Healthcare Realty Trust, a pure-play outpatient medical REIT, reported Normalized FFO of $1.61 per share for 2025, representing a 3% year-over-year growth. Same store cash Net Operating Income (NOI) grew by 4.8% in 2025, driven by a 103 basis points increase in occupancy to 92.1% and 3.1% cash leasing spreads. The company significantly improved its balance sheet, reducing Net Debt to Adjusted EBITDA to 5.4x, a 0.7x decrease year-over-year, and maintaining $1.4 billion in liquidity. Approximately $1.2 billion of asset sales were completed in 2025 at a blended cap rate of 6.7%, leading to the exit of 14 non-core markets and an improved portfolio quality. Debt repayments in 2025 included $650 million of Term Loans and $250 million of Senior Notes. Moody's revised the company's outlook to Stable and affirmed its Baa2 credit rating. Corporate governance was strengthened through a reduction in the Board of Directors from 12 to 7 members and an expansion of the management team. Achieved target $10 million in corporate and property-level General & Administrative (G&A) savings. Repurchased $50 million of shares in January 2026, with a remaining authorization of $450 million. The redevelopment program is 60% leased, a 1,000 basis points improvement since Q3 2025, with a total cost of approximately $300 million and targeted returns of 9-12%.