Healthcare Realty Trust Inc
For the period ended Dec 31, 2025. Filed Apr 7, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2025 · Filed Apr 7, 2026
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Cover page
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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☒ Definitive Proxy Statement
☐ Definitive Additional Materials
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3310 West End Avenue, Suite 700
Nashville, Tennessee 37203
P 615.269.8175
www.healthcarerealty.com
Annual Meeting
of Stockholders
TO OUR STOCKHOLDERS:
You are cordially invited to attend the 2026 annual meeting of stockholders of Healthcare Realty Trust Incorporated (the "Company"), to be held on May 19, 2026, at 10:00 a.m. (local time) at the Company's
corporate offices, located at 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203.
The following pages contain the formal notice of the annual meeting and our proxy statement, which
describe the specific business to be considered and voted upon at the annual meeting. Whether or not you
plan to attend the meeting, we would greatly appreciate your efforts to vote your shares as soon as possible
by following the instructions located in the Notice of Internet Availability of Proxy Materials sent to you or
in our proxy statement. If you attend the meeting and wish to vote in person, you may withdraw your proxy
and vote your shares personally.
Sincerely,
Thomas N. Bohjalian
Chair of the Board of Directors
3310 West End Avenue, Suite 700
Nashville, Tennessee 37203
P 615.269.8175
www.healthcarerealty.com
Notice of Annual Meeting
of Stockholders
TO OUR STOCKHOLDERS:
The annual meeting of stockholders of Healthcare Realty Trust Incorporated (the “Company”) will be held on Tuesday, May 19, 2026, at 10:00 a.m. (local time) at the Company's corporate offices, located at 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203, for the following purposes:
(1)To elect six nominees as directors to serve one-year terms expiring at the 2027 annual meeting of stockholders or until their successors are duly elected and qualified;
(2)To ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the Company and its subsidiaries for the Company’s 2026
fiscal year;
(3)To vote to approve, on a non-binding advisory basis, a resolution approving the Company’s compensation of its named executive officers as disclosed pursuant
to Item 402 of Regulation S-K; and
(4)To transact any other business that properly comes before the meeting or any post-ponement or adjournment thereof.
The Board recommends that the stockholders vote FOR the election of the nominees to the Board of Directors and FOR each of proposals 2 and 3 listed above. Holders of record of the Company’s common stock at the
close of business on March 26, 2026 are entitled to vote at the meeting or at any postponement or adjournment of the meeting.
By order of the Board of Directors,
Andrew E. Loope
Executive Vice President, General Counsel, and Secretary
Table of Contents
| PROPOSAL 1 Election of Directors | 3 |
|---|---|
| Director Nominees | 5 |
| Corporate Governance | 8 |
| Leadership Structure | 8 |
| Lead Independent Director; Non-Management Executive Sessions; Communicating with the Board | 8 |
| Stockholder Engagement | 9 |
| Committee Membership | 9 |
| Committee Duties | 9 |
| Management Succession Planning | 10 |
| Code of Ethics | 11 |
| Majority Vote Standard | 11 |
| Meeting Attendance | 11 |
| Director Education | 11 |
| Risk Oversight | 11 |
| MUTA Opt Out | 12 |
| Proxy Access | 12 |
| Insider Trading Policy | 12 |
| Independence of Directors | 13 |
| Director Nominee Evaluation Process | 14 |
| Stockholder Recommendation or Nomination of Director Candidates | 14 |
| Environmental, Social, and Governance Oversight and Practices | 15 |
| Director Compensation | 16 |
| Stock Awards | 16 |
| Director Compensation Table | 17 |
| Security Ownership of Certain Beneficial Owners and Management | 18 |
| Delinquent Section 16(a) Reports | 19 |
| PROPOSAL 2 Ratification of Auditors | 20 |
|---|---|
| Audit Committee Report | 22 |
| Compensation Discussion and Analysis | 24 |
| 2025 Compensation Highlights | 24 |
| Comprehensive Compensation Policy | 27 |
| Compensation Methodology | 29 |
| Components of Compensation | 31 |
| 2026 Incentive Structure | 36 |
| Internal Revenue Code Section 162(m) | 39 |
| Retirement Benefits | 39 |
| Compensation Committee Report | 40 |
| Executive Compensation | 41 |
| Summary Compensation Table | 41 |
| Grants of Plan-Based Awards | 43 |
| Outstanding Equity Awards at Fiscal Year-End | 44 |
| Stock Vested in 2025 | 45 |
| CEO Pay Ratio | 45 |
| Pay Versus Performance | 46 |
| Post-Employment Compensation | 50 |
| PROPOSAL 3 Non-Binding Advisory Vote on Executive Compensation | 53 |
| Certain Relationships and Related Party Transactions | 54 |
| Compensation Committee Interlocks | 55 |
| Use of Non-GAAP Financial Measures | 55 |
| Reconciliations | 57 |
| General Information | 60 |
| Proposals for 2027 Annual Meeting of Stockholders | 60 |
| Counting of Votes | 61 |
| Miscellaneous | 61 |
Proxy Statement
| PROPOSALS | RECOMMENDATION | |
| 01 | Election of Directors | FOR Each NomineeSee pages 3-7 |
| 02 | Ratification of Appointment of Independent Registered Public Accounting Firm | FORSee pages 20-21 |
| 03 | Non-Binding Advisory Vote on Executive Compensation | FORSee pages 24-53 |
ANNUAL MEETING
OTHER IMPORTANT DATES
RECORD
Thursday,March 26, 2026
DISTRIBUTION
Tuesday,April 7, 2026
This Proxy Statement contains information related to the annual meeting of stockholders of Healthcare Realty Trust Incorporated (the "Company") to be held at the Company's corporate offices, located at 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203, on Tuesday, May 19, 2026, at 10:00 a.m. (local time) for the purposes set forth in the accompanying notice, and any postponement or adjournment thereof (the "Annual Meeting"). This Proxy Statement and the Annual Report to Stockholders for the Year Ended December 31, 2025 (the "Annual Report to Stockholders") are available to you on the Internet or, upon your request, will be delivered to you by mail or email in connection with the solicitation of proxies by the Board of Directors of the Company to be voted at the Annual Meeting. The Notice of Internet Availability of Proxy Materials (the "Notice of Internet Availability") is scheduled to be distributed on or about April 7, 2026.
Under rules adopted by the Securities and Exchange Commission (the "SEC"), the Company is making this Proxy Statement and the Annual Report to Stockholders available on the Internet instead of mailing a printed copy of these materials to each stockholder. Stockholders who receive the Notice of Internet Availability by mail will not receive a printed copy of these materials other than as described below. Instead, the Notice of Internet Availability contains instructions as to how stockholders may access and review the materials on the Internet, including information about how stockholders may submit proxies by telephone or over the Internet.
You can ensure that your shares are voted at the Annual Meeting by submitting your instructions by telephone or Internet, or, if you requested a printed copy of the proxy materials, by completing, signing, dating and returning the proxy card accompanying the materials in the envelope provided to you. Submitting your instructions or proxy by any of these methods will not affect your right to attend and vote at the Annual Meeting. We encourage our stockholders to submit proxies in advance of the Annual Meeting. A stockholder who gives a proxy may revoke it at any time before it is exercised by voting in person at the Annual Meeting, by delivering a subsequent proxy or by notifying the inspectors of election in writing of such revocation. If your shares are held for you in a brokerage, bank or other institutional account, you must obtain a proxy from that entity and bring it with you to hand in with your ballot in order to be able to vote your shares at the Annual Meeting.
The close of business on March 26, 2026 has been fixed as the record date for the determination of stockholders entitled to vote at the meeting. Our charter provides that the presence at the meeting, in person or by proxy, of the holders of 50% of the shares of the Company's Class A common stock, $0.01 par value per share (the "Common Stock"), outstanding on the record date will constitute a quorum, permitting the conduct of business at the meeting. Without your instructions, your broker or nominee is permitted to use its own discretion and vote your shares on certain routine matters (such as Proposal 2), but is not permitted to use its discretion and vote your shares on non-routine matters (such as Proposals 1 and 3). We urge you to give voting instructions to your broker or nominee on all proposals. Shares that are not permitted to be voted by your broker or nominee because you did not execute or return the proxy with instructions are called "broker non-votes." These so-called "broker non-votes" will be included in the calculation of the number of votes considered to be present at the meeting for purposes of determining a quorum. Additionally, the inspectors of election for the Annual Meeting will treat shares represented by proxies that reflect abstentions as shares that are present and entitled to vote for purposes of determining the presence of a quorum.
As of the close of business on the record date, the Company had 1,000,000,000 authorized shares of Common Stock, of which 346,534,039 shares were outstanding and entitled to vote. The Common Stock is the Company’s only outstanding class of voting stock. Each share of Common Stock will have one vote on each matter to be voted upon at the meeting.
Proposal 1
Election of Directors
The Board of Directors is organized in a single class, and the stockholders vote on the entire Board of Directors each year. There are currently seven members of the Board of Directors, and six of the current directors have been nominated for election at the Annual Meeting.
The Company's Fifth Articles of Amendment and Restatement, as amended and supplemented, do not provide for cumulative voting and, accordingly, each stockholder may cast one vote per share of Common Stock for each nominee. Pursuant to the Company's Fourth Amended and Restated Bylaws ("bylaws"), to elect a director nominee, the affirmative vote of a majority of all votes cast at a meeting at which a quorum is present must be cast in favor of the nominee. This means a director nominee must receive more votes “for” than “against” to be elected, with abstentions and broker non-votes not counting as votes “for” or “against.” If an incumbent director nominee fails to receive the required number of votes for reelection, then under Maryland law, he or she will continue to serve as a “holdover” director until his or her successor is duly elected and qualified.
Unless a proxy specifies otherwise or results in a broker non-vote, the persons named in the proxy will vote the shares covered thereby for the nominees designated by the Board of Directors listed below. Should any nominee become unavailable for election, shares covered by a proxy will be voted for a substitute nominee selected by the Board of Directors upon the recommendation of the Nominating and Corporate Governance Committee.
Qualifications of Nominees to be Directors
As described in the table below, the six nominees to serve on the Board of Directors are individuals from diverse backgrounds and experiences. The Board believes that each nominee possesses unique qualifications, skills and attributes that complement the performance of the full Board. The experiences that each has obtained from their respective professional backgrounds, as set forth individually in the table below, have qualified them to serve on the Board of Directors. The Board believes that the nominees set forth below work together well and contribute individual strengths and skills to effectively carry out the Board’s duties.
Core Skills of Director Nominees
| Bohjalian | Scott | Moore | Henry | Rufrano | Wood | |
| REIT/Real Estate | X | X | X | X | X | X |
|---|---|---|---|---|---|---|
| Finance and Accounting | X | X | X | X | X | X |
| Healthcare Industry | X | X | X | X | X | |
| Corporate Finance | X | X | X | X | X | X |
| Risk Management | X | X | X | X | X | X |
| Executive Leadership | X | X | X | X | X | X |
| Capital Markets | X | X | X | X | X | X |
| Corporate Governance | X | X | X | X | X | |
| Compensation | X | X | X | X | X | X |
| Investment Expertise | X | X | X | X | X | X |
Director Nominees
| Thomas N. Bohjalian | Age: 60 | Director since 2024 |
| Chair of the BoardRetired Head of U.S. Real Estate, Cohen & Steers | ||
|---|---|---|
| From May 2002 to June 2021, Mr. Bohjalian served as Executive Vice President, Senior Portfolio Manager for Cohen & Steers where he was the Senior PM and Head of U.S. Real Estate and Trading Departments with responsibility for over $40 billion of the firm's $90 billion in assets. From June 2025 to the present, Mr. Bohjalian has served on the Board of Directors of SmartRent, Inc. From December 2021 to June 2024, Mr. Bohjalian served on the Board of Directors of Apartment Income REIT. Mr. Bohjalian has served as Senior Real Estate Advisor to BeyondView since 2022, a PropTech start-up that creates digital twins of commercial real estate. Mr. Bohjalian's experience with Cohen & Steers, one of the largest real estate investment trust ("REIT") investors in the United States, provides the Board with valuable insight into capital markets and investment strategies with respect to the Company. | ||
| Committee Roles: Compensation and Human CapitalHighlighted Skills: Executive Leadership; Investment Management; Corporate Finance | ||
| Peter A. Scott | Age: 46 | Director since 2025 |
| President and Chief Executive OfficerHealthcare Realty Trust Incorporated | ||
|---|---|---|
| Mr. Scott was appointed President and CEO of Healthcare Realty in April 2025. Previously, he served for nine years as Chief Financial Officer of Healthpeak Properties, an S&P 500 company, where he was instrumental in completing its $5 billion strategic merger with Physicians Realty Trust. Prior to his time with Healthpeak, Mr. Scott served for three years as Managing Director in the Real Estate Investment Banking Group at Barclays, where he advised Healthpeak on its $4 billion spin-off of Quality Care Properties. His career has also included positions of increasing responsibility with financial services firms Credit Suisse, Barclays, and Lehman Brothers. | ||
| Committee Role: NoneHighlighted Skills: Real Estate; Executive Leadership; Investment Management; Corporate Finance | ||
| David Henry | Age: 77 | Director since 2024 |
| Retired Chief Executive Officer, Kimco Realty | ||
|---|---|---|
| Mr. Henry served as Chief Executive Officer of Kimco Realty Cor-poration from November 2009 and Vice Chairman from May 2001, until his retirement from both positions in January 2016. Prior to that, Mr. Henry was President of Kimco from November 2008 to August 2014. Mr. Henry has served on the board of Starwood Real Estate Income Trust since 2018 and served on the board of Tanger Inc. from 2016 to 2025. Mr. Henry is a co-founder and director of Peaceable Street Capital, a private specialty finance company. He has served in many other capacities in the real estate industry, including as Senior Vice Pres-ident and Chief Investment Officer of GE Capital Real Estate and Chairman of GE Capital Investment Advisors from 1978 to 2001 and has served on the boards of Healthpeak Properties, Inc., VEREIT, Inc., and Columbia Property Trust, Inc. Mr. Henry's extensive experience in the REIT industry provides the Board of Directors with valuable insight into real estate and capital markets matters. | ||
| Committee Role: Chair of Compensation and Human Capital; Audit CommitteeHighlighted Skills: Real Estate; Executive Leadership; Corporate Governance; Financial Expert | ||
| Constance B. Moore | Age: 70 | Director since 2022 |
| Retired President and Chief Executive Officer,BRE Properties | ||
|---|---|---|
| Ms. Moore served as Interim President and Chief Executive Officer in November 2024 through April 2025. She has served as a director of Civeo Corporation and TriPointe Homes since 2014. From 2017 to 2021, she served as a director of Columbia Property Trust, including one year as chair of its board of directors. In 2009, she served as chair of Nareit. She served as President and CEO of BRE Properties, Inc., a publicly-traded REIT, from 2005 until the completion of its merger with Essex Property Trust in 2014. Ms. Moore's business and financial acumen, leadership, integrity, judgment, and extensive experience with public companies in the real estate industry provides substantial benefit to the Board. | ||
| Committee Role: Chair of Nominating and Corporate Governance; Compensation and Human CapitalHighlighted Skills: Executive Leadership; Real Estate; Corporate Finance | ||
| Glenn J. Rufrano | Age: 76 | Director since 2024 |
| Executive Chairman, PREIT | ||
|---|---|---|
| Glenn Rufrano assumed the role of Executive Chairman of PREIT, an owner and developer of retail regional malls, on April 1, 2024. During 2022 and 2023, he was the Chairman of ICSC, a membership org-anization representing the retail community. He assumed the role of Chief Executive Officer of VEREIT, Inc. on April 1, 2015 and served until its merger with Realty Income in 2021. Mr. Rufrano is currently the lead director for GSREIT and GSREFT, both of which are Goldman Sachs sponsored core property NTRs, and a director of Faropoint Properties, an industrial asset manager. He has served on the boards of Ventas, Inc., Columbia Property Trust, Inc., Trizec Properties, Inc., Criimi Mae Inc. and General Growth Properties. Mr. Rufrano's extensive leadership experience brings valuable insight to the Board's long-term planning and vision. | ||
| Committee Role: Chair of Audit Committee; Nominating and Corporate GovernanceHighlighted Skills: Executive Leadership; Real Estate; Corporate Finance; Financial Expert | ||
| Donald C. Wood | Age: 65 | Director since 2024 |
| President and Chief Executive Officer, Federal Realty Trust | ||
|---|---|---|
| Mr. Wood currently serves as Chief Executive Officer of Federal Realty Investment Trust, a role he has held since 2003. Before assuming that role, he served as Federal Realty's President and held the titles of Chief Operating Officer and Chief Financial Officer at various points. Mr. Wood is a CPA licensed in New Jersey. Mr. Wood previously served as a director of public companies Quality Care Properties and Post Properties. In addition to his public company board service. Mr. Wood served as Chairman of the Board of Trustees of Nareit in 2012. Mr. Wood’s 25 years of experience with Federal Realty, including his responsibilities as chief executive officer and as a REIT CFO, adds to the Board's understanding of the REIT industry and provides valuable experience in executive leadership and corporate governance. | ||
| Committee Role: Nominating and Corporate GovernanceHighlighted Skills: Executive Leadership; Real Estate; Corporate Finance | ||
Except as indicated, each of the nominees has had the principal occupation indicated for more than five years.
Each nominee has consented to be a candidate and to serve if elected.
The Board of Directors recommends that the stockholders vote FOR the election of all of the proposed nominees to the Board of Directors.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.