Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust (“REIT”) that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States.
+Added: All references in this report to "Healthcare Realty," the "Company," "we," "us," or "our" mean Healthcare Realty Trust Incorporated together with its consolidated subsidiaries, including Healthcare Realty Holdings, L.P., or operating partnership (the "OP").
The Company operates so as to qualify as a REIT for federal income tax purposes.
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Risk Factors” for a discussion of risks associated with qualifying as a REIT.
−Removed: On July 20, 2022, pursuant to that certain Agreement and Plan of Merger dated as of February 28, 2022, by and among Healthcare Realty Trust Incorporated, a Maryland corporation (now known as HRTI, LLC, a Maryland limited liability company) (“Legacy HR”), Healthcare Trust of America, Inc., a Maryland corporation (now known as Healthcare Realty Trust Incorporated) (“Legacy HTA”), Healthcare Trust of America Holdings, LP, a Delaware limited partnership (now known as Healthcare Realty Holdings, L.P.) (the “OP”), and HR Acquisition 2, LLC, a Maryland limited liability company (“Merger Sub”), Merger Sub merged with and into Legacy HR, with Legacy HR continuing as the surviving entity and a wholly-owned subsidiary of Legacy HTA (the “Merger”).
−Removed: The combined company operates under the name “Healthcare Realty Trust Incorporated” and its shares of class A common stock, $0.01 par value per share, trade on the New York Stock Exchange under the ticker symbol “HR”.
−Removed: For purposes of this Annual Report on Form 10-K, references to “Healthcare Realty Trust”, the “Company”, “we”, “us”, and “our” are to Legacy HTA after giving effect to the Merger and, unless the context requires otherwise, to its consolidated subsidiaries, including the OP.
−Removed: Additionally, any references to the “Company” for periods prior to the Merger are to Legacy HR.
Real Estate Properties
−Removed: The Company had gross investments of approximately $11.8 billion in 589 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property as of December 31, 2024.
−Removed: The Company had a weighted average ownership interest of approximately 31% in 63 real estate properties held in unconsolidated joint ventures as of December 31, 2024.
−Removed: The Company provided leasing and property management services to 92% of its portfolio nationwide as of December 31, 2024.
+Added: The Company had gross investments of approximately $10.3 billion in 502 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property as of December 31, 2025, excluding held for sale assets.
+Added: The Company had a weighted average ownership interest of approximately 30% in 61 real estate properties, excluding held for sale assets, held in unconsolidated joint ventures as of December 31, 2025.
+Added: The Company provided leasing and property management services to approximately 93% of its portfolio nationwide as of December 31, 2025.
The Company’s real estate property investments by geographic area are detailed in Note 2 to the Consolidated Financial Statements.
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9,985,981 28,655 499 90.3 %
−Removed: Construction in progress 31,978 101 1
Land held for development 57,535 — — —
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Total investments $ 10,746,203 32,840 563 90.5 %
−Removed: 1 The occupancy column represents the percentage of total rentable square feet leased (including month-to-month and holdover leases).
−Removed: There were three properties excluded from the table above that were classified as held for sale as of December 31, 2024.
+Added: 1 The occupancy column represents the percentage of total rentable square feet leased (including month-to-month and holdover leases), excluding held for sale assets.
2 Includes two real estate properties held in consolidated joint ventures.
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Square feet have not been adjusted by the Company's ownership percentage.
+Added: Square feet, number of properties, and occupancy excludes two properties that are classified as held for sale.
Financial Concentrations
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2025 Investment Activity
−Removed: In 2024, the Company completed no property acquisitions.
−Removed: In 2024, the Company's investment in unconsolidated joint ventures increased by $172.7 million, as a result of the Company's contribution of medical outpatient properties to two joint ventures in which it holds a 20% interest.
−Removed: The Company disposed of 67 properties in 2024 for sales prices totaling $1.5 billion, including 30 properties contributed into two unconsolidated joint ventures in which the Company maintains a non-controlling interest.
−Removed: These transactions yielded net cash proceeds of $1.2 billion, net of $67.3 million of closing costs and related adjustments and $172.7 million of retained joint venture interests.
+Added: The Company disposed of 70 properties in 2025 for sales prices totaling approximately $1.1 billion.
+Added: These transactions yielded net cash proceeds of approximately $1.0 billion, net of approximately $77.6 million of closing costs and related adjustments, and $11.8 million in Company financed notes.
The weighted average capitalization rate for these sales was 6.7%.
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federal income tax laws.
−Removed: Many of the provisions of this act, such as the 20% deduction mentioned above, will expire at the end of 2025, unless extended by legislative action.
+Added: Many provisions of this act, such as the 20% deduction mentioned above, that were set to expire at the end of 2025 have been permanently extended as a result of the passing of the One Big Beautiful Bill Act of 2025 (“OBBBA”) that was signed into law on July 4, 2025.
Each year, legislative proposals for health policy are introduced in Congress and state legislatures, and regulatory changes are proposed and enacted by government agencies.
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These site assessments are limited in scope and provide only an evaluation of potential environmental conditions associated with the property, not compliance assessments of ongoing operations.
−Removed: While it is the Company’s policy to seek indemnification from tenants relating to environmental liabilities or conditions, even where leases do contain such provisions, there can be no assurance that the tenant will be able to fulfill its indemnification obligations.
+Added: While it is the Company’s policy to seek indemnification from tenants relating to environmental liabilities or conditions, even
+Added: where leases do contain such provisions, there can be no assurance that the tenant will be able to fulfill its indemnification obligations.
In addition, the terms of the Company’s leases do not give the Company control over the operational activities of its tenants or healthcare operators, nor will the Company monitor the tenants or healthcare operators with respect to environmental matters.
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reporting disclosures in alignment with the Sustainability Accounting Standards Board;
−Removed: establishing goals and key performance indicators under the Sustainable Development Goals, and we are working toward expanding our climate risk and resiliency strategies in alignment with the Task Force on Climate-Related Disclosure.
+Added: establishing goals and key performance indicators under the
+Added: Sustainable Development Goals, and we are working toward expanding our climate risk and resiliency strategies in alignment with the Task Force on Climate-Related Disclosure.
More information regarding the Company’s Sustainability Principles and Policies and ESG performance can be found in the Company’s 2025 Corporate Responsibility Report on its website ( www.healthcarerealty.com ).
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.