Healthcare Realty Trust: NFFO/share $0.01 ahead; Good leasing momentum and continued capital recycling

研报英文原文证据摘录

Healthcare Realty Trust: NFFO/share $0.01 ahead; Good leasing momentum and continued capital recycling

J P M O R G A N North America Equity Research

30 July 2026

Healthcare Realty Trust Neutral

HR, HR US

NFFO/share $0.01 ahead; Good leasing momentum Price (29 Jul 26):$21.81

and continued capital recycling

REITs

After Thursday’s close, HR reported strong 2Q operating results. The 2Q NFFO/ Michael W. Mueller, CFA AC

share print was slightly ahead of JPM/Street, and management raised its FY SS (1-212) 622-6689

NOI growth and NFFO outlooks. Operationally, it posted a strong SS NOI growth michael.w.mueller@jpmorgan.com

print, close to 5% leasing spreads, and some continued occupancy improvement. Anthony Paolone, CFA

On the investment front, activity in the quarter (and into 3Q) was broad-based with (1-212) 622-6682

a mix of acquisitions, dispositions, stock repurchases, and a redevelopment anthony.paolone@jpmorgan.com

announcement. Net-net, our initial take on the continued progress made in the Nahom Tesfazghi

quarter was positive. (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

Daniella De Armas Rosales2Q NFFO/share came in $0.01 ahead; $0.02 midpoint guidance increase. HR

(1-212) 622-0050

reported 2Q NFFO/share of $0.41 compared to JPM/Bloomberg consensus of daniella.dearmasrosales@jpmchase.com

$0.40/share. Relative to our model, NOI was ~$0.01 higher than forecast, which J.P. Morgan Securities LLC

was slightly offset by higher normalized G&A and interest expense. Turning to

guidance, management raised 2026 NFFO/share to $1.62–1.66 from $1.59–1.65,

a ~$0.02 midpoint increase. With respect to the puts and takes, the biggest

operational driver was a higher 2026 cash SS NOI outlook, which increased to

4.25–5.00% from 3.75–4.75%. Management also adjusted its capital recycling