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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) will report its Q1 2023 earnings on May 9, 2023, before market opening. A conference call is scheduled for 10:00 a.m. CT on the same day, discussing earnings, quarterly activities, and industry trends, with a webcast available at www.healthcarerealty.com. As of December 31, 2022, Healthcare Realty Trust owned and managed over 700 properties, totaling more than 40 million square feet, providing services to more than 35 million square feet nationwide. This press release includes forward-looking statements, emphasizing that risks and uncertainties are detailed in the company’s SEC filings.
Healthcare Realty Trust reported a net loss of $35.8 million, or $0.09 per diluted share, for Q4 2022. However, it achieved normalized FFO of $159.8 million, equating to $0.42 per diluted share. Same store cash NOI rose 2.8% year-over-year, with average in-place rent increases of 2.81%. The occupancy rate improved to 89.3%, and tenant retention was 75.7%. The company closed joint ventures and asset sales totaling $1.25 billion at a 4.8% cap rate. A dividend of $0.31 per share is set for March 21, 2023, which highlights a strong commitment to shareholders despite recent financial challenges.
Healthcare Realty Trust Incorporated (NYSE: HR) has announced a cash dividend of $0.31 per share, payable on March 21, 2023, to stockholders of record as of March 7, 2023. Additionally, holders of the Company’s operating partnership units will receive a similar distribution. As of September 30, 2022, the Company has invested in 728 properties across 35 states, totaling 42.6 million square feet, with an enterprise value of approximately $13.8 billion. The Company provides extensive leasing and property management services nationwide.
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