Healthcare Realty Trust Inc

Todd J. Meredith serves as President and CEO, a role he held through the 2022 merger with Healthcare Trust of America. Investment decisions, including acquisitions, dispositions, and development, are governed by the board of directors and executed by the management team. The firm operates as an internally managed REIT, meaning key asset-management and portfolio-strategy functions are performed by employees rather than an external advisor.

The July 2022 merger with Healthcare Trust of America combined two of the largest medical office REITs into a single public company with 45 million square feet of outpatient real estate (per the firm, July 2022). The transaction was structured as an all-stock deal, with HTA shareholders receiving a combination of cash and Healthcare Realty shares. Post-merger, the firm announced a program to sell roughly $1 billion in non-core assets to reduce leverage and sharpen geographic focus.

The firm concentrates on medical outpatient buildings, including multi-tenant clinics, ambulatory surgery centers, and single-tenant build-to-suit facilities on or adjacent to hospital campuses. It avoids hospitals, senior housing, and skilled-nursing facilities, which carry different operating expense profiles and reimbursement risk. The portfolio is anchored by health system and physician-practice tenants.

The portfolio spans 35 states with particular density in the Sun Belt and Mid-Atlantic, including Dallas, Houston, Atlanta, Nashville, and Raleigh-Durham. The firm targets high-growth markets with favorable demographic trends and strong hospital anchors. The 2022 merger added HTA's exposure to markets like Phoenix and South Florida.

The firm operates a discretionary development program in addition to acquiring stabilized assets. Development projects target yields roughly 200 to 300 basis points above prevailing market cap rates. The July 2024 joint venture with an institutional investor was specifically formed to pursue development and acquisition opportunities in high-growth Sun Belt MSAs.

Healthcare Realty Trust is a real estate investment trust (REIT) listed on the New York Stock Exchange. As a US equity REIT, it must distribute at least 90 percent of taxable income to shareholders and avoid tax at the corporate level on distributed earnings. The firm has maintained quarterly dividends since its founding in 1992.

Unlike peers with significant hospital, senior-housing, or life-science exposure, Healthcare Realty is almost entirely concentrated in medical outpatient buildings. This sub-sector carries lower capital expenditure obligations than hospitals and higher tenant retention than other office types. The 2022 HTA merger made the combined entity roughly five times the outpatient square footage of the next-largest pure-play peer.