Healthcare Realty Trust Establishes $600M CP Program, Q4 FFO $0.40 and 5.5% NOI Growth
Healthcare Realty Trust established a $600 million unsecured commercial paper program guaranteed by the company, ranking pari passu with existing senior unsecured debt to support general corporate purposes. Q4 2025 FFO was $0.40 with 5.5% same-store cash NOI growth, and $682 million in asset sales lowered net debt to adjusted EBITDA to 5.4x.
1. Inaugural Commercial Paper Program Established
Healthcare Realty Trust launched its first commercial paper program, authorizing Healthcare Realty Holdings, L.P. to issue up to $600 million of short-term, unsecured notes. These notes, fully and unconditionally guaranteed by the company, will rank pari passu with existing senior unsecured indebtedness and fund general corporate purposes under standard U.S. commercial paper terms.
2. Q4 2025 Operating Results
For the quarter ended December 31, the REIT reported GAAP net income of $0.04 per share, normalized FFO of $0.40 per share and FAD of $113.9 million (75% payout ratio). Same-store cash NOI grew 5.5% driven by 82.7% tenant retention and 3.7% leasing spreads, alongside 1.5 million square feet of lease executions.
3. Asset Dispositions and Balance Sheet Strength
During Q4 and early February, the company completed $682 million in asset sales through strategic dispositions, contributing to a net debt to adjusted EBITDA reduction to 5.4x. Moody’s affirmed a Baa2 credit rating with a stable outlook following these balance sheet actions.