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Healthcare Realty Trust (HR) investor relations material

Healthcare Realty Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Strategic plan execution is ahead of schedule, with strong investor engagement and a focus on exceeding a 3-year growth framework.

  • Report covers Q3 2025 for a large healthcare REIT with 519 consolidated properties and $10.4 billion in gross investments, primarily in outpatient healthcare real estate across 28 states.

  • Same-store NOI growth averaged 5.25% over the last two quarters, and occupancy increased by 180 basis points.

  • Portfolio repositioning through $500 million in asset sales YTD, with $700 million more under contract or LOI, is nearly complete.

  • No new acquisitions occurred during the period.

Financial highlights

  • Normalized FFO per share rose 5% year-over-year to $0.41; same-store cash NOI growth was 5.4%.

  • Q3 2025 GAAP net loss was $57.7 million, compared to a net loss of $93.0 million in Q3 2024.

  • FFO for Q3 2025 was $118.9 million ($0.34/share), up from $77.3 million ($0.21/share) in Q3 2024.

  • Quarterly payout ratio was 73% based on FAD per share of $0.33.

  • Net debt to adjusted EBITDA fell below 6x for the first time since early 2022, now at 5.8x.

Outlook and guidance

  • FFO per share guidance midpoint increased to $1.59–$1.61.

  • Same-store cash NOI growth expected at 4%–4.75%; G&A guidance set at $46–$49 million.

  • Margin improvement and occupancy gains are expected to continue, with a focus on organic leasing and expense controls.

  • Management expects to meet liquidity needs through cash flows and a $1.4 billion undrawn credit facility.

  • Guidance does not include impacts from gains/losses on dispositions or impairments.

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Frequently asked questions

Healthcare Realty Trust Incorporated is a real estate investment trust that owns, manages, and develops medical office buildings. The company leases its properties primarily to hospitals and healthcare providers across the United States, focusing on outpatient and ambulatory care facilities. The company is headquartered in Nashville, Tennessee, and its shares are listed on the NYSE.

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