Healthcare Realty Trust
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Healthcare Realty Trust (HR) investor relations material

Healthcare Realty Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • 2025 was a transformational year with a revamped leadership team, improved asset management, and a focus on long-term shareholder value, including new CEO and CFO appointments.

  • Completed $1.2 billion in asset sales, exited 14 non-core markets, and refined the core portfolio.

  • Strengthened balance sheet, reduced leverage, and implemented $10 million in annual G&A cost savings.

  • Dividend was right-sized, now well-covered and yielding nearly 6%.

  • Board streamlined to seven members, enhancing governance and strategic direction.

Financial highlights

  • Full year 2025: Normalized FFO of $1.61 per share, NAREIT FFO of $1.38, GAAP net loss of $0.71 per share, and FAD of $448.3 million (87% payout ratio).

  • Q4 2025: Normalized FFO per share of $0.40, NAREIT FFO of $0.36, GAAP net income of $0.04 per share, and FAD of $113.9 million (75% payout ratio).

  • Same-store NOI growth was 4.8% for 2025, with Q4 same-store cash NOI growth of 5.5%.

  • Property NOI margins improved by 60 basis points; G&A expense reduced to $45 million.

  • Net debt to adjusted EBITDA improved to 5.4x at year-end, down from 6.1x prior year.

Outlook and guidance

  • 2026 guidance: Normalized FFO per share of $1.58–$1.64 (midpoint $1.61), NAREIT FFO per share of $1.44–$1.50, EPS between $(0.05) and $0.05, and same-store cash NOI growth of 3.5%–4.5%.

  • G&A projected between $43 million and $47 million; maintenance capex for 2026 guided at $105–$125 million.

  • Guidance assumes no additional acquisitions, developments, or share repurchases beyond those already executed.

  • Full-year leverage expected in the mid-5x net debt to EBITDA range.

  • Quarterly dividend of $0.24 per share approved for March 2026.

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Frequently asked questions

Healthcare Realty Trust Incorporated is a real estate investment trust that owns, manages, and develops medical office buildings. The company leases its properties primarily to hospitals and healthcare providers across the United States, focusing on outpatient and ambulatory care facilities. The company is headquartered in Nashville, Tennessee, and its shares are listed on the NYSE.

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