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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.
Healthcare Realty
Healthcare Realty
Healthcare Realty Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comInterest Income Revenue
CapyFin.comOther Operating Revenue
CapyFin.com 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