Healthcare Realty Trust (NYSE: HR) is the biggest pure play in medical outpatient buildings, and a reset story: a 2025 dividend cut (retaining roughly $100 million annually) plus a multi-billion asset sale program aimed at repairing a balance sheet the DOC-merger era stretched.
| Healthcare Realty Trust (HR) Snapshot | |
|---|---|
| Share Price (delayed) | $20.89 +0.38% |
| Market Cap | $7.2B |
| Annualized Dividend | $0.96 (Quarterly) |
| Dividend Yield | 4.60% |
| Sector | Healthcare ยท Medical Office |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model and the Reset
Nearly 600 medical outpatient buildings clustered around hospital campuses, the steadiest demand in healthcare, undermined by leverage and a payout the cash flow stopped supporting. New leadership chose surgery over pretense: cut the dividend, sell assets, extend the revolver to 2030, and rebuild coverage from a defensible base. Occupancy and leasing trends in the kept portfolio remain solid.
The Honest Risk Section
A cut this recent means the payout record must be rebuilt from zero credibility, asset sales into a soft market test pricing every quarter, and MOB cap rates remain rate-hostage. The C grade prices a good business mid-repair.
Frequently Asked Questions
Did Healthcare Realty cut its dividend?
Yes, in 2025, retaining about $100 million annually to fund deleveraging and reinvestment; the reduced payout is covered.
What does HR own?
The largest pure portfolio of medical outpatient buildings, mostly on or adjacent to hospital campuses across major metros.
Analysis reflects disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.