Healthcare Realty Trust Inc

Healthcare Realty Trust Inc is a self-managed REIT that owns, leases, manages, acquires, finances, develops, and redevelops outpatient healthcare real estate across the United States. Its portfolio is built around medical office and other healthcare facilities, often on or near acute-care hospital campuses and tied to major health systems.

−20,8 %

−6,9 %

— Healthcare Realty Trust Inc
%
Owned outpatient healthcare real estate70% Income-producing medical office and outpatient facilities held in consolidated and JV structures.
Leasing and property management15% Tenant leasing, renewals, and day-to-day property management across the portfolio.
Development and redevelopment10% Ground-up development, redevelopment, and tenant improvement projects for healthcare assets.
Financing and other real estate income5% Financing receivables, lease-related income, and other property-level revenue streams.

The company’s customers are primarily health systems, hospitals, physician groups, and specialty outpatient providers...

  • Health systems and hospital-affiliated tenantsprimary

    Lease space on or near campuses to support outpatient care and referral-driven utilization.

  • Physician specialtiesprimary

    Over 30 specialties lease medical office space for clinic, consult, and treatment use.

  • Surgery, imaging, cancer, and diagnostic providerssecondary

    Specialty outpatient operators buy or lease purpose-built facilities with clinical infrastructure.

  • Joint venture and institutional real estate partnerssecondary

    Partners participate in select assets and capital structures to share risk and funding needs.

Healthcare Realty’s portfolio is concentrated in the United States, with properties spread across major metropolitan...

  • •All operations are in the United States
  • •Portfolio is diversified across major metropolitan healthcare markets
  • •Dallas, Seattle, Houston, and Charlotte are key concentration markets
  • •Local property taxes and regulation affect operating costs
  • •Hospital-campus locations tie performance to local health systems

The company is focused on owning and operating outpatient healthcare properties in high-growth markets, especially near...

01
Concentrate on hospital-adjacent outpatient assetsmedium-term

These properties benefit from referral patterns and are harder to replace, supporting occupancy and rent stability.

02
Maintain portfolio quality through asset recyclingshort-term

Selling mature or lower-return assets can free capital for higher-growth opportunities and reduce risk.

03
Expand and improve through development and redevelopmentmedium-term

New and upgraded facilities help retain tenants and support long-term competitiveness in specialized healthcare real estate.

The business depends on tenant health systems, local market conditions, and access to capital, so disruptions in any of...

high

Tenant and health-system credit risk

Many leases depend on the financial condition and viability of associated health systems.

Scope
Prospect Medical leases and other hospital-linked tenants
Materiality
high
high

Interest-rate and capital market sensitivity

Higher rates increase debt and equity funding costs and can reduce acquisition and development returns.

Materiality
high
high

Asset impairment and valuation risk

Changes in expected holding periods or sale plans can trigger large non-cash impairments.

Materiality
high
medium

Geographic concentration

A meaningful share of investments is concentrated in a few metro markets, increasing local downside risk.

Scope
Dallas, Seattle, Houston, Charlotte
Materiality
high
medium

Dividend and holding-company structural risk

The parent relies on distributions from the operating partnership to fund dividends and obligations.

Materiality
medium
Impairment of real estate properties
Can materially reduce earnings and signal weaker asset values
Cash-basis accounting for troubled tenants
Affects reported rental income and collectability assumptions
Derivative accounting and swap ineffectiveness
Creates volatility in non-operating expense and equity
Goodwill impairment
Large non-cash charge that can distort trend analysis
Held-for-sale and disposition accounting
Changes reported earnings and portfolio composition

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: 28/04/2026