Healthcare Realty Trust

HR · NYSE

$17.76+$0.52 (+3.02%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $17.24

HR analyst rating

HoldConsensus of 11 analysts over the last 12 months. 36% rate it a buy.

Strong buy0
Buy4
Hold7
Underperform0
Sell0

12-month price target · 15 analysts

Average $21.88 (+23.2% upside)

Low: $18.18
Now: $17.76
High: $25.20

Upgrades and downgrades

The latest rating actions, newest first

HR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Deutsche Bank	Oct 20, 2026	Upgrade	Hold → Buy	$18.00 → $23.00	64%
Wells Fargo	Oct 19, 2026	Maintains	Equal-Weight	$20.00 → $18.00	48%
UBS	Oct 13, 2026	Maintains	Neutral	$21.00 → $18.00	—
Jefferies	Sep 15, 2026	Initiates	Hold	$21.00 → $20.00	33%
Wells Fargo	Sep 1, 2026	Maintains	Equal-Weight	$21.00 → $20.00	51%
RBC Capital	Aug 7, 2026	Maintains	Sector Perform	$21.00 → $22.00	58%
Cantor Fitzgerald	Jul 31, 2026	Maintains	Overweight	$22.00 → $24.00	55%
JP Morgan	Jul 9, 2026	Maintains	Neutral	$19.00 → $21.00	53%
UBS	Jul 8, 2026	Maintains	Neutral	$20.00 → $21.00	—
Raymond James	Jun 17, 2026	Initiates	Underperform → Outperform	$24.00	53%

The case for and against

Updated Oct 21, 2026

Bull case

Healthcare Realty Trust is a differentiated pure-play medical office building REIT with 562 properties spanning 32.8 million SF, 73% of which is on- or adjacent-campus, giving it durable demand tied to hospital ecosystems and large health-system tenants such as HCA, Baylor Scott & White, and CommonSpirit. Its positive outlook is supported by HR 2.0, a targeted capital strategy, and a $392 million development and redevelopment pipeline expected to add about $0.05/share of earnings accretion once stabilized, while same-store cash NOI is expected to grow in the mid-3.0% range in 2027 and 2028. Management’s strengthening health-system relationships, 3%+ organic growth potential in the MOB sector, and improving earnings trajectory from $1.64/share in 2026 to $1.76/share in 2028 underpin confidence in steady, higher-quality growth.

Bear case

Healthcare Realty Trust is viewed negatively because the operating backdrop remains soft, with same-asset cash NOI falling 3.5% year over year and total occupancy declining 180bp to 91.3%, while the company’s leasing assumptions point to further pressure in 2026E and 2027E. The balance sheet has improved after $1.0B of net proceeds from asset sales paid down debt, but leverage still sits at 7.0x and IFRS NAVPU slipped to $15.96, reflecting a $97M fair value loss. Fundamentally, the outlook is weighed down by weak lease spreads, uncertain stabilization of the lease-up portfolio, and the risk that asset sales at higher cap rates could dilute earnings and limit upside.

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