HR

Healthcare Realty Trust is a medical-office-building REIT whose assets are inherently defensive — healthcare demand is non-cyclical and leases are long (single-tenant buildings average an 11.6-year term). But the company has struggled operationally since the Healthcare Trust of America merger, posting GAAP net losses for three straight years (FY2025 net loss of $246M, an improvement from FY2024's $654M loss). For a REIT those losses are largely non-cash — depreciation & amortization was $564M and impairments recur — so funds from operations, not GAAP EPS, is the right lens. (Note the SEC-tagged 'revenue' line of $28.2M reflects only a narrow contract-revenue item, not rental income, so the headline P/S is not meaningful.)