Healthcare Realty Q1 2024 Earnings Report
Key Takeaways
Healthcare Realty Trust reported a net loss of $(310.8) million, or $(0.82) per diluted common share, for the first quarter ended March 31, 2024. Normalized FFO per share totaled $0.39 for the same period. The company is focused on capital allocation and operational momentum, including a $383 million JV with KKR and share repurchases.
Announced a $383 million JV with KKR at a 6.6% cap rate, expecting $300 million in proceeds.
Anticipates over $300 million in proceeds within 90 days from separate transactions.
Repurchased 3.0 million shares for $41.7 million in April.
Tenant retention improved to 84.8%, up from 78.2% in the previous quarter.
Healthcare Realty
Healthcare Realty
Healthcare Realty Revenue by Segment
Forward Guidance
The Company affirms its 2024 Normalized FFO per share guidance.
Positive Outlook
- Expected 2Q 2024 earnings per share Low: $(0.12)
- Expected 2Q 2024 earnings per share High: $(0.11)
- Expected 2Q 2024 Normalized FFO per share Low: $0.38
- Expected 2Q 2024 Normalized FFO per share High: $0.39
- Expected 2024 Normalized FFO per share Low: $1.52
Challenges Ahead
- Expected 2024 earnings per share Low: $(1.30)
- Expected 2024 earnings per share High: $(0.80)
- Expected 2Q 2024 NAREIT FFO per share Low: $0.35
- Expected 2Q 2024 NAREIT FFO per share High: $0.36
- Expected 2024 NAREIT FFO per share Low: $0.77
Revenue & Expenses
Visualization of income flow from segment revenue to net income