Healthcare Realty Trust (HR)

NYSEReal EstateReit - Healthcare FacilitiesSnapshot 2026-10-23

$17.95+0.11%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 25, 2026

What could strengthen or challenge Healthcare Realty Trust’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	277.58M
EPS	—	0.012
Annual ending 2026-12-31
Revenue	—	1.1B
EPS	—	-0.106
Annual ending 2027-12-31
Revenue	—	1.13B
EPS	—	0.074

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain strategic capital allocation including $700M debt issuance	Debt issuance supports capital allocation and financial flexibility.	Improving	no further capital allocation actions or increased debt capacity by end 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 25, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Management stated capital allocation priorities in 3 of last 3 quarters. The company executed $200M of joint venture acquisitions and $83M of dispositions in 2026-Q2, following $125M transactions in 2026-Q1 and $682M dispositions in 2025-Q4. Share repurchases totaled 3.8M shares in 2026-Q2 and 5.7M shares in 2026-Q1. The trajectory shows active capital deployment consistent with stated priorities. Delivery assessment Oct 25, 2026
Increase cash from operations to at least $53 million	The company aims to improve cash flow from operations, which was $52.9 million in Q1 2026.	Improving	cash from operations falls below $40 million next year	Cash from operations: $142.186M FY2026-Q2; GAAP. Published target: >=52.9 million USD. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 2026142,186,000 USD · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Sustain dividend payout at $0.24 per share	It raised its dividend to $0.24 per share and secured $700 million in notes.	Intact	dividend per share falls below $0.20 next year	Dividend per share: $0.24 per share FY2026-Q2; GAAP. Published target: >=0.24 USD per share. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 20260.24 USD/share · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 9f5cff87-dec8-4825-9bc2-a072dad656ac. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Management stated dividend payout priority in 3 of last 3 quarters. The Board approved a consistent quarterly dividend of $0.24 per share in 2025-Q4, 2026-Q1, and 2026-Q2. Dividend payments have been maintained steadily, matching management's stated commitment. Delivery assessment Oct 25, 2026
EPS improves toward break-even (>= $0.00)	It raised its dividend to $0.24 per share and secured $700 million in notes.	Improving	EPS falls below -$0.05 in 2026	Diluted EPS: $-0.13 per share FY2026-Q2; GAAP. Published target: >=0.00 USD per share. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Jul 30, 2026-0.13 USD/share · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 9f5cff87-dec8-4825-9bc2-a072dad656ac. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

$1.14B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$1,142,242,420	2 / 7
2026-07-25	Unavailable	$1,135,978,638	2 / 5
2026-07-26	Unavailable	$1,160,841,200	2 / 5
2026-07-27	Unavailable	$1,135,829,900	2 / 5
2026-07-28	Unavailable	$1,160,841,200	2 / 5
2026-07-29	Unavailable	$1,160,841,200	2 / 5
2026-07-30	Unavailable	Unavailable	3 / 4
2026-07-31	Unavailable	$1,160,841,200	2 / 5
2026-08-01	Unavailable	Unavailable	3 / 3
2026-08-02	Unavailable	Unavailable	3 / 3
2026-08-03	Unavailable	Unavailable	2 / 4
2026-08-04	Unavailable	Unavailable	2 / 4
2026-08-05	Unavailable	Unavailable	2 / 4
2026-08-06	Unavailable	Unavailable	2 / 4
2026-08-07	Unavailable	Unavailable	3 / 3
2026-08-08	Unavailable	Unavailable	2 / 3
2026-08-09	Unavailable	Unavailable	2 / 3
2026-08-10	Unavailable	Unavailable	2 / 3
2026-08-12	Unavailable	Unavailable	2 / 4
2026-08-13	Unavailable	Unavailable	3 / 3
2026-08-14	Unavailable	Unavailable	3 / 3
2026-08-15	Unavailable	Unavailable	3 / 3
2026-08-16	Unavailable	Unavailable	3 / 3
2026-08-17	Unavailable	Unavailable	3 / 3
2026-08-18	Unavailable	Unavailable	3 / 3
2026-08-19	Unavailable	Unavailable	3 / 3
2026-08-20	Unavailable	Unavailable	3 / 3
2026-08-21	Unavailable	Unavailable	3 / 3
2026-08-22	Unavailable	Unavailable	3 / 3
2026-08-23	Unavailable	Unavailable	2 / 3
2026-08-24	Unavailable	Unavailable	2 / 3
2026-08-25	Unavailable	Unavailable	3 / 3
2026-08-26	Unavailable	Unavailable	3 / 3
2026-08-27	Unavailable	Unavailable	3 / 3
2026-08-28	Unavailable	Unavailable	3 / 3
2026-08-29	Unavailable	Unavailable	3 / 3
2026-08-30	Unavailable	Unavailable	3 / 3
2026-08-31	Unavailable	Unavailable	3 / 3
2026-09-01	Unavailable	Unavailable	3 / 3
2026-09-02	Unavailable	Unavailable	3 / 3
2026-09-03	Unavailable	Unavailable	3 / 3
2026-09-04	Unavailable	Unavailable	3 / 3
2026-09-05	Unavailable	Unavailable	3 / 3
2026-09-06	Unavailable	Unavailable	3 / 3
2026-09-07	Unavailable	Unavailable	3 / 3
2026-09-08	Unavailable	Unavailable	3 / 3
2026-09-09	Unavailable	Unavailable	3 / 3
2026-09-10	Unavailable	Unavailable	3 / 3
2026-09-11	Unavailable	Unavailable	3 / 3
2026-09-12	Unavailable	Unavailable	3 / 3
2026-09-13	Unavailable	Unavailable	3 / 3
2026-09-14	Unavailable	Unavailable	3 / 3
2026-09-15	Unavailable	Unavailable	3 / 3
2026-09-16	Unavailable	Unavailable	3 / 3
2026-09-17	Unavailable	Unavailable	3 / 3
2026-09-18	Unavailable	Unavailable	3 / 3
2026-09-19	Unavailable	Unavailable	3 / 3
2026-09-20	Unavailable	Unavailable	3 / 3
2026-09-21	Unavailable	Unavailable	3 / 3
2026-09-22	Unavailable	Unavailable	3 / 3
2026-09-23	Unavailable	Unavailable	3 / 3
2026-09-24	Unavailable	Unavailable	3 / 3
2026-09-25	Unavailable	Unavailable	3 / 3
2026-09-26	Unavailable	Unavailable	3 / 3
2026-09-27	Unavailable	Unavailable	3 / 3
2026-09-28	Unavailable	Unavailable	3 / 3
2026-09-29	Unavailable	Unavailable	3 / 3
2026-09-30	Unavailable	Unavailable	3 / 3
2026-10-01	Unavailable	Unavailable	3 / 3
2026-10-02	Unavailable	Unavailable	3 / 3
2026-10-03	Unavailable	Unavailable	3 / 3
2026-10-04	Unavailable	Unavailable	3 / 3
2026-10-05	Unavailable	Unavailable	3 / 3
2026-10-06	Unavailable	Unavailable	3 / 3
2026-10-07	Unavailable	Unavailable	3 / 3
2026-10-08	Unavailable	Unavailable	3 / 3
2026-10-09	Unavailable	Unavailable	3 / 3
2026-10-10	Unavailable	Unavailable	3 / 3
2026-10-11	Unavailable	Unavailable	3 / 4
2026-10-12	Unavailable	Unavailable	3 / 4
2026-10-13	Unavailable	Unavailable	3 / 4
2026-10-14	Unavailable	Unavailable	3 / 4
2026-10-15	Unavailable	Unavailable	3 / 4
2026-10-16	Unavailable	Unavailable	3 / 4
2026-10-17	Unavailable	Unavailable	3 / 4
2026-10-18	Unavailable	Unavailable	3 / 4
2026-10-19	Unavailable	Unavailable	3 / 4
2026-10-20	Unavailable	Unavailable	3 / 4
2026-10-21	Unavailable	Unavailable	3 / 4
2026-10-22	Unavailable	Unavailable	3 / 4
2026-10-23	Unavailable	Unavailable	3 / 4
2026-10-24	Unavailable	Unavailable	3 / 4
2026-10-25	Unavailable	Unavailable	3 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	3	8
2026-06-01	4	8
2026-07-01	4	9
2026-08-01	4	9
2026-09-01	4	9
2026-10-01	5	9

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 9 Hold · 0 Sell / Strong Sell

1 upgrades0 downgrades2 maintains

Recent actions · Sep 26–Oct 25 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Deutsche BankOct 20

$23.00New observation · no comparable prior

$0$12.65$25.30

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 26, 2026–Oct 25, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain strategic capital allocation including $700M debt issuanceDirect metric needs a verified mapping
Increase cash from operations to at least $53 millionCash from operations: $142.186M
Sustain dividend payout at $0.24 per shareDividend per share: $0.24 per share
EPS improves toward break-even (>= $0.00)Diluted EPS: $-0.13 per share

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.7%Typical daily move · historical

Downside history

-22.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Healthcare Realty Trust outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

HR is a real estate business with a growth-and-execution thesis, rather than a loss-making turnaround story with improving results already established. The thesis is intact over the near term, but the recent risk label has risen from low to moderate.

What's priced into Healthcare Realty Trust

The valuation is stretched, at a 1.11 premium versus peers, though the model has low confidence and the valuation driver is aligned. The expectations gap is 0.23, and fragility is low, so the evidence points to elevated expectations without a concentrated fragility signal.

What the fundamentals likely do

Recent operating performance has been strong: second-quarter same-store cash NOI growth was 5.1%, above guidance, and management raised its 2026 growth range. Near-term risk includes the possibility of an earnings miss in a high-miss-rate industry and a past deep miss; a reversal and guidance cut after the recent increase would also damage credibility.

What Healthcare Realty Trust hinges on

Over the next few quarters, the thesis depends on continued same-store cash NOI growth and management delivering on its raised guidance. A guidance reversal would be a negative signal, while Fed rate cuts or continued strong results and higher guidance from real estate peers could support the sector backdrop.