Activist investor Jeff Smith's Starboard Value significantly reduced its investment in Healthcare Realty Trust during the second quarter of 2026, cutting its holdings by 71.6%. The firm sold approximately 4.88 million shares, lowering its total position from 6.82 million to 1.94 million shares, according to its latest ownership filing.
This disclosure, made in a quarterly 13F report, reflects trading activity that occurred between April 1 and June 30, 2026. The sale comes after Starboard and Healthcare Realty entered into a cooperation agreement in late 2024, which involved adding three new independent directors to the company's board. The firm has not publicly commented on its reasons for the large reduction in its stake.