Q1 2026 Healthcare Realty Trust Inc Earnings Call Transcript
Key Points
- Healthcare Realty Trust Inc (HR) reported a record high of over 2 million square feet of leases signed in the first quarter.
- The company achieved a same-store NOI growth of nearly 7%, marking an all-time high.
- HR raised both FFO and same-store guidance early in the year, indicating strong performance and future potential.
- The company completed its first joint venture acquisition and continues to stabilize its redevelopment portfolio.
- HR's retention rate was 93.5%, which is a critical driver of earnings growth and reduces capital expenditures.
- Despite strong performance, HR's stock is trading at an 11 times FFO multiple, which is considered low compared to industry standards.
- The company faces challenges in breaking down historical stereotypes of the medical office sector, which is seen as having stable but low growth.
- HR's total occupancy is at 90.5%, which is below the sector-wide occupancy of 93%, indicating room for improvement.
- The company is dealing with the impact of a $600 million bond maturity, which requires careful capital management.
- HR's guidance does not include any additional acquisitions, redevelopments, or share repurchases for the remainder of the year, which may limit growth opportunities.
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Healthcare Realty first-quarter 2026 earnings conference call. (Operator Instructions)
It is now my pleasure to turn the call over to Ron Hubbard, Vice President of Investor Relations. You may begin.
Thank you for joining us today for Healthcare Realty's first-quarter 2026 earnings conference call.
A reminder that except for the historical information contained within, the matters discussed in this call may contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. These forward-looking statements represent the company's judgment as of the date of this call. This company disclaims any obligation to update this forward-looking material. A discussion of risks and risk factors are included in our press release and detailed in our filings with the SEC.
Certain non-GAAP financial
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