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Jun 30, 2024
Healthcare Realty Q2 2024 Earnings Report
Healthcare Realty's financial performance was marked by a net loss, offset by progress in capital allocation and operational efficiency.
Key Takeaways
Healthcare Realty Trust reported a net loss attributable to common stockholders of $(143.8) million, or $(0.39) per diluted common share, for the second quarter ended June 30, 2024. Normalized FFO per share totaled $0.38. The company generated $400 million from JV and asset sale transactions and repurchased 18.5 million shares. Multi-tenant absorption reached 183,000 square feet year-to-date, and new leasing momentum remained strong with 432,000 square feet of new leases signed.
Generated approximately $400 million of proceeds from JV and asset sale transactions through the second quarter.
Repurchased 18.5 million shares to date, totaling $294.5 million.
Delivered multi-tenant absorption of 183,000 square feet year-to-date, or 55 basis points.
Signed new leases totaling approximately 432,000 square feet in the quarter.
Revenue by Segment
Forward Guidance
The Company affirms its 2024 Normalized FFO per share guidance.
Positive Outlook
- Activities outlined in the Components of Expected FFO on page 30 of the Supplemental Information
- Completed share repurchases and expected debt repayment from JV and asset sale transactions. The partial-year net accretion is expected to be approximately $0.01 per share of normalized FFO in 2024
- Seasonal utilities are expected to increase by approximately $2.0 million in the third quarter
- Previously disclosed single-tenant vacate in the third quarter is expected to reduce rental revenue by $0.6 million in the third quarter and an additional $0.3 million in the fourth quarter
- Steward Health rental income reduction of $3.6 million, comprised of $3.0 million of second quarter revenue reserves and loss of $0.6 million of straight-line rent income for the second through the fourth quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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