Healthcare Realty Trust Incorporated - HR STOCK NEWS

Healthcare Realty Trust (NYSE: HR) reported significant operational and capital allocation momentum in its second quarter update.

The company signed new leases totaling 432,000 square feet, marking the fourth consecutive quarter of leasing above 400,000 square feet. First-half multi-tenant occupancy increased by 183,000 square feet, exceeding guidance. Multi-tenant occupancy has risen by 371,000 square feet over the past three quarters.

Steward Health has paid nearly all rent owed for June and July, but Healthcare Realty expects to reserve approximately $3.0 million for unpaid pre-bankruptcy rent.

The company has generated $400 million in proceeds from joint ventures and asset sales year-to-date, with expected total proceeds exceeding $1 billion. These funds will support share repurchases and capital commitments. To date, Healthcare Realty has repurchased 18.0 million shares for $286 million.

CEO Todd Meredith highlighted the strong leasing momentum and anticipated improvements in dividend coverage and FFO growth.

Healthcare Realty Trust (HR) has reported significant progress in its asset sales and joint venture (JV) transactions, anticipating over $1 billion in proceeds from completed and planned deals. Year-to-date, the company has generated approximately $400 million from these activities. Key developments include an increase in the value of its JV with KKR to $500 million through additional property contributions expected in August, and the expansion of its JV with Nuveen Real Estate, with $400 million in planned asset contributions. Proceeds will fund share repurchases and capital commitments, with the majority expected in Q3 2024.

On June 25, 2024, Healthcare Realty Trust (NYSE:HR) announced the appointment of Thomas N. Bohjalian to its Board of Directors. Mr. Bohjalian, an independent director, will also join the new Capital Allocation Committee. He brings over 30 years of experience in real estate and finance, having served on the Board of Apartment Income REIT and as a Senior Real Estate Advisor to BeyondView. His previous tenure includes 20 years at Cohen & Steers, where he managed $40 billion in assets. This strategic addition aims to bolster Healthcare Realty's investment and capital allocation capabilities.

Healthcare Realty Trust (NYSE:HR) announced significant progress in its capital allocation strategy. The company entered a joint venture with KKR to invest in medical outpatient buildings, contributing 10 properties and generating $227 million. Additional contributions are expected to bring the total proceeds to over $300 million, with KKR committing up to $600 million, raising the JV's potential value to $1 billion.

Healthcare Realty retains a 20% interest and manages the JV. Other transactions under contract are expected to generate over $300 million by early August. Since April 1, 2024, the company has repurchased $175 million in shares, aiming to improve dividend coverage and accelerate FFO growth.

Healthcare Realty Trust Incorporated (NYSE:HR) reported a (loss) income of $(310.8) million for the first quarter of 2024. Normalized FFO per share was $0.39. The Company announced a $383 million JV with KKR at a 6.6% cap rate and expects more than $300 million in proceeds from additional transactions. They repurchased 3.0 million shares worth $41.7 million in April.

Healthcare Realty Trust Incorporated (NYSE:HR) has announced a strategic joint venture with KKR, where Healthcare Realty will contribute a seed portfolio valued at $383 million, resulting in $300 million in proceeds. KKR will commit up to $600 million more, potentially raising the total JV value to over $1 billion. The agreement involves Healthcare Realty contributing 12 properties to seed the JV, with KKR making an equity contribution equal to 80% of the property value. Healthcare Realty will retain a 20% interest and manage the JV. The joint venture aims to invest in quality medical outpatient buildings, with a focus on future acquisitions and additional contributions from Healthcare Realty. The announcement has been positively received by both companies, highlighting the strategic fit and long-term growth prospects.

Healthcare Realty Trust Incorporated (HR) announced a quarterly dividend of $0.31 per share payable on May 23, 2024, to Class A common stockholders of record on May 13, 2024. Eligible holders of the Company's OP Units will also receive a distribution of $0.31 per unit. HR is a REIT focusing on medical outpatient buildings and has a portfolio of nearly 700 properties in 15 growth markets.

Healthcare Realty Trust Incorporated (NYSE:HR) announced the first quarter earnings release date and conference call schedule. The company will report results on May 7, 2024, before the market opens, followed by a conference call at 12:00 p.m. Eastern Time. Healthcare Realty Trust is a leading real estate investment trust specializing in medical outpatient buildings, with a portfolio of nearly 700 properties totaling over 40 million square feet in 15 growth markets.

Healthcare Realty Trust Incorporated (HR) announced the nomination of 11 directors for election at its annual meeting. Current directors W. Bradley Blair, II, and Edward H. Braman will be retiring. The Board size has been fixed at 11 directors, following the merger with Healthcare Trust of America, Inc.