Healthcare Realty Trust Incorporated

Latest Results (18.11.2025):

Healthcare Realty Trust Incorporated reported its third quarter 2025 financial results, demonstrating a mixed performance with strong operational leasing activity and strategic capital management. In Q3 2025, the company posted a GAAP net loss of $0.17 per share while recording a NAREIT FFO of $0.34 and Normalized FFO of $0.41 per share, alongside an FAD payout of $116.9 million at a 73% payout ratio. The report also highlighted a 5.4% same store cash NOI growth driven by improved occupancy and robust tenant retention.

Financial Performance

For the third quarter of 2025, Healthcare Realty Trust Incorporated delivered its financial performance with a GAAP net loss of $0.17 per share, NAREIT FFO of $0.34 per share, and Normalized FFO of $0.41 per share. The firm achieved an FAD of $116.9 million, reflecting a 73% payout ratio, which underscores its ongoing commitment to returning value despite the reported net loss.

Leasing Activity

During Q3 2025, the company executed 1.6 million square feet of new and renewal leases. This robust leasing activity, which included key deals in markets such as Memphis, Dallas, Fort Worth, and Seattle, contributed to a same store cash NOI growth of 5.4% and highlighted its strong market presence and operational efficiency in maintaining high occupancy and tenant retention levels.

Capital Allocation and Guidance

Healthcare Realty Trust Incorporated advanced its capital strategy in the quarter by completing $404 million in asset sales through 15 transactions, with total year-to-date sales of $486 million at a blended cap rate of 6.5%. The company increased its 2025 guidance for Normalized FFO per share to a range of $1.59–$1.61 and same store cash NOI growth to 4.00%–4.75%, while also managing its leverage with a run-rate Net Debt to Adjusted EBITDA of 5.8x, expected to improve by year-end.