Healthcare Realty (HR)
Owns and leases medical outpatient buildings anchored to hospital campuses nationwide.
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Owns, develops, and leases medical outpatient buildings clustered around hospital campuses across the United States, working with relationships spanning most of the country's major health systems. Growth has come through acquisition, development, and a large-scale combination with the other major operator in the space, concentrating the portfolio in a single property type.
Owns, develops, and leases medical outpatient buildings on or near hospital campuses across the United States, operating as a single reportable segment built around this property type and concentrated in a cluster of growth markets.
Tenant relationships span most of the country's major health systems, and a large-scale combination with the other major medical-outpatient landlord created the largest pure-play operator of its kind, tracing back to a 1992 founding and a public listing the following year.
Concentration in one property type ties results to hospital and physician-group tenant health, and the real estate investment trust structure requires distributing nearly all taxable income. A recent activist-driven leadership change introduced a plan to cut platform costs, sell non-core assets, and reduce debt.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | Jefferies | Target | Target: — | Target: $20 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $19 | Target: $20 |
| Aug 7, 2026 | RBC Capital | Reiterate | Rating: —Target: $21 | Target: $22 |
| Jul 31, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $22 | Target: $24 |
| Jul 8, 2026 | UBS | Reiterate | Rating: —Target: $20 | Target: $21 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $19.0M · Total debt $4.40B · Total assets $9.00B · Shareholders' equity $4.22B
- Revenue
- $281.8M
- Operating income
- $167.0M
- Net income
- −$43.5M
HistoryDividendAnnual yield
| Institutions | ≈ 110.96% | 380.30M shares | |
|---|---|---|---|
| 466 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.67% | 2.29M shares | |
| 18 holders · as of Sep 9, 2026 | |||
| Adds to | 111.63% | ||
342.72M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 111.63%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.64% | 57.05M | as of Jun 30, 2026 |
Cohen & Steers, Inc.Institution | 15.54% | 53.26M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.48% | 29.05M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.89% | 16.74M | as of Jun 30, 2026 |
Price T Rowe Associates Inc /MD/Institution | 4.69% | 16.09M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Robert E. Hull | officer: EVP and COO | −21,000 | $19.11 |
| Jun 23, 2026 | Amanda L. Callaway | officer: SVP & Chief Accounting Officer | −25,767 | $20.37 |
| Mar 6, 2026 | Thomas N. Bohjalian | director | +10,000 | $18.09 |
| Mar 4, 2026 | Daniel Gabbay | officer: EVP, Chief Financial Officer | +10 | $18.74 |
- Healthpeak Properties
Runs the largest public outpatient medical office segment in the sector
- Ventas
Diversified healthcare REIT with a large outpatient medical & research segment
- Welltower
Diversified healthcare REIT exiting most of its outpatient medical portfolio
- American Healthcare REIT
Senior-housing-led REIT with a smaller, growing outpatient medical segment
- Chiron Real Estate
Small-cap net-lease REIT built almost entirely on outpatient medical buildings
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Healthcare Realty | $18.25 | −0.14% | $6.41B | — | 317.2 | 5.6 | −1.8% |
| Healthpeak Properties | $20.65 | −0.36% | $14.28B | 59.2 | 104.3 | 4.8 | +10.5% |
| Ventas | $86.96 | −0.08% | $42.31B | 161.2 | 120.4 | 6.6 | +21.7% |
| Welltower | $230.95 | −0.78% | $167.72B | 123.2 | 83.3 | 13.3 | +39.1% |
| American Healthcare REIT | $52.17 | −0.25% | $10.81B | 76.9 | 75.0 | 4.3 | +23.7% |
| Chiron Real Estate | $36.44 | +0.61% | $479.4M | 9.3 | — | 3.1 | −2.2% |
| Median | 76.9 | 93.8 | 4.8 | +21.7% |