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Healthcare Realty Trust (HR) investor relations material
Healthcare Realty Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported Q2 2025 GAAP net loss of $(0.45) per share and Normalized FFO of $0.41 per share, with FAD of $115.4 million and a 96% payout ratio, reflecting strong leasing and cost management despite significant impairments and lower rental income from asset sales.
Strategic overhaul underway, including new leadership, board reduction from 12 to 7 (majority with REIT CEO experience), and a shift from transaction to operations focus, with a published plan to drive operational improvement and maximize shareholder value.
Portfolio segmented into stabilized (75%), lease up (13%), and disposition (12%) assets, with targeted investments and asset sales to optimize NOI growth and geographic focus.
Dividend reduced by 23% to $0.24 per share quarterly, lowering payout ratio to ~80% and freeing $100M annually for reinvestment and balance sheet strengthening.
Three-year growth framework targets NFFO per share of $1.65–$1.85, driven by NOI growth, cost savings, and portfolio actions.
Financial highlights
Normalized FFO per share was $0.41 for Q2 2025, up $0.02 sequentially and nearly 7% year-over-year; FAD per share increased to $0.33, with a 96% payout ratio.
Same store cash NOI grew 5.1% year-over-year, with occupancy up 40 bps sequentially to 90% and tenant retention at 83%.
Asset sales of $211M completed YTD at a blended 6.2% cap rate; $700M under contract or LOI, with $900M in total sales completed or under contract YTD.
Net debt to adjusted EBITDA at 6.0x, expected to improve to 5.4x–5.7x by year end.
Q2 2025 rental income was $287.1 million (down from $308.1 million in Q2 2024) due to property dispositions.
Outlook and guidance
2025 Normalized FFO per share guidance raised by $0.01 to $1.57–$1.61, with three-year NFFO per share forecasted at $1.65–$1.85.
Full-year disposition outlook increased to $800M–$1B; $1B in asset sales expected to close in 2025 at a 7% blended cap rate.
Three-year plan targets $300M capital investment in lease up/redevelopment, aiming for $50M incremental NOI and 3–4% annual NOI growth.
Management expects to fund 2025 dividends from operations and available liquidity.
Same store cash NOI growth guidance raised to 3.25%–4.00% for the year.
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