Healthcare Realty Trust (NYSE: HR) is a real estate investment trust that owns, operates, and manages outpatient medical facilities across the United States. It makes money by leasing space in medical office and outpatient buildings to healthcare tenants, collecting rental income on long-term lease agreements. As of December 31, 2025, the company held gross investments of approximately $10.3 billion across 502 consolidated real estate properties, with medical office and outpatient assets representing the dominant share at $9.3 billion of that total. The portfolio spans 28.7 million square feet at a consolidated occupancy rate of 90.3%. HR also held interests in 61 additional properties through unconsolidated joint ventures, with a weighted average ownership interest of approximately 30%. The company provided leasing and property management services to approximately 93% of its portfolio nationwide as of December 31, 2025, adding a fee-based service layer on top of rental income.

Revenue model

Rental income from long-term leases on medical office and outpatient real estate properties, supplemented by leasing and property management service fees collected on approximately 93% of the portfolio as of December 31, 2025.

Products and services

Medical office and outpatient facility ownership and leasing; inpatient facility ownership; property leasing and management services; financing receivables and financing lease arrangements tied to healthcare real estate.

Customers and end markets

Healthcare tenants occupying medical office, outpatient, and inpatient facilities. End market is the outpatient and ambulatory healthcare delivery sector in the United States.

Value-chain role

Property owner, operator, and manager sitting between capital markets and healthcare tenant-operators. Provides real estate infrastructure for outpatient medical care delivery.

Geographic exposure

United States nationwide. Specific geographic distribution by state is detailed in Note 2 of the FY2025 Consolidated Financial Statements per the 10-K filed February 13, 2026.

Source: SEC 10-K, filed 2026-02-13

Industry: Real Estate Investment Trusts Peers: Healthpeak Properties Inc Welltower Inc Medical Properties Trust Inc Physicians Realty Trust Omega Healthcare Investors, Inc Sabra Health Care REIT Inc Ventas Inc