NASHVILLE, TN – February 12, 2026 – Healthcare Realty Trust Incorporated (NYSE: HR) has announced its financial results for the fourth quarter ended December 31, 2025, showcasing significant achievements and providing guidance for the full year 2026. The company, which specializes in the ownership, operation, and development of medical outpatient buildings, reflects a year of transformation and growth.

1. A Transformational Year

Peter Scott, President and CEO of Healthcare Realty, expressed optimism about the results, stating, “2025 represented a transformational year for Healthcare Realty. Our operational team delivered same-store growth that continues to exceed historical levels while our transactions team exceeded targets with $1.2 billion in dispositions at attractive pricing levels." He attributed the company’s success to strong operational efforts and strategic enhancements in governance and leadership.

2. Fourth Quarter Highlights

The fourth quarter results paint a promising picture for Healthcare Realty:

GAAP Net Income: $0.04 per share

NAREIT FFO: $0.36 per share

Normalized FFO: $0.40 per share

Funds Available for Distribution (FAD): $113.9 million with a payout ratio of 75%

Same Store Cash NOI Growth: +5.5%, with a tenant retention rate of 82.7% and cash leasing spreads of +3.7%

Total Lease Executions: 1.5 million square feet, including 316,000 square feet of new leases

Significant Leasing Momentum: Nearly 1 million square feet of new and renewal leases executed in early 2026

Asset Sales: Completed $682 million in asset sales during the quarter, continuing through February

The company has also reported a Net Debt to Adjusted EBITDA ratio of 5.4x and received an affirmation of a Baa2 credit rating from Moody's Investors Service.

3. Full Year 2025 Performance

Healthcare Realty's full-year performance also showed resilience:

GAAP Net Loss: $0.71 per share

NAREIT FFO: $1.38 per share

Normalized FFO: $1.61 per share

FAD: $448.3 million with a payout ratio of 87%

Same Store Cash NOI Growth: +4.8%

Total Lease Executions: Approximately 5.8 million square feet, with 1.6 million square feet being new leases

In 2025, the company completed $1.2 billion in asset sales through 34 transactions at a blended cap rate of 6.7%. Notably, the company reduced its net debt to adjusted EBITDA from 6.1x at the previous year-end to 5.4x.

Leadership Changes and Governance Enhancements

Healthcare Realty appointed a new leadership team, comprising Peter Scott as CEO and Daniel Gabbay as CFO, alongside bolstering its governance structure to navigate future growth effectively.

4. Capital Allocation and Strategic Dispositions

During the fourth quarter, Healthcare Realty executed several strategic asset sales, including:

A 25-property portfolio sale yielding $348.9 million across various markets, refining the company’s operating portfolio.

Properties in Phoenix, Atlanta, and Jacksonville were sold for a total of approximately $67 million, focusing on reducing exposure to non-priority markets.

The company also advanced in its development and redevelopment projects, initiating five new projects in major markets such as Houston and Denver.

Balance Sheet Strength

The company’s balance sheet reflects its prudent management:

Net Debt to Adjusted EBITDA stands at 5.4x, with approximately $1.4 billion in liquidity.

Significant repayments of term loans and the extension of a $1.5 billion revolving credit facility to July 2030 bolster liquidity.

5. Dividend Announcement

The Board of Healthcare Realty Trust has approved a common stock dividend of $0.24 per share, to be paid on March 11, 2026, to stockholders of record as of February 24, 2026. This reflects the company’s commitment to return value to its shareholders while maintaining a focus on growth.

6. 2026 Guidance

Looking ahead, Healthcare Realty Trust has provided guidance for 2026, estimating:

Earnings per Share: Ranging from ($0.05) to $0.05

NAREIT FFO per Share: Between $1.44 and $1.50

Normalized FFO per Share: Estimated between $1.58 and $1.64

Same Store Cash NOI Growth: Projected between 3.5% and 4.5%

This guidance reflects the company’s outlook on market conditions, occupancy levels, and operational expenses.

7. Upcoming Earnings Call

Healthcare Realty will host a conference call on February 13, 2026, at 9:00 a.m. ET to discuss its earnings results, operational activities, and industry trends. Interested parties can access the call via the company’s investor relations website.

As Healthcare Realty Trust continues to navigate the evolving landscape of healthcare real estate, its focus on strategic growth and operational excellence is poised to drive future success in the outpatient medical services sector.

Original press release