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Dec 31, 2025
Healthcare Realty Q4 2025 Earnings Report
Healthcare Realty reported its financial results for the fourth quarter ended December 31, 2025, and provided full year 2026 guidance.
Key Takeaways
Healthcare Realty experienced a transformational year in 2025, achieving strong same-store growth and exceeding disposition targets. The company reported a GAAP Net Income of $14.391 million for Q4 2025, with diluted EPS of $0.04, and introduced full year 2026 guidance.
GAAP Net Income for Q4 2025 was $14.391 million, with diluted EPS of $0.04.
Same store cash NOI growth was +5.5%, driven by 82.7% tenant retention and +3.7% cash leasing spreads.
Fourth quarter lease executions totaled 1.5 million square feet, including 316,000 square feet of new leases.
The company completed asset sales of $682 million during Q4 2025 and through February 2026, reducing Net Debt to Adjusted EBITDA to 5.4x.
Revenue by Segment
Forward Guidance
Healthcare Realty provided its 2026 annual guidance, reflecting current and future market conditions, with expected earnings per share between $(0.05) and $0.05, NAREIT FFO per share between $1.44 and $1.50, and Normalized FFO per share between $1.58 and $1.64.
Positive Outlook
- Expected Same Store Cash NOI growth between 3.5% and 4.5%.
- Anticipated NAREIT FFO per share range of $1.44 to $1.50.
- Anticipated Normalized FFO per share range of $1.58 to $1.64.
- The guidance reflects the company's view of current and future market conditions.
- The company has strategically strengthened its corporate governance, leadership team, and balance sheet.
Challenges Ahead
- Earnings per share are projected to be between $(0.05) and $0.05, indicating potential for a net loss.
- Guidance does not contemplate impacts from potential impairments or debt extinguishment costs.
- Guidance does not include any future acquisitions, developments, or share issuances/repurchases beyond what's discussed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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