Healthcare Realty Trust (HR)
Market Price (9/5/2026): $19.12 | Market Cap: $6.5 BilSector: Real Estate | Industry: Health Care REITs
Healthcare Realty Trust (HR)
Market Price (9/5/2026): $19.12Market Cap: $6.5 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Attractive yieldDividend Yield is 5.1% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Healthcare Real Estate, Show more. | Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -35% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 66x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.9%, Rev Chg QQuarterly Revenue Change % is -5.3% Key risksHR key risks include [1] persistent unprofitability and slow revenue growth, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Attractive yieldDividend Yield is 5.1% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Healthcare Real Estate, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -35% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 66x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.9%, Rev Chg QQuarterly Revenue Change % is -5.3% |
| Key risksHR key risks include [1] persistent unprofitability and slow revenue growth, Show more. |
Qualitative Assessment
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Healthcare Realty Trust (HR) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings: Healthcare Realty Trust announced its fiscal Q2 2026 results on July 30, 2026, reporting a GAAP net loss of $(0.13) per share, which missed the consensus estimate of $0.40 per share by $0.53. This net loss was largely driven by non-cash impairment charges of $42.7 million for the quarter, though this was a significant reduction compared to $140.9 million in the prior year's fiscal Q2. Counteracting this, the company exceeded revenue expectations, reporting $278.58 million against an estimated $271.60 million. This combination of a GAAP net loss, primarily due to impairments, and stronger-than-expected revenue likely created a balanced investor reaction, preventing a definitive stock price movement.
2. Robust Operational Performance and Increased Guidance: Despite the GAAP net loss, Healthcare Realty demonstrated strong operational performance in fiscal Q2 2026, which tempered negative sentiment. The company achieved a same-store cash Net Operating Income (NOI) growth of 5.1% and saw its occupancy rate increase by 110 basis points to 92.7%. Furthermore, management raised its full-year fiscal 2026 Normalized Funds From Operations (FFO) guidance to a range of $1.62 to $1.66 per share (diluted) and increased its same-store cash NOI growth guidance to 4.25% to 5.00%. These operational improvements and the upward revision of full-year guidance, signaling management's confidence, provided underlying support for the stock, offsetting concerns from the reported net loss.
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Healthcare Realty Trust (HR) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings: Healthcare Realty Trust announced its fiscal Q2 2026 results on July 30, 2026, reporting a GAAP net loss of $(0.13) per share, which missed the consensus estimate of $0.40 per share by $0.53. This net loss was largely driven by non-cash impairment charges of $42.7 million for the quarter, though this was a significant reduction compared to $140.9 million in the prior year's fiscal Q2. Counteracting this, the company exceeded revenue expectations, reporting $278.58 million against an estimated $271.60 million. This combination of a GAAP net loss, primarily due to impairments, and stronger-than-expected revenue likely created a balanced investor reaction, preventing a definitive stock price movement.
2. Robust Operational Performance and Increased Guidance: Despite the GAAP net loss, Healthcare Realty demonstrated strong operational performance in fiscal Q2 2026, which tempered negative sentiment. The company achieved a same-store cash Net Operating Income (NOI) growth of 5.1% and saw its occupancy rate increase by 110 basis points to 92.7%. Furthermore, management raised its full-year fiscal 2026 Normalized Funds From Operations (FFO) guidance to a range of $1.62 to $1.66 per share (diluted) and increased its same-store cash NOI growth guidance to 4.25% to 5.00%. These operational improvements and the upward revision of full-year guidance, signaling management's confidence, provided underlying support for the stock, offsetting concerns from the reported net loss.
3. Neutral Analyst Consensus and Price Targets: Throughout the specified period, Wall Street analysts largely maintained a "Hold" rating for Healthcare Realty Trust. The consensus price target from analysts ranged from approximately $21.58 to $21.89, suggesting a modest upside potential of 11.29% to 13.00% from recent trading levels. While some analysts had "Buy" ratings (28.57% to 33%), the majority recommended "Hold" (56% to 57.14%). This predominantly neutral analyst sentiment indicated that while the company's fundamentals were stable, there wasn't a strong perceived catalyst for significant short-term price appreciation or depreciation, contributing to the stock trading within a relatively stable range.
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Stock Movement Drivers
Fundamental Drivers
The -2.8% change in HR stock from 5/31/2026 to 9/4/2026 was primarily driven by a -2.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.68 | 19.12 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,132 | 1,117 | -1.4% |
| P/S Multiple | 6.0 | 5.9 | -2.9% |
| Shares Outstanding (Mil) | 347 | 342 | 1.5% |
| Cumulative Contribution | -2.8% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| HR | -2.8% | |
| Market (SPY) | 1.8% | -23.4% |
| Sector (XLRE) | -0.1% | 67.6% |
Fundamental Drivers
The 6.2% change in HR stock from 2/28/2026 to 9/4/2026 was primarily driven by a 7.1% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.01 | 19.12 | 6.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,152 | 1,117 | -3.1% |
| P/S Multiple | 5.5 | 5.9 | 7.1% |
| Shares Outstanding (Mil) | 350 | 342 | 2.3% |
| Cumulative Contribution | 6.2% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| HR | 6.2% | |
| Market (SPY) | 12.6% | 10.9% |
| Sector (XLRE) | 0.9% | 64.2% |
Fundamental Drivers
The 15.7% change in HR stock from 8/31/2025 to 9/4/2026 was primarily driven by a 22.0% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.52 | 19.12 | 15.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,203 | 1,117 | -7.1% |
| P/S Multiple | 4.8 | 5.9 | 22.0% |
| Shares Outstanding (Mil) | 350 | 342 | 2.1% |
| Cumulative Contribution | 15.7% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| HR | 15.7% | |
| Market (SPY) | 20.4% | 7.6% |
| Sector (XLRE) | 6.5% | 60.0% |
Fundamental Drivers
The 33.8% change in HR stock from 8/31/2023 to 9/4/2026 was primarily driven by a 41.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.29 | 19.12 | 33.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,302 | 1,117 | -14.3% |
| P/S Multiple | 4.2 | 5.9 | 41.0% |
| Shares Outstanding (Mil) | 379 | 342 | 10.7% |
| Cumulative Contribution | 33.8% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| HR | 33.8% | |
| Market (SPY) | 77.1% | 25.4% |
| Sector (XLRE) | 30.3% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HR Return | 27% | -27% | -4% | 6% | 7% | 18% | 19% |
| Peers Return | 14% | -13% | 15% | 27% | 24% | 25% | 123% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| HR Win Rate | 58% | 25% | 58% | 67% | 50% | 67% | |
| Peers Win Rate | 48% | 42% | 58% | 65% | 60% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| HR Max Drawdown | -9% | -32% | -32% | -24% | -15% | -12% | |
| Peers Max Drawdown | -18% | -35% | -23% | -15% | -13% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DOC, VTR, WELL, OHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | HR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.1% | -18.8% |
| % Gain to Breakeven | 13.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.3% | -9.5% |
| % Gain to Breakeven | 39.4% | 10.5% |
| Time to Breakeven | 319 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 124 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.9% | -24.5% |
| % Gain to Breakeven | 46.9% | 32.4% |
| Time to Breakeven | 1370 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.6% | -33.7% |
| % Gain to Breakeven | 55.4% | 50.9% |
| Time to Breakeven | 525 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.3% | -3.7% |
| % Gain to Breakeven | 22.4% | 3.9% |
| Time to Breakeven | 158 days | 6 days |
In The Past
Healthcare Realty Trust's stock fell -12.1% during the 2025 US Tariff Shock. Such a loss loss requires a 13.8% gain to breakeven.
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| Event | HR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.3% | -9.5% |
| % Gain to Breakeven | 39.4% | 10.5% |
| Time to Breakeven | 319 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.9% | -24.5% |
| % Gain to Breakeven | 46.9% | 32.4% |
| Time to Breakeven | 1370 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.6% | -33.7% |
| % Gain to Breakeven | 55.4% | 50.9% |
| Time to Breakeven | 525 days | 140 days |
In The Past
Healthcare Realty Trust's stock fell -12.1% during the 2025 US Tariff Shock. Such a loss loss requires a 13.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Healthcare Realty Trust (HR)
Healthcare Realty Trust (HR) is a Real Estate Investment Trust (REIT) specializing in healthcare properties. The company's core business revolves around the complete lifecycle of income-producing real estate primarily dedicated to outpatient healthcare services across the United States. This includes developing new facilities, securing financing, and ongoing ownership and management of its property portfolio.
HR's main "products" are its specialized real estate assets, which include medical office buildings and other facilities vital for delivering outpatient care. The company offers key services such as leasing and property management, ensuring these properties are well-maintained and optimally utilized by healthcare tenants. As of September 2020, its extensive portfolio consisted of 211 properties totaling 15.5 million square feet across 24 states, valued at approximately $5.5 billion.
The primary market for Healthcare Realty Trust is the U.S. outpatient healthcare sector. Its customers are healthcare providers, including large health systems, physician practices, and other medical groups, who lease space in HR's strategically located properties. These facilities provide critical infrastructure, enabling healthcare professionals to deliver accessible and convenient medical services to their patients.
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Here are 1-3 brief analogies to describe Healthcare Realty Trust (HR):
- Prologis for medical office buildings.
- Public Storage for doctor's offices.
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- Real Estate Ownership: Investing in and owning income-producing real estate properties associated primarily with outpatient healthcare services.
- Property Management Services: Managing the operations and maintenance of healthcare-related real estate properties.
- Real Estate Development Services: Developing new income-producing real estate properties for outpatient healthcare.
- Real Estate Financing Services: Providing capital and financial solutions for healthcare real estate projects.
- Leasing Services: Facilitating the rental and occupancy of space within healthcare real estate properties.
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Healthcare Realty Trust (HR) sells its services primarily to other companies, specifically healthcare organizations and providers that lease space within its medical office buildings and other outpatient facilities. Due to the diversified nature of a real estate investment trust (REIT) and its extensive portfolio of properties, Healthcare Realty Trust typically has a broad tenant base rather than a few singular "major" customer companies. As such, specific names of major public customer companies are not typically identified or concentrated.
The primary categories of corporate customers that lease properties from Healthcare Realty Trust are:
- Hospitals and Health Systems: Large integrated healthcare organizations that lease space for their outpatient clinics, physician offices, and specialized service centers as part of their broader healthcare networks.
- Physician Groups and Private Practices: Independent or affiliated groups of doctors across various medical specialties (e.g., primary care, cardiology, orthopedics) that require medical office space to operate their practices.
- Specialty Healthcare Providers: Organizations offering specific outpatient services such as urgent care centers, imaging centers, dialysis clinics, rehabilitation facilities, and ambulatory surgery centers.
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Peter Scott, President and Chief Executive Officer
Peter A. Scott was appointed President and CEO of Healthcare Realty in April 2025. Prior to this, he served for nine years as Chief Financial Officer of Healthpeak Properties, an S&P 500 company, where he was instrumental in its $5 billion strategic merger with Physicians Realty Trust. Mr. Scott's career also includes three years as a Managing Director in the Real Estate Investment Banking Group at Barclays, where he advised Healthpeak on its $4 billion spin-off of Quality Care Properties. He also held positions at Credit Suisse and Lehman Brothers.
Daniel Gabbay, Executive Vice President and Chief Financial Officer
Daniel Gabbay was appointed Executive Vice President and Chief Financial Officer of Healthcare Realty, effective January 12, 2026. He joined from RBC Capital Markets, where he served as a Managing Director in the Real Estate Investment Banking Group since 2024, focusing on the healthcare REIT sector. Before RBC, he was a Managing Director in the Real Estate Investment Banking Group at Barclays. With nearly 20 years of experience in investment banking, Mr. Gabbay has advised on major healthcare REIT transactions, including Healthpeak Properties' $5 billion strategic merger with Physicians Realty Trust and Sonida Senior Living's $3 billion combination with CNL Healthcare Properties. He began his career at Lehman Brothers in 2001.
Ryan Crowley, Executive Vice President and Chief Investment Officer
Ryan Crowley serves as Executive Vice President and Chief Investment Officer. He has been with Healthcare Realty for over 18 years. Since 2021, he has served as Senior Vice President, Investments, and has led the company's acquisition efforts since 2018, completing over $2.3 billion in acquisitions. He has been directly involved in investment transactions valued at more than $5 billion.
Rob Hull, Chief Operating Officer
Rob Hull is the Chief Operating Officer of Healthcare Realty. He previously held the position of Executive Vice President, Investments since 2017. In his current role, he oversees portfolio performance through the coordinated leadership of leasing, project management, asset management, and property operations. He has also been instrumental in leading the leasing team to achieve significant new leasing volume and occupancy improvements.
Andrew Loope, Executive Vice President, General Counsel, and Secretary
Andrew Loope was promoted to Executive Vice President, General Counsel, and Secretary, effective January 1, 2025. He previously served as Senior Vice President, Corporate Counsel and Secretary. Mr. Loope joined Healthcare Realty's legal department in 2008 from the law firm Waller Lansden (now Holland & Knight).
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The key risks to Healthcare Realty Trust (HR) primarily revolve around its financial structure, the successful execution of its growth strategies, and the dynamic nature of the healthcare industry it serves.
- High Leverage and Interest Rate Risks: Healthcare Realty Trust faces significant risks associated with its debt load and exposure to rising interest rates. The company has been noted for its high leverage, which could lead to increased borrowing costs and negatively impact financial performance. There are also substantial debt maturities approaching in 2026-2027, necessitating effective refinancing or repayment strategies.
- Execution Risk of Lease-Up and Capital Projects: A core part of Healthcare Realty Trust's strategy for future growth involves internally funded capital projects aimed at increasing occupancy and rental rates within its portfolio. There is an inherent risk of "execution missteps on lease up and capital projects" which could hinder the anticipated growth in Net Operating Income (NOI) and earnings.
- Tenant Financial Health and Healthcare Regulatory Changes: The company's revenue and stability are directly linked to the financial health of its healthcare tenants. Any deterioration in tenant financial performance, as exemplified by the bankruptcy of a significant tenant like Prospect Medical Holdings, can negatively impact operations. Furthermore, ongoing changes in healthcare regulations, including Medicare and Medicaid reimbursement policies, could affect tenant operations and, consequently, Healthcare Realty Trust's rental income.
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The increasing adoption and technological advancements in telemedicine and virtual healthcare delivery pose an emerging threat to Healthcare Realty Trust. This shift in care delivery models could reduce the overall demand for physical outpatient medical office space, potentially impacting occupancy rates, rental growth, and property valuations for companies whose business model is predicated on owning and managing such real estate.
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The primary products and services of Healthcare Realty Trust (HR) are focused on owning, managing, financing, and developing income-producing real estate properties associated with the delivery of outpatient healthcare services, predominantly medical office buildings.
The addressable market for these services in the United States is substantial and growing:
- The U.S. medical office buildings market generated a revenue of approximately USD 14.08 billion in 2023 and is projected to reach approximately USD 22.04 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.6% from 2024 to 2030.
- More broadly, the U.S. healthcare real estate market size was estimated at approximately USD 1,324.52 billion in 2024 and is expected to expand at a CAGR of 6.2% during the forecast period. This market is projected to reach an estimated revenue of approximately USD 2.27 trillion by 2030. The U.S. is considered the world's largest healthcare real estate market.
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Healthcare Realty Trust (HR) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on optimizing its portfolio and enhancing operational performance.
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Same-Store Net Operating Income (NOI) Growth: A primary driver of revenue growth is the projected increase in same-store NOI, which is influenced by improved occupancy rates, positive cash leasing spreads, and annual rent escalators. The company reported a 5% growth in same-store NOI for 2025 and anticipates 3.5% to 4.5% same-store cash NOI growth in 2026. This growth is underpinned by strong leasing activity, with Healthcare Realty executing approximately 5.8 million square feet of leases in 2025, including 1.6 million square feet of new leases, and maintaining a tenant retention rate of 82% for the year. Additionally, annual rent escalators on new leases averaged 3.1% in 2025, and cash leasing spreads improved by 60 basis points.
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Redevelopment Program: Healthcare Realty is focused on a redevelopment program that targets double-digit yields, specifically around 10% yields on cost. This strategy involves reinvesting in and enhancing existing properties to unlock greater value and generate higher net operating income. Management views these redevelopment projects as a key driver for NOI upside, with the significant benefits expected to materialize by 2027.
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Strategic Portfolio Optimization and Focus on High-Growth Markets: The company has been actively optimizing its portfolio by strategically divesting non-core assets and concentrating its holdings in high-growth metropolitan statistical areas. In 2025, Healthcare Realty completed $1.2 billion in asset sales, exiting 14 non-core markets, which helped to enhance the quality and revenue-generating potential of its remaining portfolio. This disciplined approach ensures that the company's assets are located in markets with strong demand for outpatient healthcare services, supporting sustained revenue growth.
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Share Repurchases
- Healthcare Realty Trust's board of directors authorized a share repurchase program of up to $500 million, initially announced in June 2023 and reiterated in November 2025, valid until October 27, 2026.
- The company repurchased over $175 million in shares since April 1, 2024.
- Between October 28, 2025, and January 31, 2026, $50 million worth of stock was repurchased, with $450 million remaining under the authorization.
Share Issuance
- The merger with Healthcare Trust of America (HTA) on July 20, 2022, was an all-stock transaction that significantly impacted shares outstanding.
- Shares outstanding increased by 49.26% from 2022 to 2023, reaching 379 million.
- By 2024, shares outstanding stabilized around 366 million, subsequently declining to 0.35 billion in 2025.
Inbound Investments
- In May 2024, Healthcare Realty entered into a strategic joint venture with KKR to own and invest in medical outpatient buildings.
- Healthcare Realty contributed 12 existing properties to the KKR JV, valued at $382.5 million, generating approximately $300 million in proceeds.
- KKR committed up to an additional $600 million of capital to the joint venture, increasing its potential value to over $1 billion.
Outbound Investments
- Healthcare Realty Trust completed the acquisition of Healthcare Trust of America (HTA) on July 20, 2022, in an all-stock merger.
- The combined company had an equity value of $11.2 billion and a total enterprise value of $17.3 billion.
- HTA stockholders received a special cash dividend of $4.82 per share and a 1:1 share exchange ratio as part of the merger.
Capital Expenditures
- Capital allocation priorities for 2026 include redevelopment projects with anticipated yields on cost of approximately 10%.
- The company has a redevelopment pipeline of approximately $300 million.
- Capital expenditures per share have been positive post-2022, reflecting focused spending on property acquisitions and upgrades following the merger.
Peer Outperformance in Health Care REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 14 | 17.9% | 61.4% | 59.2% | WELL 207% · CTRE 123% · DHC 121% |
| Retail REITs | 22 | 12.2% | 38.5% | 34.1% | IVT 1599% · SKT 163% · SPG 101% |
| Real Estate Development | 6 | -8.3% | 17.1% | 20.2% | JOE 49% · AXR 46% · FOR 37% |
| Other Specialized REITs | 11 | 7.9% | 21.6% | 13.5% | IRM 188% · LAMR 67% · EPR 66% |
| Hotel & Resort REITs | 16 | 27.8% | 27.6% | 5.3% | RHP 76% · HST 73% · DRH 54% |
| Industrial REITs | 11 | 16.5% | 20.9% | 3.0% | FR 25% · EGP 25% · PLD 14% |
| Diversified REITs | 12 | 10.1% | 29.6% | -7.3% | CTO 70% · WPC 20% · LXP 13% |
| Multi-Family Residential REITs | 13 | -4.2% | 4.0% | -18.2% | AIV 13% · ESS -1% · VMRK -7% |
| Single-Family Residential REITs | 4 | -2.3% | 2.6% | -19.5% | AMH -12% · ELS -19% · INVH -20% |
| Real Estate Services | 27 | -13.9% | -7.9% | -25.0% | REAX 867% · MDRR 567% · CHCI 272% |
| Office REITs | 18 | -4.9% | 18.8% | -28.3% | PSTL 61% · CDP 54% · SLG 10% |
| Telecom Tower REITs | 3 | -6.4% | -9.1% | -43.8% | AMT -32% · SBAC -44% · CCI -51% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.38 |
| Mkt Cap | 14.2 |
| Rev LTM | 2,950 |
| Op Inc LTM | 656 |
| FCF LTM | 1,092 |
| FCF 3Y Avg | 839 |
| CFO LTM | 1,231 |
| CFO 3Y Avg | 1,143 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.0% |
| Rev Chg 3Y Avg | 14.6% |
| Rev Chg Q | 16.2% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 15.2% |
| Op Inc Chg 3Y Avg | 27.8% |
| Op Mgn LTM | 13.9% |
| Op Mgn 3Y Avg | 12.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 39.5% |
| CFO/Rev 3Y Avg | 38.7% |
| FCF/Rev LTM | 25.1% |
| FCF/Rev 3Y Avg | 26.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.2 |
| P/S | 6.9 |
| P/Op Inc | 49.2 |
| P/EBIT | 51.8 |
| P/E | 58.6 |
| P/CFO | 15.6 |
| Total Yield | 3.8% |
| Dividend Yield | 5.1% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Price Behavior
| Market Price | $19.12 | |
| Market Cap ($ Bil) | 6.5 | |
| Distance from 52W High | -11.5% | |
| 50 Days | 200 Days | |
| DMA Price | $20.06 | $18.33 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.7% | 4.3% |
| 3M | 1YR | |
| Volatility | 19.2% | 19.8% |
| Downside Capture | -44.59 | 2.26 |
| Upside Capture | -42.29 | 17.99 |
| Correlation (SPY) | -26.4% | 7.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.55 | -0.50 | -0.33 | 0.17 | 0.13 | 0.41 |
| Up Beta | -1.24 | -1.32 | -0.67 | -0.11 | 0.09 | 0.27 |
| Down Beta | -1.36 | -0.28 | 0.14 | 0.37 | 0.18 | 0.33 |
| Up Capture | -66% | -37% | -38% | 21% | 14% | 24% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 18 | 31 | 62 | 128 | 373 |
| Down Capture | 113% | -1% | -36% | 21% | 6% | 79% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 22 | 31 | 61 | 117 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HR | |
|---|---|---|---|---|
| HR | 15.1% | 19.8% | 0.59 | - |
| Sector ETF (XLRE) | 7.9% | 14.0% | 0.31 | 60.2% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 7.4% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 5.2% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -14.1% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 62.8% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 8.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HR | |
|---|---|---|---|---|
| HR | 1.1% | 24.9% | 0.02 | - |
| Sector ETF (XLRE) | 1.9% | 19.2% | -0.00 | 66.3% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 36.4% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 12.0% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 7.2% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 68.1% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 18.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HR | |
|---|---|---|---|---|
| HR | 1.6% | 25.7% | 0.08 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 74.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 46.1% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 12.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 13.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 76.5% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 12.8% |
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Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.4% | -6.2% | -10.7% |
| 4/30/2026 | 2.9% | 6.9% | 5.4% |
| 2/12/2026 | 2.7% | 3.8% | 5.1% |
| 10/30/2025 | -0.2% | 0.8% | 2.4% |
| 7/31/2025 | 7.7% | 9.8% | 14.8% |
| 5/1/2025 | -4.3% | -3.6% | -7.8% |
| 2/19/2025 | -1.3% | -0.8% | 0.6% |
| 10/29/2024 | -2.8% | -3.1% | 3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 16 |
| # Negative | 14 | 11 | 8 |
| Median Positive | 2.3% | 3.8% | 3.7% |
| Median Negative | -2.0% | -3.6% | -5.3% |
| Max Positive | 7.7% | 9.8% | 14.8% |
| Max Negative | -7.9% | -11.9% | -13.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.4% | -6.2% | -10.7% |
| 4/30/2026 | 2.9% | 6.9% | 5.4% |
| 2/12/2026 | 2.7% | 3.8% | 5.1% |
| 10/30/2025 | -0.2% | 0.8% | 2.4% |
| 7/31/2025 | 7.7% | 9.8% | 14.8% |
| 5/1/2025 | -4.3% | -3.6% | -7.8% |
| 2/19/2025 | -1.3% | -0.8% | 0.6% |
| 10/29/2024 | -2.8% | -3.1% | 3.7% |
| 7/30/2024 | -0.2% | 1.9% | 1.5% |
| 5/7/2024 | 2.8% | 9.0% | 10.3% |
| 2/16/2024 | -7.9% | -11.9% | -13.9% |
| 11/3/2023 | -0.5% | -4.8% | 9.3% |
| 8/8/2023 | -6.2% | -11.0% | -12.3% |
| 5/9/2023 | -2.1% | 1.6% | 1.3% |
| 3/1/2023 | -0.8% | -3.2% | -1.4% |
| 11/9/2022 | -1.8% | 3.0% | 3.0% |
| 8/9/2022 | 2.0% | 6.3% | -2.8% |
| 5/5/2022 | -0.2% | -3.9% | -0.8% |
| 2/28/2022 | 1.8% | 5.8% | 9.0% |
| 11/5/2021 | 1.4% | 3.2% | 3.7% |
| 8/3/2021 | -3.3% | 1.5% | 9.5% |
| 5/6/2021 | 0.3% | -2.1% | 1.8% |
| 2/22/2021 | 2.6% | -2.5% | 3.2% |
| 11/3/2020 | 2.0% | 8.0% | -0.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 16 |
| # Negative | 14 | 11 | 8 |
| Median Positive | 2.3% | 3.8% | 3.7% |
| Median Negative | -2.0% | -3.6% | -5.3% |
| Max Positive | 7.7% | 9.8% | 14.8% |
| Max Negative | -7.9% | -11.9% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/12/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NAREIT FFO per share | Reported | 1.45 | 1.48 | 1.51 | 0 | Affirmed | Guidance: 1.48 for 2026 | |
| 2026 Normalized FFO per share | Reported | 1.62 | 1.64 | 1.66 | 1.2% | Raised | Guidance: 1.62 for 2026 | |
| 2026 Same Store Cash NOI growth | Reported | 4.25% | 4.63% | 5.0% | 0.4% | Raised | Guidance: 4.25% for 2026 | |
| 2026 Earnings per share | Reported | -0.15 | -0.13 | -0.11 | Lowered | Guidance: 0 for 2026 | ||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NAREIT FFO per share | Reported | 1.45 | 1.48 | 1.51 | 0.7% | Raised | Guidance: 1.47 for 2026 | |
| 2026 Normalized FFO per share | Reported | 1.59 | 1.62 | 1.65 | 0.6% | Raised | Guidance: 1.61 for 2026 | |
| 2026 Same Store Cash NOI growth | Reported | 3.75% | 4.25% | 4.75% | 0.2% | Raised | Guidance: 4.0% for 2026 | |
| 2026 Earnings per share | Reported | -0.05 | 0 | 0.05 | 0 | Affirmed | Guidance: 0 for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NAREIT FFO per share | Reported | 1.44 | 1.47 | 1.5 | 5.0% | Higher New | Actual: 1.4 for 2025 | |
| 2026 Normalized FFO per share | Reported | 1.58 | 1.61 | 1.64 | 0.6% | Higher New | Actual: 1.6 for 2025 | |
| 2026 Same Store Cash NOI growth | Reported | 3.5% | 4.0% | 4.5% | -0.4% | Lower New | Actual: 4.38% for 2025 | |
| 2026 Earnings per share | Reported | -0.05 | 0 | 0.05 | -100.0% | Higher New | Actual: -0.83 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 NAREIT FFO per share | Reported | 1.39 | 1.4 | 1.41 | -2.8% | Lowered | Guidance: 1.44 for 2025 | |
| 2025 Normalized FFO per share | Reported | 1.59 | 1.6 | 1.61 | 0.6% | Raised | Guidance: 1.59 for 2025 | |
| 2025 Same Store Cash NOI growth | Reported | 4.0% | 4.38% | 4.75% | 0.8% | Raised | Guidance: 3.63% for 2025 | |
| 2025 Net Debt to Adjusted EBITDA | Reported | 5.4 | 5.55 | 5.7 | 0.0% | Affirmed | Guidance: 5.55 for 2025 | |
| 2025 Earnings per share | Reported | -0.86 | -0.83 | -0.81 | 10.6% | Lowered | Guidance: -0.76 for 2025 | |
Insider Activity
Updated 6/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Callaway, Amanda L | SVP & Chief Accounting Officer | Direct | Sell | 6232026 | 20.37 | 25,767 | 524,874 | 2,239,763 | Form |
| 2 | Bohjalian, Thomas N | Direct | Buy | 3062026 | 18.09 | 10,000 | 180,900 | 1,547,057 | Form | |
| 3 | Gabbay, Daniel | EVP, Chief Financial Officer | Child 1 | Buy | 3052026 | 18.74 | 10 | 187 | 187 | Form |
| 4 | Wilson, Julie F | EVP, Chief Admin. Officer | Direct | Sell | 9052025 | 18.00 | 15,000 | 270,000 | 2,041,542 | Form |
| 5 | Bohjalian, Thomas N | Direct | Buy | 8132025 | 16.46 | 10,000 | 164,600 | 1,243,059 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Callaway, Amanda L | SVP & Chief Accounting Officer | Direct | Sell | 6232026 | 20.37 | 25,767 | 524,874 | 2,239,763 | Form |
| 2 | Bohjalian, Thomas N | Direct | Buy | 3062026 | 18.09 | 10,000 | 180,900 | 1,547,057 | Form | |
| 3 | Gabbay, Daniel | EVP, Chief Financial Officer | Child 1 | Buy | 3052026 | 18.74 | 10 | 187 | 187 | Form |
| 4 | Wilson, Julie F | EVP, Chief Admin. Officer | Direct | Sell | 9052025 | 18.00 | 15,000 | 270,000 | 2,041,542 | Form |
| 5 | Bohjalian, Thomas N | Direct | Buy | 8132025 | 16.46 | 10,000 | 164,600 | 1,243,059 | Form |
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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