Healthcare Realty
Owns and leases medical outpatient buildings anchored to hospital campuses nationwide.
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Profile
Owns, develops, and leases medical outpatient buildings clustered around hospital campuses across the United States, working with relationships spanning most of the country's major health systems. Growth has come through acquisition, development, and a large-scale combination with the other major operator in the space, concentrating the portfolio in a single property type.
Owns, develops, and leases medical outpatient buildings on or near hospital campuses across the United States, operating as a single reportable segment built around this property type and concentrated in a cluster of growth markets.
Tenant relationships span most of the country's major health systems, and a large-scale combination with the other major medical-outpatient landlord created the largest pure-play operator of its kind, tracing back to a 1992 founding and a public listing the following year.
Concentration in one property type ties results to hospital and physician-group tenant health, and the real estate investment trust structure requires distributing nearly all taxable income. A recent activist-driven leadership change introduced a plan to cut platform costs, sell non-core assets, and reduce debt.
Company facts
Key statistics
Year to date +12.0% · Average volume (30d) 3.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 7, 2026 | RBC Capital | Reiterate | Sector Perform | $21 | $22 |
| Jul 31, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $22 | $24 |
| Jul 8, 2026 | UBS | Reiterate | Neutral | $20 | $21 |
| Jun 16, 2026 | Raymond James | Target | $24 | ||
| Jun 12, 2026 | BTIG | Target | $22 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.00 | −$0.13 | — | $271.6M | $281.8M | +3.8% | −2.42% |
| Apr 30, 2026Q1 FY26 | $0.39 | $0.41 | +5.1% | $283.7M | $279.0M | −1.7% | +2.94% |
| Feb 12, 2026Q4 FY25 | $0.40 | $0.40 | 0.0% | $285.3M | $286.3M | +0.4% | +2.69% |
| Oct 30, 2025Q3 FY25 | $0.40 | $0.41 | +2.5% | $285.9M | $297.8M | +4.2% | −0.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $299.0M | $297.5M | $297.8M | $286.3M | $279.0M | $281.8M | |
| Gross profit | −$117.9M | −$107.9M | −$91.4M | −$79.2M | $178.9M | $181.4M | |
| Operating income | $19.5M | $16.3M | $24.7M | $34.4M | $32.6M | $167.0M | |
| Net income | −$44.9M | −$157.9M | −$57.7M | $14.4M | −$56.0K | −$43.5M | |
| Diluted EPS | −$0.13 | −$0.45 | −$0.17 | $0.04 | −$0.00 | −$0.13 | |
| Gross margin | -39.4% | -36.3% | -30.7% | -27.7% | 64.1% | 64.4% | |
| Operating margin | 6.5% | 5.5% | 8.3% | 12.0% | 11.7% | 59.3% |
Fiscal years (4-quarter sums)FY21 $594.3M · FY22 $932.6M · FY23 $1.34B · FY24 $1.27B · FY25 $1.18B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $19.0M · Total debt $4.40B · Total assets $9.00B · Shareholders' equity $4.22B
Dividends
Last cut to $0.24 from $0.31 in Aug 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 11, 2026 | Aug 11 | Aug 26 | $0.24 | |
| May 11, 2026 | May 11 | May 22 | $0.24 | |
| Feb 24, 2026 | Feb 24 | Mar 11 | $0.24 | |
| Nov 10, 2025 | Nov 11 | Nov 21 | $0.24 | |
| Aug 14, 2025 | Aug 14 | Aug 28 | $0.24 | cut from $0.31 |
| May 12, 2025 | May 12 | May 23 | $0.31 | |
| Mar 3, 2025 | Mar 3 | Mar 19 | $0.31 | |
| Nov 12, 2024 | Nov 12 | Nov 27 | $0.31 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 350.75M · Float 340.39M · 97.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 57.05M | 16.26% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 53.26M | 15.18% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 29.05M | 8.28% | 13F | Aug 13, 2026 |
| Bank of America Corp /DE/ | 18.79M | 5.20% | 13D/G | Nov 14, 2024 |
| State Street Corp | 16.74M | 4.77% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 23, 2026 | Amanda L. Callaway | officer: SVP & Chief Accounting Officer | −25,767 | $20.37 |
| Mar 6, 2026 | Thomas N. Bohjalian | director | +10,000 | $18.09 |
| Mar 4, 2026 | Daniel Gabbay | officer: EVP, Chief Financial Officer | +10 | $18.74 |
| Sep 5, 2025 | Julie F. Wilson | officer: EVP, Chief Admin. Officer | −15,000 | $18.00 |
Peers
- Healthpeak Properties
Runs the largest public outpatient medical office segment in the sector
- Ventas
Diversified healthcare REIT with a large outpatient medical & research segment
- Welltower
Diversified healthcare REIT exiting most of its outpatient medical portfolio
- American Healthcare REIT
Senior-housing-led REIT with a smaller, growing outpatient medical segment
- Chiron Real Estate
Small-cap net-lease REIT built almost entirely on outpatient medical buildings
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Healthcare Realty | $18.99 | 0.00% | $6.66B | — | 275.4 | 5.8 | −5.3% |
| Healthpeak Properties | $20.79 | −0.79% | $14.45B | 59.9 | 101.1 | 4.9 | +8.0% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| Welltower | $238.07 | +0.02% | $171.48B | 126.0 | 87.0 | 13.6 | +40.9% |
| American Healthcare REIT | $55.53 | −0.04% | $11.48B | 81.6 | 79.5 | 4.6 | +23.7% |
| Chiron Real Estate | $37.19 | +0.84% | $487.3M | 9.4 | — | 3.1 | — |
| Median | 81.6 | 94.1 | 4.9 | +22.7% |