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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 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.
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