STOCK TITAN
  1. Home
  2. Sec-filings
  3. HR
  4. [8-K] Healthcare Realty Trust Inc Reports Material Event

Healthcare Realty Trust (HR) secures $400M unsecured term loan with $100M accordion

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Healthcare Realty Trust Incorporated entered into a new senior unsecured term loan agreement providing a $400.0 million delayed draw term loan facility for its operating partnership. The facility can be drawn on the closing date and in up to three additional draws until the first anniversary of the closing date and matures on May 15, 2029.

The agreement includes an accordion feature allowing up to an additional $100.0 million of term loans, subject to lender commitments. Pricing is based on the borrower’s unsecured long-term debt ratings, with an initial margin of 0.90% per annum over Term SOFR or Daily Simple SOFR and 0.00% over the base rate. A 0.20% per annum commitment fee applies on unfunded commitments starting on the ninety-first day after closing. As of the closing date, no borrowings were outstanding. The facility has no required amortization, permits voluntary prepayment without penalty, and includes customary covenants and events of default for a facility of this type.

Positive

  • None.

Negative

  • None.

Insights

New $400M unsecured term loan adds flexible funding capacity with standard covenant protections.

The company’s operating partnership obtained a $400.0 million senior unsecured delayed draw term loan, with an additional $100.0 million accordion. Maturing on May 15, 2029, it provides medium-term balance sheet flexibility without immediate borrowing.

Pricing is tied to unsecured debt ratings, with an initial margin of 0.90% over Term SOFR or Daily Simple SOFR and 0.20% commitment fees on undrawn amounts after the ninety-first day. Standard leverage and coverage covenants and change-of-control defaults apply, so future use of this facility will need to fit within those limits.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Term loan facility size $400.0 million Senior unsecured delayed draw term loan facility
Accordion capacity $100.0 million Potential additional term loans under accordion feature
Maturity date May 15, 2029 Scheduled maturity of term loan facility
Initial SOFR margin 0.90% per annum Applicable margin for Term SOFR and Daily Simple SOFR loans
Base rate margin 0.00% per annum Initial applicable margin for base rate loans
Commitment fee 0.20% per annum On unfunded delayed draw commitments after day 91
SOFR floor 0.00% Floor for Term SOFR and Daily Simple SOFR rates
Base rate floor 1.00% Floor for base rate loans
Term Loan Agreement financial
"On May 15, 2026, ... entered into a Term Loan Agreement (the “Term Loan Agreement”)"
A term loan agreement is a formal contract in which a borrower receives a fixed amount of money from a lender and agrees to repay it over a set period with interest, much like a mortgage or car loan for a business. It matters to investors because the scheduled repayments, interest cost and any lender-imposed rules affect a company’s cash flow, financial flexibility and creditworthiness, which can change risk and share value.
delayed draw term loan facility financial
"The Term Loan Agreement provides for a $400.0 million senior unsecured delayed draw term loan facility"
A delayed draw term loan facility is a committed loan that a borrower can tap in one or more installments at specified future times after meeting agreed conditions, rather than receiving the full amount upfront. For investors it matters because it provides a ready source of cash that can change a company’s financial strength, leverage and interest costs when drawn—similar to having a reserved credit line you can use later, which affects liquidity and the risk profile of the business.
accordion feature financial
"The Term Loan Agreement has an accordion feature to increase the Term Loan Facility or add one or more new tranches"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
SOFR financial
"a forward-looking term rate based on the secured overnight financing rate (“SOFR”) as administered by the Federal Reserve Bank of New York"
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
consolidated leverage ratio financial
"including a maximum consolidated leverage ratio, a maximum secured leverage ratio, a maximum consolidated unencumbered leverage ratio"
A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.
change of control financial
"and the occurrence of a change of control"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
Understanding 8-K Material Events →
0001360604False00013606042026-05-192026-05-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 19, 2026 (May 15, 2026)
Healthcare Realty Trust Incorporated
(Exact name of registrant as specified in its charter)
Maryland001-3556820-4738467
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
3310 West End Avenue, Suite 700Nashville,Tennessee37203
(615)
269-8175
(Address of Principal Executive Office and Zip Code)
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareHRNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Healthcare Realty Trust Incorporated☐Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Healthcare Realty Trust Incorporated☐




Item 1.01Entry Into a Material Definitive Agreement.
On May 15, 2026, (the “Closing Date”), Healthcare Realty Trust Incorporated (the “Company”) and its operating partnership, Healthcare Realty Holdings, L.P. (the “Borrower”), entered into a Term Loan Agreement (the “Term Loan Agreement”), with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Bank, National Association, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, Regions Capital Markets, a division of Regions Bank, Truist Securities, Inc. and U.S. Bank National Association, as Joint Lead Arrangers and Joint Book Runners; Bank of America, N.A., Fifth Third Bank, National Association, JPMorgan Chase Bank, N.A., PNC Bank, National Association, Regions Bank, Truist Bank and U.S. Bank National Association, as Co-Syndication Agents; and the other lenders named therein.

The Term Loan Agreement provides for a $400.0 million senior unsecured delayed draw term loan facility (the “Term Loan Facility”), available on the Closing Date and in up to three additional draws from the Closing Date until the first anniversary of the Closing Date. The Term Loan Agreement has an accordion feature to increase the Term Loan Facility or add one or more new tranches of term loans up to an additional aggregate amount not to exceed $100.0 million, subject to the satisfaction of certain conditions and the receipt of additional commitments from existing or new lenders. The scheduled maturity date of the Term Loan Facility is May 15, 2029. As of the Closing Date, no borrowings were outstanding under the Term Loan Facility.

Term loans outstanding under the Term Loan Facility accrue interest at an annual rate equal to (a) the applicable margin, plus (b) at the Borrower’s option, (x) the base rate, (y) a forward-looking term rate based on the secured overnight financing rate (“SOFR”) as administered by the Federal Reserve Bank of New York (“Term SOFR”) or (z) a daily rate determined by reference to SOFR (“Daily Simple SOFR”), subject to a floor of, in the case of base rate, 1.00% and in the case of Term SOFR and Daily Simple SOFR, 0.00%. The applicable margin under the Term Loan Facility ranges from 0.00% to 0.550% for base rate loans and 0.675% to 1.550% for Term SOFR or Daily Simple SOFR loans, in each case, based on the non-credit enhanced, senior unsecured long-term debt ratings of the Borrower (“Debt Ratings”). Based on the Borrower’s current Debt Ratings, the applicable margin is initially 0.00% per annum for base rate loans and 0.90% per annum for Term SOFR and Daily Simple SOFR loans. Until the delayed draw term loan commitments under the Term Loan Facility are terminated or expire, the Borrower is required to pay a commitment fee equal to 0.20% per annum of the average daily balance of unfunded delayed draw term loan commitments under the Term Loan Facility, commencing on the ninety-first day after the Closing Date. The Term Loan Facility is not subject to required amortization payments or mandatory prepayments, but may be voluntarily prepaid at any time without penalty.

The Term Loan Agreement contains covenants that are customary for agreements of this type. These covenants include, among others: limitations on the incurrence of additional indebtedness; limitations on consolidations and mergers; limitations on transactions with affiliates; and requirements to comply with certain financial covenants, including a maximum consolidated leverage ratio, a maximum secured leverage ratio, a maximum consolidated unencumbered leverage ratio, a minimum consolidated fixed charge coverage ratio and a minimum consolidated unsecured coverage ratio.

The Term Loan Agreement contains events of default that are customary for agreements of this size and type. These events of default include, among others: nonpayment of any outstanding principal, interest, fees or amounts due under the Term Loan Agreement; the failure to perform or observe covenants in the loan documents; the occurrence of certain bankruptcy and insolvency events; the occurrence of a default under the terms of certain other material indebtedness of the Borrower and certain of its subsidiaries and affiliates; and the occurrence of a change of control. The occurrence of an event of default (after notice and cure periods in certain circumstances) may result in the termination of the Term Loan Agreement and the acceleration of repayment obligations.

The foregoing description does not purport to be a complete description and is qualified in its entirety by reference to the Term Loan Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
10.1 
Term Loan Agreement, dated as of May 15, 2026, by and among Healthcare Realty Holdings, L.P., as borrower, Healthcare Realty Trust Incorporated, as parent, Wells Fargo Bank, National Association, as administrative agent, the lenders party thereto and the other parties named therein.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 19, 2026Healthcare Realty Trust Incorporated  
By:/s/ Daniel Gabbay   
  Name: Daniel Gabbay 
  Title: Executive Vice President and Chief Financial Officer 



Source: View Original Filing on SEC EDGAR

FAQ

What new financing did Healthcare Realty Trust (HR) arrange in this 8-K?

Healthcare Realty Trust’s operating partnership secured a senior unsecured delayed draw term loan facility of up to $400.0 million. The agreement provides medium-term funding capacity without immediate borrowing and can be drawn in multiple tranches within one year of the closing date.

What is the size and maturity of Healthcare Realty Trust’s new term loan?

The new term loan facility provides up to $400.0 million in senior unsecured debt maturing on May 15, 2029. The borrower may draw funds on the closing date and in up to three additional draws until the first anniversary of that date.

Does Healthcare Realty Trust’s new term loan include an accordion feature?

Yes. The term loan agreement includes an accordion feature permitting up to an additional $100.0 million of term loans. This increase depends on satisfying specified conditions and obtaining additional commitments from existing or new lenders under the agreement.

What interest rate does Healthcare Realty Trust pay on the new term loan?

Interest is based on a margin plus base rate, Term SOFR, or Daily Simple SOFR. Initially, the margin is 0.00% for base rate loans and 0.90% per annum for Term SOFR and Daily Simple SOFR loans, determined by the borrower’s unsecured long-term debt ratings.

Are there fees on undrawn amounts under Healthcare Realty Trust’s term loan facility?

Yes. The borrower must pay a 0.20% per annum commitment fee on the average daily balance of unfunded delayed draw commitments. This fee begins on the ninety-first day after the closing date and continues until the commitments terminate or expire.

What covenants and defaults apply to Healthcare Realty Trust’s new term loan?

The agreement includes customary covenants limiting additional debt, mergers, and affiliate transactions, plus financial tests on leverage and coverage ratios. Events of default include missed payments, covenant breaches, certain bankruptcies, cross-defaults to other material debt, and change of control provisions.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

Other Documents