Healthcare Realty Trust Incorporated

Latest Results (02.04.2026):

Healthcare Realty Trust Incorporated — fourth quarter ended December 31, 2025: the company reported GAAP net income of $0.04 per share for 4Q 2025, NAREIT FFO of $0.36 per share and Normalized FFO of $0.40 per share, with FAD of $113.9 million (a 75% payout ratio). Same-store cash NOI rose 5.5% in the quarter, the company completed $682 million of asset sales in the quarter/through February (part of $1.2 billion of dispositions across 2025 and through Feb 2026), reduced leverage (Net Debt to Adjusted EBITDA 5.4x), and issued 2026 guidance (NAREIT FFO $1.44–$1.50; Normalized FFO $1.58–$1.64; same-store NOI growth 3.5–4.5%).

Earnings & cash-flow metrics (4Q 2025)

GAAP diluted EPS $0.04; NAREIT FFO $126.98M / $0.36 per share; Normalized FFO $142.15M / $0.40 per share; FAD $113.9M (quarterly payout ratio ~75%).

Full-year 2025 summary

Full-year GAAP loss $(0.71) per share; NAREIT FFO $1.38 per share; Normalized FFO $1.61 per share; FAD $448.3M (87% payout ratio); same-store cash NOI +4.8% for 2025.

Same-store operating performance

4Q 2025 same-store cash NOI grew +5.5% (driven by tenant retention 82.7% and +3.7% cash leasing spreads). For the year, retention was 81.5%, occupancy gained 103 bps and cash leasing spreads were +3.1%.

Leasing activity

Executed 292 new and renewal leases totaling 1.5M sq ft in 4Q 2025 (316k sq ft of new leases), weighted average lease term 6.2 years, avg escalators ~3.0%. Early 2026 momentum: nearly 1M sq ft of new and renewal leases year-to-date.

Dispositions and capital recycling

Completed $682M of asset sales during 4Q and through February (including a 25-property portfolio sale for $348.9M). Total dispositions in 2025 and through Feb 2026 were ~$1.2B across 34 transactions at a blended cap rate of 6.7%.

Balance sheet, liquidity and capital markets actions

Net Debt to Adjusted EBITDA improved to 5.4x (from 6.1x prior year-end); approximately $1.4B of liquidity (revolver + cash); fully repaid $542M of 2027 term loans in Q4 and ~ $650M of term loans plus $250M senior notes repaid during 2025; extended $1.5B revolver to July 2030, launched a $600M commercial paper program, and repurchased 2.9M shares in Jan 2026 for $50M.

Development / redevelopment activity

Added five new redevelopment projects in 4Q 2025 and advanced multiple projects; notable redevelopments include a $10.4M Houston project and a $10.2M Denver project aimed at modernizing multi-tenant clinical space.

Dividend, guidance & credit

Board approved a common dividend of $0.24 per share payable March 11, 2026. 2026 guidance: EPS $(0.05) to $0.05; NAREIT FFO $1.44–$1.50 per share; Normalized FFO $1.58–$1.64 per share; same-store cash NOI growth 3.5%–4.5%. Moody’s affirmed Baa2 with a Stable outlook in December.

Governance and cost actions

Management changes: Peter Scott named President & CEO, Daniel Gabbay named CFO and other leadership additions. Company reported ~$10M of run-rate G&A savings from cost-saving measures during 2025.