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Healthcare Realty Trust Incorporated (NYSE: HR) is a pioneering real estate investment trust (REIT) that specializes in the ownership, management, development, and financing of medical office and outpatient healthcare properties across the United States. Founded in 1992 and headquartered in Nashville, Tennessee, Healthcare Realty Trust has built a robust portfolio comprising nearly 700 properties, totaling over 40 million square feet, concentrated in 15 high-growth markets.
Core Business: The company's primary focus is on medical outpatient buildings, strategically located around leading hospital campuses. These facilities are integral to the operations of hospitals and healthcare systems, providing a stable and growing rental income. Healthcare Realty Trust's portfolio is diversified by geographic location, physician specialties, and healthcare system affiliations, ensuring a balanced and resilient investment strategy.
Recent Achievements: In 2023, Healthcare Realty Trust completed additional dispositions totaling $656 million, excluding $112.5 million in asset sales in January that fully repaid a merger-related special dividend. The company has also entered into a strategic joint venture with global investment firm KKR, contributing a seed portfolio valued at $382.5 million. This partnership is expected to generate proceeds of approximately $300 million, with KKR committing up to $600 million for future acquisitions.
Current Projects: The joint venture with KKR will see Healthcare Realty retaining a 20% interest and continuing to manage the day-to-day operations and leasing of the properties. This strategic move underscores the company's commitment to expanding its portfolio and enhancing its financial stability. Additionally, Healthcare Realty has several transactions under contract, expected to generate over $300 million by early August 2024.
Financial Condition: For the first quarter ended March 31, 2024, the company reported a net loss of $310.8 million, or $(0.82) per diluted common share. However, the normalized funds from operations (FFO) per share stood at $0.39. The company's strategic capital allocation, including share repurchases totaling over $175 million since April 2024, aims to improve dividend coverage and accelerate FFO growth.
Partnerships and Market Position: Healthcare Realty Trust collaborates with developers who have strong local ties to healthcare systems and physicians, ensuring the acquisition and development of high-quality medical facilities. The company's selective growth strategy through property acquisitions and development has solidified its position as the largest REIT specializing in medical outpatient buildings.
For the latest updates and detailed information about Healthcare Realty Trust's performance, projects, and financial reports, visit www.healthcarerealty.com.
Healthcare Realty Trust (NYSE:HR) announced key leadership appointments. Austen Helfrich, who served as Interim CFO since October 1, 2024, has been named permanent Executive Vice President and CFO. Andrew Loope will be promoted to Executive Vice President, General Counsel, and Secretary, succeeding John Bryant effective January 1, 2025. Bryant will transition to Senior Vice President, Legal Affairs.
Helfrich, who joined the company in 2019, has been important in developing joint ventures with Nuveen, CBRE Investment Management, and KKR. Loope has been with the company since 2008, joining from Waller Lansden law firm. Healthcare Realty owns and operates nearly 675 medical outpatient buildings totaling approximately 40 million square feet across 15 growth markets.
Healthcare Realty Trust (NYSE:HR) announced significant changes to its Board of Directors. Tom Bohjalian has been elected as Independent Chair, while three new independent directors - David Henry, Glenn Rufrano, and Don Wood - have been appointed to the Board in connection with a cooperation agreement with Starboard Value LP.
Mr. Henry and Mr. Rufrano will join the committee overseeing the president and CEO search, with Rufrano serving as committee Chair. Ferguson Partners has been engaged to assist in the search process. As part of these changes, John Knox Singleton, John V. Abbott, and Vicki U. Booth have retired from the Board.
The agreement with Starboard includes a customary standstill and voting agreement extending until the Company's 2026 Annual Meeting of Stockholders.
Healthcare Realty Trust (NYSE: HR) announced immediate leadership changes with Todd Meredith stepping down as President, CEO, and board member. The board appointed Constance 'Connie' Moore, current board member and former President and CEO of BRE Properties, as interim President and CEO. The company plans to engage an executive search firm to identify a permanent successor. The board has also reduced its size from 12 to 11 members. Healthcare Realty owns and operates nearly 675 medical outpatient buildings totaling approximately 40 million square feet across 15 growth markets.
Healthcare Realty Trust reported Q3 2024 results with a net loss of $(93.0) million, or $(0.26) per share. Key highlights include Normalized FFO per share of $0.39, up 1.2% year-over-year. The company secured $875 million from joint venture and asset sales through October, with $447 million in share repurchases. Multi-tenant absorption reached 159,000 square feet, with occupancy at 86.5%. Same Store cash NOI increased 3.1% year-over-year, with tenant retention at 80.5%. The company maintained its quarterly dividend at $0.31 per share and updated its 2024 Normalized FFO guidance to $1.55-$1.56 per share.
Healthcare Realty Trust (NYSE:HR) has declared a quarterly cash dividend of $0.31 per share, payable on November 27, 2024, to Class A common stockholders of record on November 12, 2024. The company's operating partnership unit holders will receive an equivalent distribution of $0.31 per unit. Healthcare Realty operates as a REIT specializing in medical outpatient buildings, with a portfolio of over 650 properties spanning nearly 40 million square feet across 15 growth markets.
Healthcare Realty Trust Incorporated (NYSE:HR) has announced its schedule for reporting third quarter 2024 earnings. The company plans to release results on Wednesday, October 30, 2024, before the market opens. A conference call to discuss earnings, quarterly activities, and industry trends is scheduled for the same day at 11:00 a.m. Eastern Time.
A simultaneous webcast of the conference call will be available on the company's website under the Investor Relations section. The press release provides details for domestic and international dial-in numbers, as well as replay information. Healthcare Realty Trust is a real estate investment trust (REIT) specializing in medical outpatient buildings, with a portfolio of nearly 675 properties totaling approximately 40 million square feet across 15 growth markets.
Healthcare Realty Trust (NYSE:HR) has expanded its joint venture (JV) with Nuveen Real Estate, contributing eight properties worth $193 million to a new 80/20 JV. This brings the total value of JVs with Nuveen to over $600 million. Year-to-date, HR has completed over $800 million in JV and asset sales transactions, generating approximately $700 million in proceeds at an average cap rate of 6.6%.
The company expects additional asset sales and JV transactions to increase total proceeds to over $1 billion. These funds will be used for accretive, leverage neutral share repurchases and existing capital commitments. The expansion demonstrates HR's progress towards its goal of generating more than $1 billion in capital and highlights the value of its national operating platform in the outpatient medical real estate sector.
Healthcare Realty Trust (NYSE:HR) has expanded its joint venture with KKR, contributing $118 million in additional properties and generating approximately $94 million in proceeds. The JV's value is now approaching $500 million. The company is exploring further acquisitions for the JV, including potential contributions of more Healthcare Realty properties.
Healthcare Realty also has additional asset sales and JV transactions under contract or LOI, expected to increase total proceeds to over $1 billion. Most of these transactions are anticipated to be completed in the third quarter, with proceeds funding accretive, leverage neutral share repurchases and existing capital commitments.
Healthcare Realty Trust (NYSE:HR) reported results for Q2 2024, focusing on capital allocation and operational momentum to accelerate FFO growth and improve dividend coverage. Key highlights include:
- Generated ~$400 million from JV and asset sales, with expected proceeds to exceed $1 billion
- Repurchased 18.5 million shares for $294.5 million
- Delivered multi-tenant absorption of 183,000 sq ft year-to-date
- Improved tenant retention to 85.5%
- Net loss of $(143.8) million, or $(0.39) per diluted share
- Normalized FFO per share of $0.38, or $0.39 excluding Steward revenue reserves
- Same Store cash NOI increased 2.3% YoY (3.5% excluding Steward reserves)
- Affirmed 2024 Normalized FFO per share guidance of $1.53 to $1.58
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