| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 25 | — | 17.3x | Bottom tier | |
Growth | 19 | -6.3% | 7.1% | Bottom tier | |
Quality | 25 | 2.9% | 4.5% | Bottom tier | |
Safety | 40 | 6.1x | 2.6x | Bottom tier | |
Capital Return | 93 | 5.38% | 0.06% | Top tier | |
Momentum | 52 | -3.3% | -1.6% | Around median | |
Sentiment | 45 | 4 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Healthcare Realty Trust Incorporated is a real estate investment trust focused on outpatient medical office buildings, deriving its business from leasing a portfolio of more than 560 properties and managing relationships with health systems such as CommonSpirit, Wellstar, and Ascension St. Thomas. Its growth mechanism relies on increasing occupancy, renewing leases at higher positive cash rent spreads, adding new leases, redeveloping assets, as well as joint acquisitions with KKR and recycling proceeds from property and land sales.
In fiscal 2026 Q2, revenue was $281.8 million, compared with $279.0 million in fiscal 2026 Q1, while net loss was $43.5 million and earnings per share were negative $0.13. For the twelve months ended in fiscal 2026, revenue was $1.1 billion and net loss was $86.9 million, versus revenue of $1.2 billion and a net loss of $246.1 million in fiscal 2025.
REIT-specific metrics reveal a stronger operating picture than accounting net income; the company recorded normalized FFO of $0.41 per share and FAD of $0.32 per share in fiscal 2026 Q2, with same-store cash NOI growth of 5.1% and a quarterly dividend-to-FAD payout ratio of 76%. The company executed 1.5 million square feet of leases during the quarter, including 350 thousand square feet of new leases, and same-store occupancy reached approximately 93%, with tenant retention of 88.5%.
The average analyst price target is $22.5, within a range of $21 to $24, while the stock carries a Neutral consensus; the average is only approximately 2.1% above the 52-week range high of $22.04, reflecting limited expectations of surpassing the recorded annual high. The 52-week range is between $16.31 and $22.04, and there is no positive earnings multiple that can be relied upon due to the net loss, so HR's valuation depends more heavily on targeted normalized FFO of $1.64 per share and expected cash NOI growth between 4.25% and 5% in fiscal 2026.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Healthcare Realty's revenue was approximately $281.8 million and net loss was $43.5 million, with negative earnings per share of $0.13. In contrast, normalized FFO was $0.41 per share and FAD was approximately $0.32 per share. Same-store cash NOI grew by 5.1%, and the quarterly dividend-to-FAD payout ratio was approximately 76%.
On July 31, 2026, the company raised the midpoint of its normalized FFO guidance to $1.64 per share and the upper end to $1.66. The decision was based on strong operations and leasing, the issuance of exchangeable notes, and capital allocation that was accretive to earnings. The same-store cash NOI growth range also increased to 4.25%–5% after cash releasing spreads ranged between 4% and 5% since the beginning of fiscal 2026.
The company renewed approximately 160 thousand square feet with CommonSpirit at a positive cash rent spread of 7% and sold it 15 acres in Denver for $16 million while retaining rights to develop future medical buildings on the site. With Wellstar, it executed 215 thousand square feet of renewals at a positive spread of 4% and 27 thousand square feet of new leases and agreed to sell Kennestone Cancer Center for $36 million. In July 2026, it also signed a letter of intent with Ascension St. Thomas for approximately 203 thousand square feet at a positive spread of 11%, with the leases expected to be executed in fiscal 2026 Q3.
Automated analysis for informational purposes only — not investment advice.
Healthcare Realty plans to invest $35 million in three medical buildings on the Ascension St. Thomas West campus in Nashville, alongside a $120 million renovation led by Ascension. The campus was approximately 80% occupied and generated annual NOI of $7 million when the plan was announced. The company aims to increase NOI to more than $10 million through absorption and leases with a positive rent spread of 11%, with an expected cash-on-cash return between 9% and 10%.
The company relies on free cash flow and proceeds from asset dispositions to fund its capital priorities, and it has sold six buildings and three land parcels for approximately $75 million since the beginning of fiscal 2026. It also has an additional disposition pipeline of approximately $200 million, while acquisitions closed or subject to a contract or letter of intent with KKR totaled approximately $200 million, of which $40 million is the company's share. This share targets a cash yield of approximately 7.5%, compared with a targeted cash-on-cash return of 10% for the redevelopment portfolio.
The company recorded a net loss of $43.5 million in fiscal 2026 Q2, despite generating normalized FFO of $0.41 per share. Same-store NOI growth also slowed from 6.9% in Q1 to 5.1% in fiscal 2026 Q2, and management indicated that the impact of elevated absorption will diminish as occupancy stabilizes. The execution of the approximately $200 million sales pipeline, the achievement of redevelopment project returns between 9% and 12%, and the maintenance of leverage in the mid-5-times range should also be monitored.