Healthcare Realty Announces Reduction in Size of Board of Directors

Rhea-AI Summary

Healthcare Realty Trust (NYSE:HR) announced a significant reduction in its Board of Directors from 12 to 7 members, effective June 18, 2025. Five directors - Nancy Agee, Ajay Gupta, James Kilroy, Peter Lyle, and Christann Vasquez - voluntarily retired as part of an initiative to align the board size with REIT industry standards while maintaining corporate governance best practices. The remaining board consists of Chairman Thomas Bohjalian, CEO Peter Scott, and independent directors David Henry, Jay Leupp, Constance Moore, Glenn Rufrano, and Donald Wood. The company's leadership expressed commitment to enhancing stakeholder relationships and leveraging their high-quality portfolio amid strong industry fundamentals.

Positive

• Board size reduction aligns with REIT industry standards, potentially improving operational efficiency
• Maintains strong corporate governance with majority independent directors
• Voluntary retirement of directors indicates smooth transition without conflict
• Company maintains high-quality portfolio with strong industry fundamentals

Negative

• Loss of diverse perspectives and expertise with the departure of five board members
• Significant reduction in board oversight capacity with 42% fewer directors

NASHVILLE, Tenn., June 23, 2025 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) (“Healthcare Realty” or the “Company”) today announced changes to its Board of Directors (“Board”), immediately reducing the size from 12 to 7 members. This reduction is part of a thoughtful effort to better align the size of the Board with other companies in the REIT industry, while maintaining the Board’s commitment to operating with best practices of corporate governance.

In support of these efforts, five directors, Nancy Agee, Ajay Gupta, James Kilroy, Peter Lyle, and Christann Vasquez voluntarily retired from the Board, effective June 18, 2025.

The Board’s independent chairman, Thomas Bohjalian said, “I would like to thank the retiring directors for their service and contributions to the Company, as well as their support and professionalism in effecting these Board changes. Each has provided valuable perspectives and insights over the years. We wish them the best in the future.”

Mr. Bohjalian added, “Our decision to reduce the size of the Board reflects our commitment to acting consistent with best practices of corporate governance. Our continuing directors remain committed to active engagement with all our shareholders and driving shareholder value.”

The Company’s President and CEO, Peter Scott said, “I look forward to working with our continuing directors to enhance our relationships with all of our stakeholders and instill a winning mentality at Healthcare Realty. With our high-quality portfolio combined with strong industry fundamentals, I am excited about what the future holds.”

Healthcare Realty’s Board now consists of seven directors, comprised of Mr. Bohjalian, Mr. Scott, and independent directors David Henry, Jay Leupp, Constance Moore, Glenn Rufrano and Donald Wood.  

More information can be found at https://www.healthcarerealty.com 

About Healthcare Realty 

Healthcare Realty is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes over 640 properties totaling over 38 million square feet concentrated in 15 growth markets. Additional information regarding the Company can be found at www.healthcarerealty.com. 

Forward-Looking Statements

This press release contains certain forward-looking statements with respect to the Company. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially and in adverse ways from those expressed or implied by such forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially and adversely affect the Company’s financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in the Company’s 2024 Annual Report on Form 10-K and in its other filings with the SEC.

Media Contacts: 
Charlie Koons / Craig Singer 
Brunswick Group 
P: 212.333.3810 

Investor Contact: 
Ron Hubbard 
Vice President, Investor Relations 
P: 615.269.8290 

FAQ

Why did Healthcare Realty (HR) reduce its board size in June 2025?

Healthcare Realty reduced its board size from 12 to 7 members to better align with REIT industry standards while maintaining corporate governance best practices.

Who are the remaining board members of Healthcare Realty (HR) after the June 2025 reduction?

The remaining board members are Chairman Thomas Bohjalian, CEO Peter Scott, and independent directors David Henry, Jay Leupp, Constance Moore, Glenn Rufrano, and Donald Wood.

Which directors retired from Healthcare Realty's board in June 2025?

Five directors voluntarily retired: Nancy Agee, Ajay Gupta, James Kilroy, Peter Lyle, and Christann Vasquez.

How many independent directors remain on Healthcare Realty's board after the June 2025 reduction?

After the reduction, Healthcare Realty maintains five independent directors on its seven-member board.

When did the Healthcare Realty board reduction take effect?

The board reduction took effect on June 18, 2025.