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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 $1.14 billion in asset sales and joint venture contributions since July 2022, achieving a 4.86% cap rate. The company netted $1.03 billion after accounting for joint ventures and costs. An additional $100 million in sales is expected by February's end. The transactions, involving 34 properties sold and 11 contributed to joint ventures, aim to enhance portfolio quality by increasing exposure to multi-tenant, on-campus medical office buildings. The company successfully repaid a $423 million asset sale term loan as of year-end 2022.
Healthcare Realty Trust Incorporated (NYSE:HR) reported a net income of $28.3 million or $0.08 per diluted share for Q3 2022, with normalized FFO at $129.4 million ($0.39 per share). The merger with Healthcare Trust of America was completed on July 20, 2022. Same store cash NOI increased 2.8%, with anticipated run-rate FFO at $0.40 per share post-merger adjustments. The company aims to achieve $33-$36 million in annual G&A synergies, realizing $16.4 million so far. A quarterly dividend of $0.31 is set for November 30, 2022.
Healthcare Realty Trust (NYSE:HR) has declared a cash dividend of $0.31 per share, payable on November 30, 2022, to Class A shareholders on record as of November 15, 2022. Holders of OP Units will also receive an equivalent distribution. Following its merger with Healthcare Trust of America on July 20, 2022, the company now manages over 700 properties totaling approximately 44 million square feet nationwide, focusing on outpatient healthcare services.
Healthcare Realty Trust (NYSE:HR) released its fourth annual Corporate Responsibility Report, showcasing significant achievements in its environmental, social, and governance (ESG) initiatives. Key highlights include a 6.9% decrease in energy usage, a 22.8% reduction in greenhouse gas emissions, and a 13.9% drop in water consumption since 2016. The company obtained 15 new green building certifications and improved its GRESB ranking to 4 Green Stars. Following its merger with Healthcare Trust of America, HR aims to integrate and enhance ESG data across a broader portfolio. The full report is available on their website.
Healthcare Realty Trust (NYSE:HR) will announce Q3 2022 results on November 9, 2022, before market opening. A conference call is scheduled for the same day at 11:00 a.m. Central Time to discuss the earnings, quarterly activities, and industry trends. The company, following its merger with Healthcare Trust of America on July 20, 2022, manages over 700 properties totaling 40 million square feet and offers leasing services for 30 million square feet nationwide.
Healthcare Realty (NYSE:HR) has appointed Ron M. Hubbard as Vice President of Investor Relations. Hubbard, who previously held similar roles at publicly traded REITs, will focus on enhancing investor relations to convey the company's strategy and financial performance. Following the merger with Healthcare Trust of America on July 20, 2022, Healthcare Realty currently manages over 700 properties, totaling approximately 44 million square feet, and providing property management services for over 30 million square feet across the U.S.
Healthcare Realty Trust (NYSE:HR) reported Q2 2022 results with net income of $6.1 million or $0.04 per diluted share. Normalized FFO reached $67 million, up 4.7% year-over-year. Same store cash NOI increased 3.3% for the quarter. The company completed acquisitions of medical office buildings totaling 360,000 square feet for $163.8 million. Net debt to adjusted EBITDA was 5.7x. A quarterly dividend of $0.31 per share was paid in May, aligning with 82.6% of FAD. The strategic merger with HTA concluded on July 20, 2022, enhancing the company’s portfolio significantly.
Healthcare Realty Trust (NYSE: HR) announced a cash dividend of $0.109 per share, payable on August 30, 2022, to Class A common stockholders of record on August 15, 2022. This dividend is part of the total pro-rated amount of $0.31 from their regular quarterly dividend, aligned with their merger with Healthcare Trust of America that closed on July 20, 2022. The company expects to resume regular quarterly dividends by November 2022. The merger has led to significant real estate holdings, with over 700 properties totaling approximately 44 million square feet.
Healthcare Realty Trust (NYSE: HR) announced that over 97% of the holders of its HR Notes consented to exchange their old notes for new ones issued by HR OP. The exchange offer, initiated on June 14, 2022, concluded on July 20, 2022, with substantial participation in all series of the old notes. Key figures include $235 million (94.01%) for 3.875% Senior Notes due 2025 and $298 million (99.62%) for 2.050% Senior Notes due 2031. The final settlement is expected on July 22, 2022, post the successful merger with Healthcare Trust of America, enhancing HR's position in the market.
Healthcare Realty Trust and Healthcare Trust of America have successfully merged, creating a leading pure-play medical office building REIT under the ticker symbol HR. This merger strengthens their market position with increased scale, diversification, and a robust balance sheet. The combined entity boasts over 700 real estate properties covering approximately 44 million square feet. The merger is anticipated to yield significant synergies, enhance operational efficiency, and expand relationships with health systems, ultimately boosting future growth potential.
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