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Mar 31, 2021
Healthcare Realty Q1 2021 Earnings Report
Reported record earnings and tightened 2021 earnings guidance.
Key Takeaways
Healthcare Trust of America, Inc. reported a record first quarter in 2021, with a net income of $0.10 per diluted share, record FFO of $0.44 per diluted share, and record Normalized FAD of $88.8 million. Same-Property Cash Net Operating Income increased by 1.6% compared to Q1 2020. The company also tightened its 2021 earnings guidance.
Net income attributable to common stockholders was $0.10 per diluted share.
FFO as defined by NAREIT was $0.44 per diluted share, a record level for HTA, up 4.8% compared to Q1 2020.
Normalized FFO was $0.44 per diluted share, also a record and up 4.8% compared to Q1 2020.
Normalized FAD was $88.8 million, another record for HTA, and up 14.7% compared to Q1 2020.
Revenue by Segment
Forward Guidance
HTA has tightened the lower end of its earnings range and has updated its 2021 guidance to range as follows: Annual ExpectationsLowtoHighNet income attributable to common stockholders per share$0.32$0.40Same-Property Cash NOI2.0%3.0%FFO per share, as defined by NAREIT$1.70$1.77Normalized FFO per share$1.73$1.79
Positive Outlook
- $300 - $600 million of investments at an average 5.5% to 6.0% yield
- $65 - $100 million of dispositions at a 5.0% to 7.0% yield
- general and administrative costs of $43 - $46 million
- average fully diluted shares of between 226 and 229 million fully diluted shares of common stock outstanding, with proceeds from equity previously raised on a forward basis being utilized to fund acquisitions as they close
- developments being substantially completed as planned
Challenges Ahead
- The lower end of the range assumes settlement of forward equity agreements without deployment of cash proceeds for investments.
- HTA expects leverage, measured as (i) debt less cash and cash equivalents to total capitalization, and (ii) measured as debt less cash and cash equivalents to Adjusted EBITDAre to range between 5.5x and 6.0x throughout the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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