Revenue growth remains under pressure with a 10.5% year-over-year decline in 2026Q1, while the company reported negative Net Operating Income for seven consecutive quarters through 2025Q4.
| 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 |
|---|
| Revenue | 1.15B | 1.18B | 1.27B | 1.34B | 932.64M | 534.82M | 735.07M | 693.63M | 695.3M | 613.11M | 460.48M | 403.41M | 371.05M | 317.92M | 299.64M | 274.44M | 199.88M | 129.49M | 80.42M | 17.63M | 0 | 158.76M | 176.95M | 149.44M | 136.65M | 145.05M | 151.68M | 153.4M | 80M | 51.8M | 31.3M |
| Revenue Growth % | -7.36% | -6.92% | -5.62% | 44.08% | 74.38% | -27.24% | 5.97% | -0.24% | 13.4% | 33.15% | 14.15% | 8.72% | 16.71% | 6.1% | 9.18% | 37.3% | 54.36% | 61.02% | 356.25% | - | -100% | -10.28% | 18.41% | 9.36% | -5.79% | -4.37% | -1.12% | 91.75% | 54.44% | 65.5% | 10.6% |
| Property Operating Expenses | 1.26B | 1.58B | 1.82B | 1.96B | 1.25B | 617.7M | 925.23M | 890.47M | 778.75M | 681.24M | 497.03M | 431.24M | 393.92M | 336.05M | 328.14M | 252.51M | 181.48M | 130.27M | 92.8M | 23.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | -111.96M | -396.46M | -555.43M | -618.09M | -317.56M | -82.88M | -190.16M | -196.84M | -83.45M | -68.13M | -36.55M | -27.84M | -22.87M | -18.13M | -28.5M | 21.93M | 18.4M | -783K | -12.38M | -6.22M | 0 | 158.76M | 176.95M | 149.44M | 136.65M | 145.05M | 151.68M | 153.4M | 80M | 51.8M | 31.3M |
| NOI Margin % | -9.74% | -33.58% | -43.79% | -46% | -34.05% | -15.5% | -25.87% | -28.38% | -12% | -11.11% | -7.94% | -6.9% | -6.16% | -5.7% | -9.51% | 7.99% | 9.21% | -0.6% | -15.4% | -35.31% | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -336.62M | -491.4M | -591.84M | -667.89M | -396.29M | -168.56M | -259.89M | -246.67M | -243.43M | -206.58M | -142.9M | -123.23M | -103.07M | -93.92M | -51.25M | 12.1M | 9.34M | 8.24M | 3.67M | 298K | 241.77K | 158.76M | 176.95M | 149.44M | 136.65M | 145.05M | 151.68M | 153.4M | 80M | 51.8M | 31.3M |
| G&A Expenses | 17.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.09M | 13.69M | 11.82M | 22.66M | 10.11M | 8.74M | 7.3M | 11.1M | 3.8M | 2.2M |
| EBITDA | 766.64M | 658.9M | 711.56M | 780.51M | 531.81M | 288.39M | 373.56M | 340.22M | 439.61M | 383.44M | 283.21M | 249.53M | 220.63M | 195.29M | 139.17M | 117.37M | 86.41M | 44.57M | 21.34M | 3.27M | -241.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA Margin % | 66.71% | 55.81% | 56.1% | 58.08% | 57.02% | 53.92% | 50.82% | 49.05% | 63.23% | 62.54% | 61.5% | 61.86% | 59.46% | 61.43% | 46.45% | 42.77% | 43.23% | 34.42% | 26.54% | 18.55% | - | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Depreciation & Amortization | 541.98M | 563.97M | 675.15M | 730.71M | 453.08M | 202.71M | 303.83M | 290.38M | 279.63M | 244.99M | 176.87M | 154.13M | 140.43M | 119.5M | 116.42M | 107.54M | 77.34M | 53.59M | 37.4M | 9.79M | 0 | 63.53M | 57.42M | 46.7M | 46.94M | 45.13M | 42.94M | 41.2M | 17.1M | 12.1M | 9M |
| D&A / Revenue % | 47.16% | 47.77% | 53.23% | 54.38% | 48.58% | 37.9% | 41.33% | 41.86% | 40.22% | 39.96% | 38.41% | 38.21% | 37.85% | 37.59% | 38.85% | 39.19% | 38.69% | 41.39% | 46.5% | 55.54% | - | 40.02% | 32.45% | 31.25% | 34.35% | 31.11% | 28.31% | 26.86% | 21.38% | 23.36% | 28.75% |
| Operating Income | 224.66M | 94.94M | 36.41M | 49.81M | 78.73M | 85.68M | 69.73M | 49.84M | 159.98M | 138.45M | 106.34M | 95.4M | 80.2M | 75.79M | 22.75M | 9.83M | 9.07M | -9.03M | -16.06M | -6.52M | -241.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 19.55% | 8.04% | 2.87% | 3.71% | 8.44% | 16.02% | 9.49% | 7.18% | 23.01% | 22.58% | 23.09% | 23.65% | 21.62% | 23.84% | 7.59% | 3.58% | 4.54% | -6.97% | -19.97% | -37% | - | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Expense | 2M | 205.48M | 255.38M | 268.66M | 141.93M | 52.53M | 0 | 0 | 101.56M | 84.27M | 56.77M | 58.11M | 57.49M | 52.26M | 45.33M | 39.61M | 35.34M | 29.35M | 21.34M | 5.02M | 0 | 47.98M | 43.25M | 34.64M | 34.27M | 38.11M | 42.99M | 38.6M | 13.1M | 8M | 7.3M |
| Interest Coverage | - | -0.21x | -1.60x | -0.05x | 1.29x | 2.27x | - | - | 3.14x | 1.78x | 1.91x | 1.58x | 1.80x | 1.45x | 0.46x | 1.14x | 0.73x | 0.16x | -0.33x | -0.53x | - | -1.32x | -1.33x | -1.35x | -1.37x | -1.18x | -1.00x | -1.07x | -1.31x | -1.51x | -1.23x |
| Non-Operating Income | 129.67M | 138.94M | 444.94M | 63.23M | -103.9M | -33.51M | 16.22M | 19.08M | -159.21M | -11.39M | -1.81M | 3.73M | -23.28M | -42K | 1.8M | -35.38M | -16.85M | -13.6M | -8.99M | -3.87M | 0 | 63.53M | 57.42M | 46.7M | 46.94M | 45.13M | 42.94M | 41.2M | 17.1M | 12.1M | 9M |
| Pretax Income | -202.19M | -249.49M | -663.9M | -282.08M | 40.69M | 66.66M | 53.51M | 30.76M | 217.63M | 65.58M | 51.38M | 33.56M | 45.99M | 23.58M | -24.37M | 5.59M | -9.41M | -24.77M | -28.41M | -7.67M | -241.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -17.6% | -21.13% | -52.35% | -20.99% | 4.36% | 12.46% | 7.28% | 4.43% | 31.3% | 10.7% | 11.16% | 8.32% | 12.4% | 7.42% | -8.13% | 2.04% | -4.71% | -19.13% | -35.33% | -43.54% | - | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.97M | 43.9M | 34.6M | 34.2M | 38.11M | 42.99M | 38.6M | 13.1M | 8M | 7.3M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - |
| Net Income | -201.25M | -246.07M | -654.49M | -278.26M | 40.9M | 66.66M | 52.62M | 30.15M | 213.46M | 63.92M | 49.95M | 32.93M | 45.37M | 24.26M | -24.42M | 5.54M | -7.9M | -25.08M | -28.45M | -7.67M | -241.77K | 52.67M | 55.53M | 60.4M | 62.38M | 79.89M | 79.8M | 86M | 40.5M | 31.2M | 19.7M |
| Net Margin % | -17.51% | -20.84% | -51.6% | -20.71% | 4.39% | 12.46% | 7.16% | 4.35% | 30.7% | 10.42% | 10.85% | 8.16% | 12.23% | 7.63% | -8.15% | 2.02% | -3.95% | -19.37% | -35.38% | -43.49% | - | 33.17% | 31.38% | 40.42% | 45.65% | 55.08% | 52.61% | 56.06% | 50.63% | 60.23% | 62.94% |
| Net Income Growth % | 48.2% | 62.4% | -135.21% | -780.39% | -38.65% | 26.68% | 74.5% | -85.87% | 233.97% | 27.96% | 51.68% | -27.42% | 87.01% | 199.33% | -540.79% | 170.11% | 68.49% | 11.85% | -271.09% | -3070.77% | -100.46% | -5.16% | -8.06% | -3.18% | -21.91% | 0.11% | -7.21% | 112.35% | 29.81% | 58.38% | 7.65% |
| Funds From Operations (FFO) | 340.73M | 317.89M | 20.67M | 452.45M | 493.98M | 269.37M | 356.45M | 320.54M | 493.09M | 308.9M | 226.82M | 187.06M | 185.8M | 143.76M | 91.99M | 113.08M | 69.44M | 28.52M | 8.95M | 2.12M | 65.29M | 116.2M | 112.95M | 107.1M | 109.32M | 125.02M | 122.74M | 127.2M | 57.6M | 43.3M | 28.7M |
| FFO Margin % | 29.65% | 26.93% | 1.63% | 33.67% | 52.97% | 50.37% | 48.49% | 46.21% | 70.92% | 50.38% | 49.26% | 46.37% | 50.08% | 45.22% | 30.7% | 41.21% | 34.74% | 22.02% | 11.13% | 12.05% | - | 73.19% | 63.83% | 71.67% | 80% | 86.19% | 80.92% | 82.92% | 72% | 83.59% | 91.69% |
| FFO Growth % | 66.73% | 1438.18% | -95.43% | -8.41% | 83.38% | -24.43% | 11.2% | -34.99% | 59.63% | 36.19% | 21.25% | 0.68% | 29.25% | 56.27% | -18.65% | 62.86% | 143.48% | 218.64% | 321.37% | -96.75% | -43.81% | 2.87% | 5.46% | -2.03% | -12.56% | 1.86% | -3.51% | 120.83% | 33.03% | 50.87% | 8.71% |
| FFO per Share | 0.98 | 0.91 | 0.06 | 1.19 | 1.95 | 1.89 | 1.61 | 1.53 | 2.35 | 1.67 | 1.62 | 1.46 | 1.53 | 1.25 | 0.83 | 1.01 | 0.84 | 0.51 | 0.42 | 0.43 | 80502.13 | 2.45 | 2.52 | 2.56 | 2.63 | 3.08 | 3.05 | 3.20 | 2.35 | 2.33 | 2.17 |
| FFO Payout Ratio % | 81.62% | 121.71% | 2215.38% | 104.37% | 284.9% | 65.14% | 45.6% | 48.47% | 30.47% | 46.08% | 58.09% | 64.29% | 62.63% | 77.61% | 104.74% | 78.94% | 109.2% | 320.45% | 908.39% | 4761.63% | 193.31% | 107.87% | 102.43% | 97.37% | 96.87% | 80.52% | 78.41% | 72.56% | 74.48% | 82.68% | 87.8% |
| EPS (Diluted) | -0.58 | -0.71 | -1.81 | -0.74 | 0.15 | 0.45 | 0.24 | 0.14 | 1.02 | 0.35 | 0.33 | 0.26 | 0.37 | 0.21 | -0.22 | 0.04 | -0.10 | -0.44 | -1.32 | -1.54 | -298.06 | 1.11 | 1.24 | 1.44 | 1.37 | 1.67 | 1.82 | 1.99 | 1.63 | 1.68 | 1.49 |
| EPS Growth % | 46.75% | 60.77% | -144.59% | -593.33% | -66.67% | 87.5% | 71.43% | -86.27% | 191.43% | 6.06% | 26.92% | -29.73% | 76.19% | 195.45% | -650% | 140% | 77.27% | 66.67% | 14.29% | 99.48% | -26952.25% | -10.48% | -13.89% | 5.11% | -17.96% | -8.24% | -8.54% | 22.09% | -2.98% | 12.75% | 5.67% |
| EPS (Basic) | - | -0.71 | -1.81 | -0.74 | 0.15 | 0.45 | 0.24 | 0.15 | 1.04 | 0.35 | 0.34 | 0.26 | 0.38 | 0.21 | -0.22 | 0.04 | -0.10 | -0.44 | -1.32 | -1.54 | -298.06 | 1.13 | 1.27 | 1.47 | 1.40 | 1.70 | 1.85 | 2.02 | 1.66 | 1.71 | 1.49 |
| Diluted Shares Outstanding | 347.44M | 349.8M | 365.55M | 378.93M | 253.87M | 142.71M | 221.67M | 209.6M | 210.06M | 185.28M | 140.26M | 128M | 121.17M | 114.97M | 111.36M | 112.2M | 82.98M | 56.41M | 21.42M | 4.98M | 811 | 47.45M | 44.78M | 41.84M | 41.49M | 40.61M | 40.3M | 39.81M | 24.52M | 18.57M | 13.25M |
Integration and capital intensity
As reported in recent financial filings, Healthcare Realty Trust experienced a 10.5% year-over-year revenue decline in 2026Q1, signaling persistent headwinds in top-line growth following the large-scale HTA merger that appears to have complicated the company's ability to maintain its historical organic growth trajectory across the portfolio.
The consistent decline in revenue over the last ten quarters suggests that the integration of the HTA portfolio may be creating more friction than anticipated. Investors should monitor whether this contraction reflects a strategic shedding of non-core assets or a broader inability to drive rent growth within the existing medical office footprint.
Based on the company's reported figures, FFO per share has exhibited extreme volatility, swinging from a loss of $0.35 in 2024Q1 to a positive $0.37 in 2026Q1, which highlights significant instability in the REIT's ability to generate consistent cash flow for shareholders post-merger.
The erratic nature of FFO growth suggests that the company's earnings quality is currently compromised by non-recurring integration costs and potential accounting adjustments. Analysts should remain cautious regarding the sustainability of the dividend, as the wide variance in FFO makes it difficult to assess the true underlying cash-generating capacity.
According to the provided income statement data, the company reported negative Net Operating Income for seven consecutive quarters through 2025Q4, a highly unusual trend that suggests significant operational inefficiencies or aggressive accounting treatments that may be masking the true property-level profitability of the medical office assets.
While a return to positive NOI in 2026Q1 is a constructive development, the prolonged period of negative margins warrants deep investigation into the cost structure. It appears that the company is struggling to manage property-level expenses effectively, which may indicate that the scale benefits of the HTA merger have yet to materialize.
Financial statements indicate that GAAP net income remains consistently negative, with a $56.0K loss in 2026Q1, illustrating how heavy depreciation charges and potential impairment costs continue to obscure the REIT's actual economic performance and cash-generating potential for long-term investors.
The persistent gap between GAAP net income and FFO suggests that the company's assets require substantial ongoing capital investment to remain competitive. This high level of recurring maintenance CAPEX appears to be a structural drag on AFFO, which may limit the company's financial flexibility in a higher interest rate environment.
Quick answers to the most common questions about buying HR stock.
For fiscal year 2025, Healthcare Realty Trust Incorporated (HR) reported total revenue of $1.18B. This represents a 3671.7% increase compared to $31.3M in 1996.
Healthcare Realty Trust Incorporated (HR) reported a net loss of $246.1M for the fiscal year ending 2025.
Healthcare Realty Trust Incorporated (HR) reported an operating income of $94.9M, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Healthcare Realty Trust Incorporated (HR) generated $-396.5M in gross profit for the year, representing a gross profit margin of -33.6%. This demonstrates the company's core pricing power and production efficiency.