Healthcare Realty Trust IncHR
Healthcare Realty Trust Inc Debt Disclosure
Notes and Bonds Payable
BALANCE AS OF DECEMBER 31, 1 | MATURITY DATES 2 | CONTRACTUAL INTEREST RATES | EFFECTIVE INTEREST RATES | PRINCIPAL PAYMENTS | INTEREST PAYMENTS | ||||||||||||||||||
| Dollars in thousands | 2025 | 2024 | |||||||||||||||||||||
$1.5B Unsecured Credit Facility 3 | $ | 120,000 | $ | — | 7/29 | SOFR + 0.84% | 4.61 | % | At maturity | Monthly | |||||||||||||
$200M Unsecured Term Loan 4 | — | 199,896 | 1/26 | SOFR + 1.04% | 4.91 | % | At maturity | Monthly | |||||||||||||||
$150M Unsecured Term Loan 5 | — | 149,790 | 6/26 | SOFR + 1.04% | 4.91 | % | At maturity | Monthly | |||||||||||||||
$300M Unsecured Term Loan 6 | — | 299,981 | 1/26 | SOFR + 1.04% | 4.91 | % | At maturity | Monthly | |||||||||||||||
$200M Unsecured Term Loan | 199,635 | 199,641 | 7/27 | SOFR + 0.94% | 4.81 | % | At maturity | Monthly | |||||||||||||||
$300M Unsecured Term Loan | 299,055 | 298,708 | 1/28 | SOFR + 0.94% | 4.81 | % | At maturity | Monthly | |||||||||||||||
Senior Notes due 2025 7 | — | 249,868 | 5/25 | 3.88 | % | 4.12 | % | At maturity | Semi-annual | ||||||||||||||
| Senior Notes due 2026 | 595,026 | 586,824 | 8/26 | 3.50 | % | 4.94 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2027 | 492,693 | 488,104 | 7/27 | 3.75 | % | 4.76 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2028 | 298,653 | 298,029 | 1/28 | 3.63 | % | 3.85 | % | At maturity | Semi-annual | ||||||||||||||
| Senior Notes due 2030 | 597,188 | 586,028 | 2/30 | 3.10 | % | 5.30 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2030 | 297,610 | 297,190 | 3/30 | 2.40 | % | 2.72 | % | At maturity | Semi-annual | ||||||||||||||
| Senior Notes due 2031 | 296,866 | 296,343 | 3/31 | 2.05 | % | 2.25 | % | At maturity | Semi-annual | ||||||||||||||
| Senior Notes due 2031 | 685,873 | 667,233 | 3/31 | 2.00 | % | 5.13 | % | At maturity | Semi-annual | ||||||||||||||
| Mortgage notes payable | 28,824 | 45,136 | 4/26-12/26 | 3.60%-4.50% | 3.71%-6.88% | Monthly | Monthly | ||||||||||||||||
| $ | 3,911,423 | $ | 4,662,771 | ||||||||||||||||||||
1Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
2Maturity date does not include extension options.
3As of December 31, 2025, the Company had $1.4 billion available to be drawn on the Unsecured Credit Facility.
4In January 2025, the Company repaid $25 million of the principal balance. In July 2025, the Company repaid $23.6 million of the principal balance. In October 2025, the Company repaid the remaining principal balance of $151.4 million in full.
5In July 2025, the Company repaid $28.5 million of the principal balance. On December 17, 2025, the Company repaid the remaining principal balance of $121.5 million in full.
6In January 2025, the Company repaid $10 million of the principal balance. In July 2025, the Company repaid $21.3 million of the principal balance. In November 2025, the Company repaid the remaining principal balance of $268.7 million in full.
7In May 2025, the Company repaid its Senior Notes due 2025 at maturity consisting of $250 million of principal and $4.8 million of accrued interest.
The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such debt agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2025, the Company was in compliance with its financial covenant provisions under its various debt instruments.
Unsecured Credit Facility
On July 25, 2025 and as amended on January 9, 2026, the Company entered into the Fifth Amended and Restated Revolving Credit and Term Loan Agreement (the “Unsecured Credit Facility”) with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. as Joint Book Runners; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, U.S. Bank National Association, The Bank of Nova Scotia, and BofA Securities, Inc., as Joint Lead Arrangers; and the other lenders named therein. The New Credit Facility provides for (i) a $1.5 billion unsecured revolving credit facility (the “Revolver”) and (ii) five individual unsecured term loan tranches. At closing, $73.4 million of term loans were repaid. The OP is the borrower under the Unsecured Credit Facility (in such capacity, the “Borrower”). A summary of the principal terms of the Unsecured Credit Facility and the Unsecured Credit Facility's effect on the Company's existing revolving credit term loan facilities is as follows:
•The Unsecured Credit Facility replaced the Company's prior revolving credit and term loan facility evidenced by that certain Fourth Amended and Restated Revolving Credit and Term Loan Agreement dated as of July 20, 2022 by and among the Company, the OP, Wells Fargo Bank, National Association, as Administrative Agent, and the other lenders identified therein, as amended (the “Prior Credit Facility”). All outstanding obligations due under the Prior Credit Facility were reallocated to the lenders under the Unsecured Credit Facility.
•The Company’s $1.5 billion Revolver was continued with a maturity extension from October 31, 2025 to July 25, 2029, with two six-month extension options. The Revolver includes a sublimit of $120 million for letters of credit.
•The previously funded $200 million term loan was continued with a maturity date of January 31, 2026 and three extension options totaling 16 months.
•The previously funded $150 million term loan was continued with a maturity date of June 1, 2026, with two extension options of six months each.
•The previously funded $300 million term loan was continued with a maturity date of October 31, 2025, with four extension options totaling 24 months.
•The previously funded $200 million term loan was continued with a maturity date of July 20, 2027, with two extension options of 12 months each.
•The previously funded $300 million term loan was continued with a maturity date of January 20, 2028, with one extension option of 12 months.
Revolving loans outstanding under the Unsecured Credit Facility bear interest at a floating rate equal to the daily simple Secured Overnight Financing Rate ("SOFR"), term SOFR or base rates, as applicable, plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.725% per annum to 1.40% per annum (currently 0.84% per annum). Term loans outstanding under the Unsecured Credit Facility bear interest at a rate equal to Term SOFR rates plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.80% per annum to 1.60% per annum (currently 0.94% or 1.04% per annum). In addition, the Borrower pays a facility fee on the Revolver commitments at a rate per annum determined based on the Borrower’s credit ratings and ranging from 0.125% per annum to 0.30% per annum (currently 0.20% per annum).
Except as set forth above, the principal terms of the Unsecured Credit Facility are substantially consistent with the terms of the Prior Credit Facility. Specifically, the Unsecured Credit Facility contains representations and warranties and affirmative and negative covenants that are customary for facilities of this size and type. These covenants include, among others: limitations on the incurrence of additional indebtedness; limitations on mergers, investments and acquisitions; limitations on dividends and redemptions of capital stock; limitations on transactions with affiliates; and requirements to comply with certain financial covenants, including a maximum consolidated leverage ratio, a maximum consolidated secured leverage ratio, a maximum consolidated unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured coverage ratio.
Subsequent Activity
In February 2026, the Company entered into a commercial paper dealer agreement to issue short-term commercial paper notes up to $600.0 million, with maturities up to 364 days. The program is back-stopped by the Unsecured Credit Facility. The notes will be issued at par less a discount representing an interest factor, or if interest bearing, at par.
Senior Notes
The following table summarizes the Company’s aggregate Senior notes principal balance as of December 31, 2025 and 2024.
| DECEMBER 31, | ||||||||
| Dollars in thousands | 2025 | 2024 | ||||||
| Senior notes principal balance | $ | 3,449,285 | $ | 3,699,285 | ||||
| Unaccreted discount | (181,552) | (224,759) | ||||||
| Debt issuance costs | (3,824) | (4,907) | ||||||
| Senior notes carrying amount | $ | 3,263,909 | $ | 3,469,619 | ||||
Changes in Debt Structure
On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity consisting of $250 million of principal and $4.8 million of accrued interest.
Term Loans
The following table summarizes the Company’s aggregate term loan principal balances as of December 31, 2025 and 2024.
| DECEMBER 31, | ||||||||
| Dollars in thousands | 2025 | 2024 | ||||||
Term loan principal balances | $ | 500,000 | $ | 1,150,000 | ||||
| Debt issuance costs | (1,310) | (1,984) | ||||||
| Term Loans carrying amount | $ | 498,690 | $ | 1,148,016 | ||||
Changes in Debt Structure
During the year ended December 31, 2025, the Company repaid the $300 million Unsecured Term Loan due January 2026, the $200 million Unsecured Term Loan due January 2026, and the $150 million Unsecured Term Loan due June 2026 and recorded approximately $0.5 million of accelerated amortization expense included in the loss of extinguishment of debt.
Mortgage Notes Payable
The following table summarizes the Company’s aggregate mortgage notes principal balance as of December 31, 2025 and 2024.
| DECEMBER 31, | ||||||||
| Dollars in thousands | 2025 | 2024 | ||||||
| Mortgage notes payable principal balance | $ | 28,904 | $ | 45,278 | ||||
| Unamortized premium | — | 140 | ||||||
| Unaccreted discount | (39) | (134) | ||||||
| Debt issuance costs | (41) | (148) | ||||||
| Mortgage notes payable carrying amount | $ | 28,824 | $ | 45,136 | ||||
The following table details the Company’s mortgage notes payable, with related collateral.
| ORIGINAL BALANCE | EFFECTIVE INTEREST RATE 3 | MATURITY DATE | COLLATERAL 4 | PRINCIPAL AND INTEREST PAYMENTS 5 | INVESTMENT IN COLLATERAL at December 31, | BALANCE at December 31, | ||||||||||||||||||||
| Dollars in millions | 2025 | 2025 | 2024 | |||||||||||||||||||||||
Life Insurance Co. 1 | $ | 16.5 | 3.57 | % | 12/25 | MOB,OFC | Monthly/7-yr amort. | $ | 37.2 | $ | — | $ | 15.4 | |||||||||||||
Financial Services 2 | 11.5 | 3.71 | % | 4/26 | MOB | Monthly/10-yr amort. | 42.5 | 6.9 | 7.4 | |||||||||||||||||
Life Insurance Co. 3 | 6.0 | 6.88 | % | 4/26 | MOB | Monthly/7-yr amort. | 12.1 | 5.2 | 5.2 | |||||||||||||||||
Life Insurance Co. | 19.2 | 4.08 | % | 12/26 | MOB | Monthly/10-yr amort. | 44.9 | 16.7 | 17.1 | |||||||||||||||||
| $ | 136.7 | $ | 28.8 | $ | 45.1 | |||||||||||||||||||||
1The Company repaid this loan in full in December 2025.
2In December 2025, the Company extended the maturity date to April 2026.
3The contractual interest rates for the three outstanding mortgage notes ranged from 3.6% to 4.5% as of December 31, 2025.
4MOB-Medical outpatient building; OFC-Office
5Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
Other Long-Term Debt Information
Future maturities of the Company’s notes and bonds payable as of December 31, 2025, were as follows:
| Dollars in thousands | PRINCIPAL MATURITIES | NET ACCRETION/ AMORTIZATION 1 | DEBT ISSUANCE COSTS 2 | NOTES AND BONDS PAYABLE | % | ||||||||||||
| 2026 | $ | 628,904 | $ | (41,837) | $ | (1,719) | $ | 585,348 | 15.0 | % | |||||||
| 2027 | 700,000 | (36,192) | (1,608) | 662,200 | 16.9 | % | |||||||||||
| 2028 | 600,000 | (35,179) | (704) | 564,117 | 14.4 | % | |||||||||||
| 2029 | 120,000 | (37,025) | (674) | 82,301 | 2.1 | % | |||||||||||
| 2030 | 949,500 | (26,131) | (402) | 922,967 | 23.6 | % | |||||||||||
| 2031 and thereafter | 1,099,785 | (5,227) | (68) | 1,094,490 | 28.0 | % | |||||||||||
| $ | 4,098,189 | $ | (181,591) | $ | (5,175) | $ | 3,911,423 | 100.0 | % | ||||||||
1Includes discount accretion and premium amortization related to the Company’s Senior Notes and two mortgage notes payable.
2Excludes approximately $11.6 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 22, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.