Healthcare Realty is a self-managed REIT focused exclusively on owning and operating medical office buildings (MOBs) and outpatient healthcare facilities across the U.S. The company owns approximately 502 consolidated properties totaling roughly 29M square feet, with an additional 61 properties held in unconsolidated joint ventures. Healthcare Realty's portfolio is concentrated on or near major hospital campuses, serving physicians, surgeons, specialists, and health systems who use the space for outpatient procedures, imaging, cancer care, surgery, and diagnostics. Major health system tenants include HCA, Baylor Scott & White, CommonSpirit, and Ascension, among others. Healthcare Realty earns revenue primarily through long-term leases with fixed annual rent escalators averaging approximately 2.9%, which management says drive roughly 75% of same-store NOI growth. The company leases and manages approximately 93% of its portfolio directly, giving it a vertically integrated platform covering leasing, asset management, property management, development, and redevelopment. The portfolio runs at roughly 90% overall occupancy, with a stabilized core at approximately 95% and a lease-up segment at approximately 70% occupancy that management views as a key source of incremental NOI. Healthcare Realty is executing a multi-year turnaround focused on concentrating the portfolio in high-growth U.S. metros, investing in redevelopment and spec suites to drive occupancy, repairing the balance sheet through asset sales, and improving lease economics through a new asset management structure.