Healthcare Realty

Healthcare Realty Trust Incorporated (NYSE: HR) is a real estate investment trust (REIT) founded in 1992 and headquartered in Nashville, Tennessee, that owns, operates, and develops medical outpatient buildings across the United States. A team led by David R. Emery founded the company, which listed on the New York Stock Exchange in 1993 with an initial portfolio of 21 healthcare facilities. Healthcare Realty describes itself as the first and largest REIT focused on medical outpatient buildings, and its portfolio includes 562 properties totaling 32.8 million square feet.

Over the years the company has refined its portfolio primarily toward multi-tenant medical outpatient buildings on or near the campuses of acute care hospitals. Milestones include the 1998 acquisition of Capstone Capital Corporation, the 2007 sale of its senior living facilities to focus on medical outpatient properties, joint ventures with TIAA (2020) and KKR (2024), and the July 20, 2022 combination with Healthcare Trust of America, after which the merged company carried the Healthcare Realty name and the HR ticker.

At year-end 2025, Healthcare Realty's total investments, including joint ventures, were about $10.7 billion, and it had 539 employees. Dallas is its largest market by investment, at 9.5%, and the company's 2025 annual report lists Los Angeles among its top markets, with about 1.6 million square feet and 4.0% of net operating income. It also owned 31 properties in California, which generated 9.1% of total revenue.

President and Chief Executive Officer Peter A. Scott, formerly chief financial officer of Healthpeak Properties, has led the company since April 2025, alongside Chief Operating Officer Robert E. Hull, Chief Financial Officer Daniel Gabbay (since January 2026), and Chief Investment Officer Ryan E. Crowley. Under a strategic plan unveiled in 2025 to improve operations, optimize the portfolio, and strengthen the balance sheet, Healthcare Realty sold nearly $1.2 billion of assets at a blended 6.7% cap rate, exited 14 non-core markets, reduced its quarterly dividend by 23% to $0.24 per share, and lowered net debt to adjusted EBITDA to 5.4 times at year-end 2025. It also executed about 5.8 million square feet of new and renewal leases in 2025.