EarningsQ2 2026 Earnings Report
DE:HT0 Q2 2026 EPS Results
Actual EPS-€0.12
Consensus EPS>-€0.01
Beat/MissMissed by -€0.11
One Year Ago EPS-€0.40
DE:HT0 Q2 2026 Revenue Results
Actual Revenue€251.55M
Expected Revenue€242.41M
Beat/MissBeat by +€9.14M
YoY Revenue Growth-5.26%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
DE:HT0 Upcoming Earnings
Healthcare Realty Trust's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:HT0 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, robust leasing momentum, improved lease economics, strategic capital raises and accretive JV activity, and the company raised guidance—these positives substantially outweigh identifiable risks such as disposition-driven FFO headwinds, timing risk on signed-not-occupied space, and sensitivity to broader cap-rate or debt market shifts. Management highlighted disciplined capital allocation and deepening health system partnerships as durable drivers of growth.Company Guidance
Consistent Same-Store NOI and Strong Quarterly Results
Same-store cash NOI growth averaged 5.7% over the last four quarters (company statement) and Q2 same-store cash NOI growth was 5.1%; normalized FFO per share for Q2 was $0.41 and FAD per share was $0.32 with a dividend payout ratio of 76%.
Occupancy, Retention and Leasing Momentum
Same-store occupancy increased to nearly 93% (92.7% cited), tenant retention averaged ~90% (88.5% reported for the quarter), and the company executed 1.5M sq ft of leases in Q2 (23 leases) and 3.5M sq ft year-to-date (>10% of portfolio). Signed-not-occupied totaled ~460k sq ft (~140 bps future occupancy).
Improved Lease Economics and Durations
Weighted average remaining lease term improved to 65 months (up 15 months since plan); same-store cash leasing spreads averaged ~4.8% in Q2 and ~4.1% over the last four quarters; average escalators were ~3%.
Substantial IRR and Payback Improvements on Leasing
New leasing model delivered lease IRRs that improved by nearly 3,000 basis points and reduced payback periods by nearly 25%, materially boosting leasing ROI.
Active and Accretive Capital Allocation
Raised $1.1B of capital (convertible notes and delayed draw term loan) at a blended interest rate of ~4% (saving ~100 bps vs prior guidance); issued $700M exchangeable notes (coupon 3%) and repaid $600M of August notes; bought back $75M of stock in Q2 and $175M since the strategic plan at a blended ~$18.50 creating >$30M of shareholder value.
JV Acquisition Activity with Attractive Yields
Closed or under contract/LOI for ~$200M of assets ($40M at HealthCare Realty share) with a going-in cash yield to HealthCare Realty of ~7.5%, accretive relative to the company's implied cap rate of ~6%.
Redevelopment Progress and Pipeline
Invested ~ $25M in redevelopments in the quarter, moving that portfolio to 67% leased (improvement of ~1,400 bps over four quarters); underwriting ~10% cash-on-cash yields across the redevelopment portfolio and currently ~25 assets in redevelopment with a potential peak near ~30 during the year.
Raised Guidance and Strong Forward Visibility
Increased full-year normalized FFO per share guidance by $0.02 to a midpoint of $1.64 and raised same-store cash NOI outlook to 4.25%–5% (up 50 bps bottom / 25 bps top); robust leasing pipeline remains (~3M sq ft) providing visibility into future NOI gains.
Deepening Health System Partnerships and Strategic Wins
Completed several health-system transactions: CommonSpirit (sold 15 acres for $16M while retaining MOB development rights), Wellstar (sold MOB for $36M, >$600/sq ft at mid-5% cap), and LOI with Ascension St. Thomas for ~203k sq ft at +11% cash leasing spread with planned ~$35M HR investment and projected campus NOI uplift from ~$7M to $10M+.
Tenant Satisfaction and Sector Fundamentals
Third-party tenant survey showed year-over-year improvement across every metric; sector fundamentals remain favorable with medical outpatient completions near all-time lows, record sector occupancies, and strong tenant demand supporting landlord fundamentals.
DE:HT0 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed