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Healthcare Realty Trust Incorporated

HR Real Estate Reit Healthcare Facilities

Healthcare Realty Trust Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, down 6.92% from fiscal 2024.

Revenue
−3.74%
EPS
+72.7%
Free cash flow
−65.2%
Total debt
+2.51%

Quarter to September 2026, against a year earlier

19.19 0.12 +0.63%
Market cap
$6.5B
P/E
0.0×
Fwd P/E
−178×
Dividend yield
5.00%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Healthcare Realty Trust Incorporated (HR) valuation and DCF model

What the price implies · reverse DCF

At $19.19 the price implies FFO a share growing 0.4% a year for ten years.

FFO a share grew −0.5% a year over the last ten years, −1.1% over the last five. The price asks for 0.9 points a year more than its ten-year rate. The industry’s median company is priced for 5.1%.

In December 2017 the price assumed 5.4% a year; Healthcare Realty Trust Incorporated went on to grow FFO a share −1.0% a year to FY2025.

FFO a share is worked out from Healthcare Realty Trust Incorporated’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
0.4%
Last 5 years, reported
−1.1%
Last 10 years, reported
−0.5%
Industry median implies
5.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
0.4% a year for ten years
$19.19
today’s price
Its base case
−0.5% a year for five years, then −0.3%
$18.11
5.6% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Healthcare Realty Trust Incorporated’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 0.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Healthcare Realty Trust Incorporated’s own cost of capital: risk-free 4.3% + beta 0.90 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $18.11 ten years discounted, and what follows
Current price $19.19 market price per share
Below today’s price 5.6% downside at the base case’s assumptions

How we got there$8.97 10 years of FFO+$9.14 terminal value=$18.11 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Healthcare Facilities).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 88.71× 87.29× — 25.44× —
P/FCF 5.79× 4.76× 21.80× 73% below 18.55× 69% below
P/B 1.58× 1.12× 1.39× 14% above 1.72× 8% below
EV/EBITDA 9.79× 8.93× 15.79× 38% below 17.56× 44% below
EV/Sales 5.82× 5.21× 8.51× 32% below 8.15× 29% below
P/FFO 13.43× 138.69× 78.91× 83% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
(0.58)×186.07×372.72×559.37×10Y avg 78.91×2017201820192020202120222023202420252026

HR trades at 13.43× P/FFO, against a 10-year average of 78.91× (range 12.19×–621.61×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $112.70 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.