Healthcare Realty Trust Incorporated (HR) Earnings Call Transcripts

Healthcare Realty Trust Incorporated's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Healthcare Realty Trust (HR) reported strong results that exceeded expectations, with normalized FFO per share of $0.41 and same-store cash NOI growth of 6.9%. The company raised its full-year normalized FFO guidance to a range of $1.59 to $1.65 per share, up from previous estimates, signaling confidence in its operational momentum. Key drivers included a record 2 million square feet of leases signed and a same-store occupancy increase to 92.3%. Management emphasized a disciplined approach to capital allocation, including stock buybacks and joint venture acquisitions, while also indicating a focus on improving long-term growth metrics.

Reported metrics

Guidance from management

Management raised full-year normalized FFO per share guidance to $1.59 to $1.65, driven by strong leasing outcomes and improved cash re-leasing spreads. Same-store cash NOI growth guidance was also increased to 3.75% to 4.75%.

What management said

Yes, I'll just add to that, this is a substantial -- in our SNO pipeline, 90,000 square feet, nearly half of that in that kind of lease-up redevelopment bucket. So a substantial amount, which is where we see a lot of the opportunity to drive occupancy over the course of this year. I would also say that our pipeline remains strong at the 1.4 million square feet. That's a good leading indicator of where we're headed....

Sure, Pete. I'll say that the momentum that built from the transaction market last year has certainly carried into 2026. If anything, the strength of that private bid has only increased and financing remains really available. There's plenty of demand and liquidity out there. If you want me to talk about cap rates, I'd say that core assets are pricing today in the 5.5% to 6% range. And frankly, core-plus isn't much ...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of the high same-store NOI growth rate and potential deceleration in future quarters. There were questions about the impact of upcoming lease expirations and the company's ability to maintain occupancy levels amidst market challenges.

Main topics on the call

• Record Leasing Activity — Healthcare Realty achieved an all-time high by signing over 2 million square feet of leases in Q1 2026. CEO Pete Scott noted, "We signed over 2 million square feet of leases an all-time high," highlighting the strong dem...
• Same-Store NOI Growth — The company reported same-store NOI growth of 6.9%, driven by improved occupancy and lease economics. Management stated, "Our same-store results this quarter are a good indicator that we are heading in the right directio...
• Increased Guidance — Healthcare Realty raised its full-year normalized FFO guidance by $0.01 to a range of $1.59 to $1.65 per share. CFO Dan Gabbay mentioned, "We are already delivering mid-single-digit growth," suggesting optimism for the r...
• Strong Capital Allocation Strategy — Management emphasized a disciplined capital allocation strategy, including $100 million in stock buybacks and $20 million in acquisitions. Scott stated, "We did exactly what we said we would do," reinforcing their commit...

Read the full Healthcare Realty Trust Incorporated transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 Healthcare Realty Trust Incorporated earnings call transcripts on record, spanning February 13, 2020 to July 31, 2026. Based on this history, Healthcare Realty Trust Incorporated reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

HR

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Health Care REITs

Calls on record

29

First call

February 13, 2020

Most recent

July 31, 2026

Reporting cadence

quarterly