust stock, see the HR Stock Forecast page.
Spark’s Take on HR Stock
According to Spark, TipRanks’ AI Analyst, HR is a Neutral.
The score is driven primarily by improved balance-sheet positioning and solid cash-flow durability, reinforced by a generally positive earnings-call narrative around execution, leasing, and cost discipline. It is held back by weak GAAP profitability (negative earnings and softening revenue), and valuation is less supportive due to the negative P/E despite an attractive dividend yield; technicals are moderately constructive but somewhat stretched.
To see Spark’s full report on HR stock, click here.
More about Healthcare Realty Trust
Healthcare Realty Trust is a publicly traded real estate investment trust that operates as a premier pure-play outpatient medical REIT, owning 33 million square feet across 562 properties concentrated in the top 50 U.S. metropolitan statistical areas. The company focuses on self-managed, on- and adjacent-to-hospital medical office buildings and outpatient facilities, leveraging relationships with leading national and regional health systems, and maintains investment-grade credit ratings from S&P and Moody’s.
Average Trading Volume: 3,516,803
Technical Sentiment Signal: Strong Buy
Current Market Cap: $6.44B
See more insights into HR stock on TipRanks’ Stock Analysis page.
