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Jun 30, 2021
Healthcare Realty Q2 2021 Earnings Report
Announced results for the three and six months ended June 30, 2021.
Key Takeaways
Healthcare Trust of America reported a net income of $0.17 per diluted share. FFO was $0.44 per diluted share, a 10.0% increase compared to Q2 2020. Normalized FFO was $0.44 per diluted share, up 4.8% from Q2 2020.
Reported net income attributable to common stockholders of $0.17 per diluted share.
Reported Funds From Operations (“FFO”), as defined by NAREIT, of $0.44 per diluted share, an increase of 10.0% compared to Q2 2020.
Reported Normalized FFO of $0.44 per diluted share, an increase of 4.8% compared to Q2 2020.
Reported Same-Property Cash Net Operating Income (“NOI”) growth of 2.1% compared to Q2 2020.
Forward Guidance
HTA updates its 2021 guidance to range as follows: Net income attributable to common stockholders per share $0.40-$0.44, Same-Property Cash NOI 2.0%-2.5%, FFO per share, as defined by NAREIT $1.70-$1.77, Normalized FFO per share $1.74-$1.78.
Positive Outlook
- $375 - $600 million of investments at an average 5.5% to 6.0% yield
- $70 - $125 million of dispositions at a 5.0% to 6.5% yield
- general and administrative costs of $43 - $46 million
- average fully diluted shares of between 224 and 226 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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