Healthcare Realty Trust Inc (HR) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $0.71 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 84.6% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 304.8% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 466.4% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 382 percentage points. Same filings, different denominators.
Coverage rating 0 / 100 — Not covered. ? Peer standing 0/50Direction 0/30Stability 0/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 466.4% |
| 2023-12-31 | 125.3% |
| 2022-12-31 | 140.7% |
| 2021-12-31 | 75.0% |
| 2020-12-31 | 63.6% |
| 2019-12-31 | 81.7% |
Coverage worsened sharply this year, 125.3% to 466.4%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 47 real estate companies here, only 0% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $1.10 ÷ diluted EPS $-0.71
- Operating cash flow — dividends paid $386.9m ÷ operating cash flow $457.1m
- Free cash flow — dividends paid $386.9m ÷ (operating cash flow $457.1m − capex $330.2m)
- Funds from operations — dividends declared per share $1.10 ÷ derived FFO $0.24 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-13 · accession
0001360604-26-000018
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- FFO payout 466% covers a year in which the declared dividend fell 11% from $1.24 to $1.10. The ratio spans pre- and post-cut quarters and is not representative of the current run rate.
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.