Healthcare Realty Trust Plans $500 Million Exchangeable Notes Offering

Healthcare Realty Trust ( (HR) ) just unveiled an announcement.

On May 4, 2026, Healthcare Realty Trust announced that its operating partnership, Healthcare Realty Holdings, L.P., plans a private offering of $500 million in exchangeable senior notes due 2032 to qualified institutional buyers, with an option for initial purchasers to buy an additional $75 million. The notes, fully and unconditionally guaranteed by Healthcare Realty on a senior unsecured basis, will be exchangeable into cash and potentially shares of class A common stock, and carry features such as conditional redemption, fundamental change repurchase rights and registration rights for any exchange shares.

Healthcare Realty L.P. intends to use the proceeds partly to fund capped call transactions, repurchase up to approximately $75 million of its class A common stock concurrently with pricing, and, together with borrowings under its revolving credit facility, repay its 3.500% senior notes due 2026. The capped call structure is designed to reduce potential dilution to existing shareholders and limit cash outflows on note exchanges, while related hedging and trading activity by counterparties could affect the trading price and liquidity of both the company’s common stock and the new notes over time.

The most recent analyst rating on (HR) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Healthcare Realty Trust stock, see the HR Stock Forecast page.

Spark’s Take on HR Stock

According to Spark, TipRanks’ AI Analyst, HR is a Neutral.

The score is driven by strong operational momentum and improved outlook from the latest earnings call, supported by solid cash generation and a much improved leverage profile. Offsetting factors are continued GAAP net losses and slightly declining revenue, while technicals are constructive but near overbought; valuation benefits from a strong dividend yield but is clouded by a negative P/E.

To see Spark’s full report on HR stock, click here.

More about Healthcare Realty Trust

Healthcare Realty Trust Incorporated, listed on the NYSE as HR, is the largest public, pure-play owner, operator and developer of medical outpatient buildings in the United States. The Nashville-based real estate investment trust focuses on healthcare-related properties, positioning it as a key landlord to medical providers across the U.S. outpatient care market.

Average Trading Volume: 3,663,969

Technical Sentiment Signal: Buy

Current Market Cap: $6.78B

For detailed information about HR stock, go to TipRanks’ Stock Analysis page.