Why Healthcare Realty Trust’s on-campus MOB portfolio matters for everyday care

Healthcare Realty Trust’s on-campus medical office building portfolio is not flashy, but it quietly shapes how millions of patients experience routine care in the US. What distinguishes these facilities, and where do investors come into play?

Reviewed: ad hoc news Accessory & Components desk. Edited and checked on 2026-06-18, 01:26. Details in the imprint.

Healthcare Realty Trust’s on-campus medical office building portfolio is one of those quiet products you only notice when you walk in for a scan, a blood draw, or a check-up and everything just works. Bright corridors, short walks from the hospital entrance, familiar physician groups on the same floors.

What this portfolio actually is

At its core, Healthcare Realty Trust’s on-campus medical office building portfolio is a network of physician and outpatient spaces that sit directly on, or immediately adjacent to, hospital campuses in major US markets. That proximity is the product’s defining feature.

The trust highlights that roughly 72 percent of its total portfolio is on or adjacent to hospital campuses, giving it a deep concentration in what management calls “critical locations” for health systems. Patients feel it in the short transfer times between clinic, imaging, and inpatient care.

How it is structured and scaled

After its 2022 merger with Healthcare Trust of America, Healthcare Realty Trust now controls more than 700 properties and about 40 million square feet of medical office space, with a heavy emphasis on on-campus buildings. The on-campus segment generates a significant share of its rental income.

Many of these buildings are multi-tenant, with physician groups, labs, and imaging centers sharing one address but different suites. For doctors, that means built-out clinical layouts and shared infrastructure; for the trust, it means diversified rent rolls tied to local healthcare demand.

Why on-campus matters to tenants and patients

For physicians and health systems, the appeal of on-campus medical office buildings is logistical and strategic. Referral flows stay on campus, emergency services are nearby, and patients can move from primary care to specialist to diagnostic imaging without ever leaving the site.

From a patient’s perspective, that turns a stressful health day into something more navigable. Parking once, clear hospital co-branding, and familiar signage reduce friction, especially for older or chronically ill patients who visit frequently.

Lease profile and cost dynamics

On-campus medical office leases tend to run longer than typical office contracts and often include annual rent escalators of 2 to 3 percent, according to sector data cited by the company. That gives Healthcare Realty Trust relatively predictable cash flows.

Fit-outs, on the other hand, are demanding. Exam rooms, imaging suites, and procedure rooms need specialized plumbing, shielding, and HVAC. That makes tenant improvements more expensive upfront but also reduces churn, because relocating a medical practice is complex and costly.

Where the product has weaknesses

The on-campus focus is not without friction. Heavy dependence on hospital systems and physician practices means local reimbursement changes or health system consolidation can ripple straight into leasing discussions. A hospital losing market share can cool demand for its campus space.

These buildings can also feel clinical and dated if capex is deferred. Older waiting rooms, fluorescent lighting, and confusing corridors quickly clash with what health systems want to project as modern, consumer-friendly care environments.

Digital health, but bricks still matter

Telehealth and remote monitoring cut some physical visits, yet most diagnostics, procedures, and in-person exams still require rooms, equipment, and staff physically co-located with hospitals. That keeps on-campus medical office buildings central to the care stack.

Healthcare Realty Trust leans into this by co-investing with health systems in campus expansions and repositionings, so that new outpatient wings, cancer centers, and surgery hubs are integrated with its medical office product. For tenants, that promises consistency across multiple sites.

What investors get in the background

For investors, the on-campus medical office building portfolio is essentially a specialized, healthcare-tied infrastructure product wrapped in a REIT. It is less about glassy trophy towers and more about repetitive, medically necessary visits and durable rent checks.

Shares of Healthcare Realty Trust (US87911P1021) trade on the New York Stock Exchange in US dollars.

Key facts on the on-campus MOB portfolio

• Product: On-campus medical office building portfolio
• Manufacturer: Healthcare Realty Trust Inc.
• Category: Accessory/Spare part - healthcare real estate infrastructure
• Launch: Portfolio expanded significantly following the 2022 merger with Healthcare Trust of America
• RRP / Price: Not applicable - space leased to healthcare tenants under multi-year contracts
• Availability: Major US metropolitan areas, focused on hospital campuses and adjacent sites
• Target group: Health systems, physician groups, outpatient service providers seeking hospital-adjacent clinical space
• Highlight / USP: High share of space located directly on or next to hospital campuses, supporting integrated patient care and durable tenant demand

This article was AI-assisted and editorially reviewed. Product information without guarantee; prices and availability may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions involve risks up to total loss.