Healthcare Realty Trust IncHR

Healthcare Realty Trust Inc Goodwill & Intangibles Disclosure

10-KFiled Feb 13, 20261 min read
Intangible Assets and Liabilities
The Company has several types of intangible assets and liabilities included in its Consolidated Balance Sheets, including, debt issuance costs, above-, below-, and at-market lease intangibles, and customer relationship intangibles. For additional details on the Company's debt issuance costs, see Note 9 to the Consolidated Financial Statements. The Company’s intangible assets and liabilities, including assets held for sale and certain debt issuance costs, as of December 31, 2025 and 2024 consisted of the following:
 GROSS BALANCE
at December 31,		ACCUMULATED AMORTIZATION
at December 31,		WEIGHTED AVG.
REMAINING LIFE
in years		BALANCE SHEET CLASSIFICATION
Dollars in millions2025202420252024
Credit facility debt issuance costs$19.4 $6.9 $7.8 $5.2 3.6Other assets, net
Above-market lease intangibles (lessor)46.2 74.8 27.1 42.3 3.8Other assets, net
Customer relationship intangibles (lessor)2.9 2.1 1.6 1.1 17.6Other assets, net
Below-market lease intangibles (lessor)(69.1)(98.3)(38.7)(53.1)5.1Other liabilities
At-market lease intangibles463.1 668.2 276.7 353.9 6.9Real estate properties
$462.5 $653.7 $274.5 $349.4 6.7
For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $112.8 million, $167.7 million, and $214.8 million of intangible amortization, respectively.
The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2025:
Dollars in millionsFUTURE AMORTIZATION OF INTANGIBLES, NET
2026$61.8 
202738.9 
202822.9 
202913.8 
20309.0 

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 19, 2025
2023Feb 16, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Feb 24, 2021
2019Feb 18, 2020
2018Feb 19, 2019
2017Feb 20, 2018
2016Feb 21, 2017
2015Feb 22, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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