Mr. Bohjalian brings over 30 years of real estate and finance experience to Healthcare Realty. Since December 2021, he has been a member of Apartment Income REIT Corporation's Board of Directors, serving on the Audit, Compensation and Human Resources, and Governance and Corporate Responsibility Committees. Mr. Bohjalian is also currently a Senior Real Estate Advisor to BeyondView, which provides interactive visualization software for real estate and other industries. Previously, Mr. Bohjalian spent 20 years ...

Core Insights - Healthcare Realty Trust Incorporated has appointed Thomas N. Bohjalian to its Board of Directors, effective June 25, 2024, and he will also serve on the newly formed Capital Allocation Committee [1][2] - Mr. Bohjalian brings over 30 years of real estate and finance experience, including significant roles in investment management and real estate expertise [3][4] - Healthcare Realty is a leading real estate investment trust (REIT) specializing in medical outpatient buildings, with a portfolio of nearly 700 properties totaling over 40 million square feet [5] Company Overview - Healthcare Realty Trust is focused on owning and operating medical outpatient buildings primarily located around market-leading hospital campuses [5] - The company selectively grows its portfolio through property acquisition and development, being the first and largest REIT to specialize in this sector [5] Leadership and Expertise - The appointment of Mr. Bohjalian is expected to enhance the company's capital allocation expertise and strengthen its operational momentum and financial performance [2][4] - Mr. Bohjalian has a strong track record in managing real estate investment funds, having previously overseen investment decisions for $40 billion of assets at Cohen & Steers [3][4]

$227 million of proceeds from contributions to KKR JV Repurchased shares totaling over $175 million NASHVILLE, Tenn., June 03, 2024 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) announced in early May that it had entered into a strategic joint venture with KKR ("KKR JV") to own and invest in quality medical outpatient buildings. To date, the Company has contributed 10 properties to the KKR JV that have generated $227 million of proceeds. The Company expects to contribute additional prop ...

$227 million of proceeds from contributions to KKR JV Repurchased shares totaling over $175 million NASHVILLE, Tenn., June 03, 2024 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) announced in early May that it had entered into a strategic joint venture with KKR ("KKR JV") to own and invest in quality medical outpatient buildings. To date, the Company has contributed 10 properties to the KKR JV that have generated $227 million of proceeds. The Company expects to contribute additional prop ...

Core Viewpoint - H&R Real Estate Investment Trust is undergoing a strategic repositioning to reduce its retail and office property exposure while focusing on residential and industrial segments, showing progress in its financial performance despite some challenges in the office sector [3][4][10]. Property Portfolio - H&R owns a total of 382 investment properties across approximately 27 million square feet, including retail, industrial, residential, and office properties in Canada and the United States [1][2]. - The breakdown of properties includes 270 retail, 68 industrial, 20 office, and 24 residential properties [2]. Financial Performance - For Q1 2024, H&R reported a total rental income of CAD 209.5 million, down from CAD 218.3 million in Q1 2023 [14]. - The net operating income (NOI) for the same period was CAD 94.2 million, compared to CAD 97.3 million in the previous year [14]. - Same-property NOI increased by 1.4% year-over-year, reaching CAD 128.3 million [14]. - The overall occupancy rate decreased to 96.3% from 97.0% year-over-year, with a notable drop in the office segment occupancy by almost 4% [10][11]. Strategic Initiatives - H&R has been actively selling off properties, including a significant sale of an office property for CAD 232.5 million and several smaller transactions totaling approximately CAD 29.5 million [20][21]. - The company has created a new residential development trust, Lantower Residential, to fund and develop residential projects in Florida, raising USD 52 million in equity capital [33]. Market Position and Outlook - H&R is perceived to be undervalued compared to its peers, trading at a significant discount to its IFRS NAV, which is currently CAD 21.05 per unit [16][30]. - The REIT's diversification into residential and industrial properties is expected to enhance its stability and growth potential moving forward [28][33].

Core Viewpoint - Healthcare Realty (HR) has shown strong operational metrics in Q1 2024, but the financial situation remains concerning due to high debt levels and unsustainable dividend coverage [3][4][15]. Financial Performance - Total multi-tenant NOI grew by 2.8%, exceeding the overall growth rate for 2023 by approximately 50 basis points [5]. - FFO per share reached $0.39, aligning with the upper end of the previously issued guidance for 2024 [6]. - The company reported a net loss attributable to common stockholders of $310.8 million in Q1 2024, translating to a loss per diluted share of $0.82 [12]. Dividend and Cash Flow - The quarterly dividend exceeds the FAD generation, necessitating HR to utilize its equity or asset base to fund the existing dividend [6][11]. - FAD for Q1 2024 was $104.5 million, while quarterly dividends and OP distributions amounted to $119.5 million, indicating a shortfall [12]. Debt and Liquidity - Net debt to EBITDA stands at 6.4x, which is considered high [6]. - HR has entered a strategic joint venture with KKR, allowing access to $300 million in fresh liquidity, with plans to capture an additional $300 million in the next 90 days [8][15]. - Upcoming debt maturities in 2025 and 2026 total approximately $1.9 billion, posing refinancing risks [14]. Asset Management and Share Buybacks - HR has monetized several medical office buildings (MOBs) at a cap rate of 6.5%, which reflects the quality of its portfolio [15][16]. - The company has initiated a $500 million share repurchase program, with $42 million already spent to buy back 3 million shares at an average price of just over $14 per share [9][16]. - The strategy of using proceeds from asset sales for share buybacks raises concerns about the sustainability of dividend coverage and future cash flows [10][16].

Healthcare Realty Trust, Inc. (NYSE:HR) Q1 2024 Earnings Conference Call May 7, 2024 12:00 PM ET Company Participants Ronald Hubbard - VP, IR Todd Meredith - President, CEO & Director James Douglas - EVP & CFO Robert Hull - EVP, Investments Conference Call Participants Nicholas Yulico - Scotiabank Austin Wurschmidt - KeyBanc Capital Markets Michael Griffin - Citigroup Richard Anderson - Wedbush Securities Juan Sanabria - BMO Capital Markets John Pawlowski - Green Street Advisors Nikita Bely - JPMorgan Chase ...

Healthcare Realty Trust (HR) reported $326.81 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 1.8%. EPS of $0.39 for the same period compares to -$0.23 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $331.43 million, representing a surprise of -1.40%. The company delivered an EPS surprise of +2.63%, with the consensus EPS estimate being $0.38.While investors scrutinize revenue and earnings changes year-over-year and how they compare w ...

1Q2024 Supplemental Information FURNISHED AS OF MAY 7, 2024 - UNAUDITED FORWARD LOOKING STATEMENTS & RISK FACTORS This Supplemental Information report contains disclosures that are "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words and phrases such ...

_______________ FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Maryland 20-4738467 (State or other jurisdiction of Incorporation or organization) (I.R.S. Employer Identification No.) 3310 West End Avenue, Suite 700 Nashville, Tennessee 37203 (Address of principal executive offices) (615) 269-8175 (Registrant's telephone number, including area code) www.healthcarerealty.com (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...