Healthcare Realty Trust (HR) Q1 2026 earnings summary

Executive summary

• Record Q1 leasing: 2.0M sq. ft. across 290 leases, with 93.5% tenant retention.

• Same-Store cash NOI growth reached 6.9% year over year, an all-time high.

• Normalized FFO was $0.41 per share, up 5% year over year; full-year Normalized FFO and Same-Store cash NOI guidance increased.

• Tracking ahead of the three-year strategic plan, with 2026 core earnings growth above 5% excluding portfolio optimization and deleveraging impacts.

Financial highlights

• NAREIT FFO was $123.7M ($0.35 per share); Normalized FFO was $144.4M ($0.41 per share), and FAD was $112.9M with a 75% payout ratio.

• Same-Store cash NOI was $153.6M, up from $143.5M year over year; growth was 6.9%, up 460 bps.

• Same-Store occupancy reached 92.3%, up 110 bps year over year; cash leasing spreads averaged 4.2%.

• Rental income declined 7.4% year over year, mainly due to property dispositions; Q1 revenue totaled $278.99M.

• Net loss attributable to common stockholders was $56,000, compared with a $44.9M loss in Q1 2025.

Outlook and guidance

• Raised 2026 Normalized FFO guidance by $0.01 at the midpoint to $1.59–$1.65 per share; NAREIT FFO guidance is $1.45–$1.51 per share.

• Raised 2026 Same-Store cash NOI growth guidance by 25 bps at the midpoint to 3.75%–4.75%; EPS guidance remains $(0.05)–$0.05.

• Guidance excludes future acquisitions, developments, and share repurchases not already discussed.