HRHealthcare Realty Trust Inc
Real Estate Investment Trusts
- Revenue
- $28M
- 47% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $6.3B
- Employees
- 539
- $52K revenue each
- Net debt / EBITDA
- —
- $1.1B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes79% of revenueOver 10% of revenue
- Payouts exceed cash flowNo86% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$52K · 12th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$745K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10M | $14M | $17M | $19M | $28M | 47% |
| Net income | $67M | $41M | −$282M | −$664M | −$249M | 62% |
| Operating cash flow | $233M | $273M | $500M | $502M | $457M | 8.9% |
| Capex | $97M | — | — | — | — | |
| Stock-based comp | $11M | $20M | $14M | $32M | $22M | 30% |
| Buybacks | $4M | $3M | $2M | $9M | $4M | 55% |
| Dividends | $175M | $284M | $472M | $458M | $387M | 15% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| May 7, 2013 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| May 7, 2013 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Feb 8, 2013 | SC TO-T | CMG PARTNERS LLC | — | — |
| Oct 9, 2012 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Aug 21, 2012 | SC TO-T | CMG PARTNERS LLC | — | — |
| May 11, 2012 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Mar 28, 2012 | SC TO-T | CMG PARTNERS LLC | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 25, 2025 | Starboard Value LP | SCHEDULE 13D/A | 7.2% | Passive |
| Dec 9, 2024 | Starboard Value LP | SC 13D/A | 5.6% | Active |
| Nov 26, 2024 | Starboard Value LP | SC 13D | 5.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $181K · 2
- Open-market sells, 12 mo
- $926K · 2
- Net
- −$745K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 78 | 181 |
| FY2024 | — | — | 67 | 121 |
| FY2023 | — | — | 63 | 95 |
| FY2022 | — | — | 66 | 83 |
| FY2021 | — | — | 103 | 104 |