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REIT that owns and leases outpatient medical office buildings, mostly on or near hospital campuses.
REIT that owns and leases outpatient medical office buildings, mostly on or near hospital campuses.
Collects rent under multi-year leases to hospital systems and physician groups, with annual increases built in and tenants paying a share of building costs. As a REIT, a real estate investment trust, it must pay out most of its taxable income. It took its present scale in the 2022 merger with Healthcare Trust of America and has since sold properties outside its main markets.
Moat: narrow (installed base, switching costs). On-campus locations tied to hospital referral patterns are sticky and hard for tenants to relocate from.
Headquarters: Nashville, Tennessee, United States · Founded: 1993 · Employees: 539
Size Healthcare Realty Trust (HR) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $6.50B, the 1003rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.20 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against +2.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +7.4%); the operating margin is 11.5% (peer median 41.5%).
Valuation It trades at 1.56× book value against a peer median of 1.42× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 11.9%; Healthcare Realty Trust delivers -2.0%, so the price asks more than the business earns today.
Credit Healthcare Realty Trust has 6 bonds outstanding ($2.84B), rated BBB by the agencies and trading like BBB at a weighted spread of 90 bp.
Short interest Short interest is 5.1% of the free float (15 Oct 2026).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.14B | $1.18B | $1.27B | $1.34B | $933M |
| Revenue growth | — | -7% | -6% | +44% | — |
| Gross profit | $199M | $168M | $120M | $113M | $136M |
| EBITDA | $654M | $659M | $712M | $781M | $532M |
| Net income | -$89.5M | -$248M | -$660M | -$282M | $38.5M |
| Free cash flow | $450M | $457M | $502M | $500M | $273M |
| Capital expenditure | $306M | $330M | $249M | $231M | $164M |
| Total debt | $4.40B | $4.15B | $5.18B | $5.30B | $5.80B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Healthcare Realty Trust HR | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% |
| Healthpeak Properties DOC | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% |
| Ventas VTR | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% |
| Community Healthcare Trust CHCT | $423M | -16% | +6% | 5% | 1.02× | 8.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | +8.9% | 7th highest of 21 |
| 6-month return | -4.7% | +2.1% | 8th lowest of 21 |
| Return on equity | -2.0% | 7.7% | 2nd lowest of 21 |
| Price / book | 1.56× | 1.42× | 10th most expensive of 21 |
| ROE the price implies | 11.9% | 12.8% | 9th least demanding of 21 |
| ROE delivered | -2.0% | 7.7% | 2nd lowest of 21 |
| Bond spread | 90 bp | 109 bp | 2nd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
Healthcare Realty Trust has 6 bonds outstanding with $2.84B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.44%, a spread of 90 bp over government bonds.