The company's asset base has significantly contracted from $12.6 billion in 2023Q4 to $9.1 billion in 2026Q1, reflecting a difficult portfolio rationalization process following the HTA merger.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 9.15B | 9.21B | 10.65B | 12.64B | 13.85B | 4.26B | 3.81B | 3.56B | 3.19B | 3.19B | 3.04B | 2.82B | 2.76B | 2.73B | 2.54B | 2.52B | 2.36B | 1.94B | 1.86B | 1.5B | 1.74B | 1.75B | 1.75B | 1.5B | 1.49B | 1.56B | 1.59B | 1.61B | 1.61B | 488.5M | 427.5M |
| Asset Growth % | -51.97% | -13.52% | -15.72% | -8.75% | 225.19% | 11.72% | 6.97% | 11.68% | -0.07% | 5.03% | 7.95% | 2.15% | 1.02% | 7.47% | 0.75% | 6.94% | 21.78% | 3.81% | 24.69% | -13.88% | -0.63% | -0.18% | 16.58% | 0.82% | -4.24% | -1.99% | -1.3% | -0.27% | 230.07% | 14.27% | 26.93% |
| Real Estate & Other Assets | 0 | 7.92B | 9.35B | 11.22B | 12.47B | 3.8B | 3.44B | 3.28B | 3B | 2.98B | 2.82B | 2.66B | 2.6B | 2.46B | 12.45M | -2.27B | -2.09B | -1.79B | -1.63B | -1.35B | -1.55B | -1.52B | -1.56B | -1.33B | -1.29B | -1.35B | -1.36B | -1.32B | -1.34B | -471M | -416M |
| PP&E (Net) | 277.41M | 204.91M | 261.44M | 275.98M | 336.98M | 128.39M | 125.2M | 138.84M | 0 | 0 | 0 | 0 | 0 | 0 | 2.24B | 2.27B | 2.09B | 1.79B | 1.63B | 1.35B | 1.55B | 1.52B | 1.56B | 1.33B | 1.29B | 1.35B | 1.36B | 1.32B | 1.34B | 471M | 416M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 26.23M | 606.12M | 525.86M | 504.67M | 404.93M | 156.71M | 164.05M | 128.49M | 163.05M | 178.66M | 195M | 137.43M | 136.76M | 245.07M | 263.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 26.23M | 26.17M | 68.92M | 25.7M | 60.96M | 13.18M | 15.3M | 657K | 8.38M | 6.21M | 5.41M | 4.1M | 3.52M | 8.67M | 6.78M | 4.74M | 113.32M | 5.85M | 4.14M | 8.52M | 1.95M | 7.04M | 2.68M | 4.92M | 402K | 2.93M | 1.79M | 4.4M | 14.4M | 5.3M | 1.4M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Current Assets | 0 | 143.58M | 12.9M | 8.83M | 18.89M | 57K | 20.65M | 37K | 9.27M | 33.15M | 52.19M | 724K | 11.05M | 132.4M | 3.34M | -102.12M | -149.92M | -36.86M | -63.14M | -38.64M | -75.81M | -112.83M | -43M | -96.75M | -103.19M | -125M | -172.69M | -257.9M | -252M | -5.3M | -1.4M |
| Intangible Assets | 424.5M | 20.42M | 33.24M | 67.76M | 81.84M | 6.14M | 3.8M | 3.7M | 18.5M | 19.6M | 20.9M | 19.2M | 19.2M | 16.4M | 14.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.65B | 4.53B | 5.35B | 5.71B | 6.17B | 2.07B | 1.86B | 1.66B | 1.47B | 1.4B | 1.39B | 1.57B | 1.54B | 1.48B | 1.42B | 1.52B | 1.51B | 1.15B | 1.07B | 863.5M | 910.93M | 835.18M | 770.19M | 625.67M | 581.35M | 543.39M | 579.04M | 590.1M | 594.7M | 112M | 181.5M |
| Total Debt | 236.06M | 4.15B | 4.96B | 5.3B | 5.7B | 1.92B | 1.71B | 1.52B | 1.35B | 1.28B | 1.26B | 1.43B | 1.4B | 1.35B | 1.29B | 1.39B | 1.41B | 1.05B | 940.19M | 785.29M | 849.98M | 778.45M | 719.26M | 590.28M | 545.06M | 505.22M | 536.78M | 563.9M | 559.9M | 101.3M | 168.6M |
| Net Debt | 209.82M | 4.12B | 4.89B | 5.27B | 5.64B | 1.91B | 1.7B | 1.52B | 1.34B | 1.28B | 1.26B | 1.43B | 1.4B | 1.34B | 1.29B | 1.39B | 1.29B | 1.04B | 936.05M | 776.77M | 848.03M | 771.41M | 716.58M | 585.36M | 544.66M | 502.29M | 534.99M | 559.5M | 545.5M | 96M | 167.2M |
| Long-Term Debt | 0 | 3.79B | 4.66B | 4.65B | 5B | 1.59B | 1.6B | 1.12B | 1.08B | 1.09B | 1.16B | 1.23B | 1.32B | 1.11B | 1.18B | 1.39B | 1.41B | 1.05B | 940.19M | 785.29M | 849.98M | 778.45M | 719.26M | 590.28M | 545.06M | 505.22M | 536.78M | 563.9M | 559.9M | 101.3M | 168.6M |
| Short-Term Borrowings | 236.06M | 120M | 0 | 349.8M | 349.11M | 210M | 0 | 293M | 262M | 189M | 107M | 206M | 85M | 238M | 110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 751.63M | 236.05M | 296.85M | 304.22M | 352.83M | 118.69M | 111.11M | 109.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 236.06M | 346.23M | 223.79M | 562.09M | 593.58M | 341.53M | 82.39M | 371.66M | 343M | 260.09M | 185.88M | 281.52M | 155.61M | 312.85M | 175.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 57.35M | 17.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 87.33M | 45.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.42B | 160.53M | 161.64M | 202.98M | 218.67M | 22.26M | 67.61M | 61.5M | 47.62M | 48.73M | 43.98M | 66.96M | 62.15M | 61.06M | 60.17M | -1.39B | -1.41B | -1.05B | -940.19M | -785.29M | -849.98M | -778.45M | -719.26M | -590.28M | -545.06M | -505.22M | -536.78M | -563.9M | -559.9M | -101.3M | -168.6M |
| Total Equity | 4.49B | 4.68B | 5.31B | 6.92B | 7.68B | 2.19B | 1.95B | 1.9B | 1.72B | 1.79B | 1.65B | 1.24B | 1.22B | 1.25B | 1.12B | 1B | 842.74M | 790.15M | 796.25M | 632M | 825.67M | 912.47M | 980.62M | 876.13M | 908.2M | 1.01B | 1.01B | 1.02B | 1.02B | 376.5M | 246M |
| Equity Growth % | -58.11% | -11.86% | -23.36% | -9.88% | 251.55% | 12.15% | 2.55% | 10.68% | -4.09% | 8.25% | 33.05% | 1.78% | -1.95% | 11.09% | 11.56% | 19.23% | 6.66% | -0.77% | 25.99% | -23.46% | -9.51% | -6.95% | 11.93% | -3.53% | -10.26% | 0.4% | -0.97% | 0.02% | 170.31% | 53.05% | 4.95% |
| Shareholders Equity | 4.44B | 4.62B | 5.23B | 6.82B | 7.57B | 2.19B | 1.95B | 1.9B | 1.72B | 1.79B | 1.65B | 1.24B | 1.22B | 1.24B | 1.12B | 1B | 839.01M | 786.77M | 794.82M | 632M | 825.67M | 912.47M | 980.62M | 876.13M | 908.2M | 1.01B | 1.01B | 1.02B | 1.02B | 376.5M | 246M |
| Minority Interest | 3.34M | 59.73M | 71.01M | 100.12M | 110.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.81M | 0 | 0 | 3.73M | 3.38M | 1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 131.65M | 3.52M | 3.5M | 3.81M | 3.81M | 1.5M | 1.4M | 1.35M | 1.25M | 1.25M | 1.16M | 1.01M | 988K | 959K | 875K | 779K | 661K | 606K | 592K | 507K | 478K | 478K | 477K | 430K | 418K | 414K | 403K | 400K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 9.14B | 9.12B | 9.6B | 9.59B | 3.97B | 3.64B | 3.49B | 3.18B | 3.17B | 2.92B | 2.46B | 2.39B | 2.33B | 2.1B | 1.89B | 1.64B | 1.52B | 1.49B | 1.29B | 1.21B | 1.21B | 1.22B | 1.06B | 1.02B | 1.09B | 1.06B | 1.05B | 0 | 0 | 0 |
| Retained Earnings | 0 | 128.24M | 374.31M | 1.03B | 1.31B | 1.27B | 1.2B | 1.13B | 1.09B | 1.02B | 995.26M | 909.68M | 840.25M | 808.36M | 801.42M | -890.58M | -797.76M | -730.14M | -1.43B | -650.24M | -382M | -295.52M | -222.84M | -162.68M | -100.44M | -64.63M | 295.17M | -27.4M | 1.05B | -18.6M | -71.7M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 30K | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -2.09% | -2.48% | -5.62% | -2.1% | 0.45% | 1.65% | 1.43% | 0.89% | 6.69% | 2.05% | 1.71% | 1.18% | 1.65% | 0.92% | -0.97% | 0.23% | -0.37% | -1.32% | -1.69% | -0.47% | -0.01% | 3.01% | 3.41% | 4.04% | 4.1% | 5.08% | 5% | 5.34% | 3.86% | 6.81% | 5.16% |
| Return on Equity (ROE) | -4.28% | -4.93% | -10.7% | -3.81% | 0.83% | 3.23% | 2.73% | 1.67% | 12.18% | 3.71% | 3.45% | 2.67% | 3.68% | 2.05% | -2.3% | 0.6% | -0.97% | -3.16% | -3.98% | -1.05% | -0.03% | 5.56% | 5.98% | 6.77% | 6.5% | 7.91% | 7.88% | 8.45% | 5.81% | 10.02% | 8.2% |
| Debt / Assets | 2.58% | 45.03% | 46.57% | 41.93% | 41.19% | 45.08% | 44.96% | 42.75% | 42.18% | 40.2% | 41.58% | 50.82% | 50.9% | 49.4% | 50.91% | 55.28% | 59.72% | 54.06% | 50.42% | 52.51% | 48.95% | 44.54% | 41.08% | 39.3% | 36.59% | 32.48% | 33.82% | 35.07% | 34.72% | 20.74% | 39.44% |
| Debt / Equity | 0.05x | 0.89x | 0.93x | 0.77x | 0.74x | 0.88x | 0.88x | 0.80x | 0.78x | 0.72x | 0.76x | 1.15x | 1.15x | 1.08x | 1.15x | 1.39x | 1.67x | 1.32x | 1.18x | 1.24x | 1.03x | 0.85x | 0.73x | 0.67x | 0.60x | 0.50x | 0.53x | 0.55x | 0.55x | 0.27x | 0.69x |
| Net Debt / EBITDA | 0.27x | 6.25x | 6.87x | 6.76x | 10.61x | 6.61x | 4.55x | 4.48x | 3.04x | 3.33x | 4.45x | 5.72x | 6.35x | 6.86x | 9.24x | 11.83x | 14.98x | 23.35x | 43.86x | 237.62x | - | - | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 12.93 | 13.37 | 14.51 | 18.27 | 30.26 | 15.31 | 8.79 | 9.06 | 8.17 | 9.66 | 11.79 | 9.71 | 10.08 | 10.83 | 10.07 | 8.96 | 10.16 | 14.01 | 37.17 | 127.00 | 999999.00 | 19.23 | 21.90 | 20.94 | 21.89 | 24.92 | 25.01 | 25.57 | 41.50 | 20.27 | 18.56 |
Elevated leverage and integration
As reported in recent financial filings, Healthcare Realty Trust's total assets have declined from $12.6 billion in 2023Q4 to $9.1 billion in 2026Q1, reflecting a significant contraction in the company's footprint as it attempts to rationalize the portfolio following the large-scale HTA integration.
The reduction in total assets suggests a strategic pivot toward divestment or portfolio optimization to address the complexities introduced by the merger. Investors should monitor whether this shrinkage is a deliberate effort to improve balance sheet quality or a forced reaction to declining property-level performance.
Based on the company's reported figures, the debt-to-equity ratio peaked at 1.02 in 2025Q2, and while it has since moderated to 0.05 in 2026Q1, the historical trend suggests a reliance on significant leverage that may constrain future capital allocation flexibility.
The sharp fluctuation in the debt-to-equity ratio warrants further investigation into whether this reflects actual debt repayment or accounting reclassifications. The persistent presence of high debt levels relative to equity historically indicates a vulnerability to interest rate volatility and potential refinancing risks in the current environment.
As indicated by the company's financial statements, cash balances have remained consistently low, hovering near $26 million in 2026Q1, which may limit the REIT's ability to fund necessary tenant improvements or address unexpected capital requirements without resorting to external financing.
Maintaining such thin cash buffers in a capital-intensive medical office business appears to leave little room for error. This liquidity profile suggests that the company may be overly dependent on revolving credit facilities or capital markets to sustain its ongoing operational and maintenance needs.
According to the provided data, the company's net property, plant, and equipment (PPE) has fluctuated significantly, reaching $277.4 million in 2026Q1, which may indicate ongoing challenges in managing the capital-intensive nature of aging on-campus medical facilities post-merger.
The volatility in PPE values suggests that the company is grappling with the high cost of maintaining competitive medical office space. This capital intensity may be masking underlying balance sheet weaknesses, as the need for constant reinvestment could continue to pressure cash flow and limit dividend sustainability.
Quick answers to the most common questions about buying HR stock.
As of 2025, Healthcare Realty Trust Incorporated (HR) had total assets of $9.21B including $606.1M in current assets.
Healthcare Realty Trust Incorporated (HR) carries total debt of $4.15B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Healthcare Realty Trust Incorporated (HR) has total shareholders' equity (book value) of $4.62B ($13.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Healthcare Realty Trust Incorporated (HR) reported a current ratio of 1.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.