At a glance
Healthcare Realty Trust Incorporated is worth $5.93B. Revenue fell 6.9% to $1.18B in fiscal 2025, at a loss; over 5 years it has grown 18.8% a year. It pays a 5.48% dividend yield, and returned $1.80B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.8% over the past year with dividends reinvested and −2.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.8% in the 2020 crash (S&P 500: 33.7%) and 28.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months and 45 months after the lows.
The business in plain English
Healthcare Realty Trust is a real estate investment trust, or REIT: a company that owns income-producing property and generally owes no federal corporate income tax on taxable income it pays out to shareholders. It owns, leases, manages and develops buildings used mainly for outpatient care (treatment without an overnight hospital stay) across the United States. Tenants include doctors in more than 30 specialties, plus surgery, imaging, cancer and diagnostic centers. It earns money mainly from their rent and manages about 93% of its portfolio itself.
As of December 31, 2025, it had gross investments of about $10.3 billion in 502 properties. It also held average stakes of about 30% in 61 more properties through joint ventures (shared ownership with partners). Medical office and outpatient buildings made up about $9.3 billion of that total, across 481 properties that were 89.6% occupied. The rest included 14 inpatient facilities and four office buildings. Filings give no clean revenue split, so these figures show where money is invested, not where revenue comes from.
The company targets buildings on or near hospital campuses tied to leading health systems in fast-growing markets. No tenant made up 10% or more of 2025 revenue. Revenue was about $1.18 billion in 2025, down 6.9% from 2024. The company also sold 70 properties for about $1.1 billion that year.
Price history
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HR +2.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $286.6M, down 3.7% from a year earlier, and net income was $-15.8M.
- For fiscal 2025, revenue was $1.18B (-6.9% year over year; +18.8% a year from FY2020 to FY2025) with a -20.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.8% good |
|---|---|
| Return on equity (FY2025) | -5.3% weak |
| Return on assets (FY2025) | -2.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $499.6M | $72.2M | $395.3M |
| FY2021 | $534.8M | $66.7M | $135.5M |
| FY2022 | $932.6M | $40.9M | — |
| FY2023 | $1.34B | $-278.3M | — |
| FY2024 | $1.27B | $-654.5M | — |
| FY2025 | $1.18B | $-246.1M | — |
Valuation snapshot
| Market value | $5.93B |
|---|---|
| P/E ratio | — |
| Dividend yield | 5.48% |
Rank among 1514 US companies
Market value at each year end
Healthcare Realty Trust Incorporated’s market value went from $4.30B at the end of 2016 to $5.93B on Oct 28, 2026, up 38%; since the end of 2025 it is down 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.93B | -0.4% |
| 2025 | $5.96B | -0.8% |
| 2024 | $6.01B | -8.5% |
| 2023 | $6.56B | -10.5% |
| 2022 | $7.33B | +5.0% |
| 2021 | $6.99B | +8.0% |
| 2020 | $6.47B | -6.4% |
| 2019 | $6.91B | +17.5% |
| 2018 | $5.89B | -10.6% |
| 2017 | $6.58B | +53.1% |
| 2016 | $4.30B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HR price data to Oct 28, 2026 | +7.3% | +2.8% | +15.0% | -2.7% | +3.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.3% |
| 2025 | +6.9% |
| 2024 | +6.3% |
| 2023 | -4.0% |
| 2022 | -21.3% |
| 2021 | +16.0% |
| 2020 | -4.7% |
| 2019 | +26.5% |
| 2018 | -3.5% |
| 2017 | +15.2% |
| 2016 | +15.5% |
| 2015 | +13.6% |
| 2014 | +41.0% |
| 2013 | -2.4% |
| 2012 | +40.1% |
| 2011 | -6.5% |
| 2010 | +4.2% |
| 2009 | -0.3% |
| 2008 | -1.6% |
| 2007 | -21.9% |
| 2006 | +28.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.6% over that stretch · deepest drop along the way 57.8%, back to its old high 40.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.8% over that stretch · deepest drop along the way 34.8%, back to its old high 18.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.7% over that stretch · deepest drop along the way 28.5%, back to its old high 45 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 2 open-market purchases ($181K) and 2 sales ($926K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 23, 2026 | Amanda L Callaway SVP & Chief Accounting Officer | sell | $525K |
| Sep 8, 2026 | Robert E Hull EVP and COO | sell | $401K |
| Mar 6, 2026 | Thomas N Bohjalian Director | buy | $181K |
| Mar 4, 2026 | Daniel Gabbay EVP, Chief Financial Officer | buy | $187.00 |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 16.05% | Sep 30, 2025 |
| Vanguard Portfolio Management | 8.21% | Mar 31, 2026 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Dec 31, 2025 |
| BANK OF AMERICA CORP /DE/ | 1.5% | Dec 31, 2024 |
ETFs with the most weight in HR
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.46% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.21% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.29% |
| RIET Hoya Capital High Dividend Yield ETF | 1.57% |
| REZ iShares Residential and Multisector Real Estate ETF | 1.35% |
| SURE AdvisorShares Insider Advantage ETF | 0.97% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.94% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.64% |
What could go wrong
- A tenant bankruptcy still weighs on results. Tenant Prospect Medical Holdings, which leased about 80,912 square feet, filed for bankruptcy in January 2025. A Hartford HealthCare unit took 65,477 square feet from January 1, 2026; the rest may prove hard to re-let.
- Tied to the health of hospital systems. Many properties sit on or near hospital campuses, and many leases depend on the associated health system staying financially sound. If a big system struggles, rent and occupancy at several buildings could suffer together.
- Heavy lease expirations in 2026 and 2027. As of December 31, 2025, 14.9% of leased space was set to expire in 2026 and 16.8% in 2027. Re-leasing at lower rents, or with costly concessions, would cut income.
- Healthcare policy changes could hurt tenants. Medicare and Medicaid changes and the One Big Beautiful Bill Act could weaken tenants and demand for space. Some federal and state proposals would penalize providers that lease from REITs or sold assets to them.
- Debt load and interest-rate sensitivity. Total debt was about $4.2 billion as of June 30, 2026, against $19 million of cash and investments. Higher interest rates or a weaker credit rating would raise borrowing costs and could pressure dividends.
- Dividend is not guaranteed and was cut. The company warns it may not keep paying dividends at past rates. Dividends per share fell from $1.24 in 2024 to $1.10 in 2025, and the company reported net losses from 2023 through 2025.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Change of auditor
For income and retirement investors
Healthcare Realty's dividend yield was 5.48% as of October 28, 2026, but its record is mixed. Dividends per share rose from $1.20 in 2020 to $1.24 in 2022 and held there through 2024. They were then cut to $1.10 in 2025, so there is no streak of increases. Net losses in 2023, 2024 and 2025 make an earnings payout ratio (dividends as a share of profit) meaningless. Buybacks were small: about $22 million over 2021–2025, versus $1.78 billion of dividends. Meanwhile, the share count grew about 57% from July 2021 to July 2026.
Past downturns hit the shares hard. They dropped 57.8% in the 2008 financial crisis and took about 40 months to recover. They fell 34.8% in the 2020 COVID crash and needed about 19 months. In the 2022 bear market they lost 28.5% and did not recover until July 2026. A single stock carries more risk than a diversified fund, including the risk of further dividend cuts.
Questions investors ask
How does Healthcare Realty Trust make money?
Mainly by renting out medical buildings. Healthcare Realty is a real estate investment trust (REIT) that owns, leases, manages and develops properties used mostly for outpatient care across the United States. As of December 31, 2025, medical office and outpatient buildings made up about $9.3 billion of its roughly $10.3 billion in gross investments. Tenants include doctors in more than 30 specialties, plus surgery, imaging, cancer and diagnostic centers. No tenant made up 10% or more of 2025 revenue, which was $1.18 billion.
Does Healthcare Realty raise its dividend every year?
No. Dividends per share edged up from $1.20 in 2020 to $1.24 in 2022 and stayed flat through 2024. They were then cut to $1.10 in 2025. That works out to an average decline of about 1.7% a year from 2020 to 2025. The yield was 5.48% as of October 28, 2026. In its annual report, the company says it cannot assure it will keep paying dividends at or above past rates.
How are Healthcare Realty's dividends taxed?
Like other REIT payouts, its ordinary dividends are generally taxed as regular income rather than at the lower qualified-dividend rate. However, individuals can usually deduct 20% of them. Healthcare Realty's annual report notes that this deduction came from the 2017 Tax Cuts and Jobs Act. The One Big Beautiful Bill Act, signed July 4, 2025, made it permanent. The deduction does not cover capital gain dividends. Inside a tax-deferred account such as a traditional IRA, dividends aren't taxed when paid.
How much debt does Healthcare Realty have?
About $4.2 billion as of June 30, 2026. That compares with roughly $4.2 billion of shareholders' equity and $9.0 billion of total assets. Cash and investments were only about $19 million. The company warns that higher interest rates, volatile credit markets or a lower debt rating could raise its borrowing costs and hurt its ability to pay dividends. Its loan agreements also contain covenants (rules set by lenders) that limit its flexibility.
How has Healthcare Realty stock performed over the long term?
Modestly, with big swings along the way. As of October 28, 2026, the share price had risen 2.8% over one year. It had fallen 2.7% a year over five years (13% in total) and gained 3.5% a year over ten years (41% in total). Calendar-year results ranged from a 21.9% loss in 2007 to a 41.1% gain in 2014. The largest peak-to-trough fall in about 21 years of price history was 61.5%.