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Sep 30, 2021
Healthcare Realty Q3 2021 Earnings Report
Reported strong results driven by strategic partnerships and portfolio performance.
Key Takeaways
Healthcare Trust of America reported a positive third quarter, marked by an increase in FFO per diluted share and strategic investments. The company's portfolio performance remained robust, with a leased rate increase and successful lease executions. HTA is actively engaged in a strategic review process to enhance shareholder value.
Net income attributable to common stockholders was $0.10 per diluted share.
FFO increased by 41.9% compared to Q3 2020, reaching $0.44 per diluted share.
Same-Property Cash Net Operating Income (NOI) grew by 2.5% compared to Q3 2020.
Closed on four medical office building investments totaling $135 million with 469,000 square feet of GLA at anticipated in-place year one yields of 5.7%.
Revenue by Segment
Forward Guidance
HTA updates its 2021 guidance with net income attributable to common stockholders per share between $0.44 and $0.48, Same-Property Cash NOI between 2.0% and 2.5%, FFO per share as defined by NAREIT between $1.73 and $1.77, and Normalized FFO per share between $1.75 and $1.77.
Positive Outlook
- $400 - $500 million of investments at an average 5.5% to 6.0% yield
- General and administrative costs of $43 - $46 million
- Developments being substantially completed as planned
- Average fully diluted shares of between 224 and 225 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.
- HTA expects leverage to range between 5.5x and 6.0x throughout the year.
Challenges Ahead
- The 2021 guidance is based on a number of assumptions that are subject to change and many of which are beyond HTA’s control.
- HTA’s guidance does not contemplate impacts from gains or losses from dispositions, potential impairments, or debt extinguishment costs, if any.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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