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Healthcare Realty Trust Reports Results for the Third Quarter

NASHVILLE, Tennessee, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended SeptemberA 30, 2019.A  The Company reported net income of $2.6 million, or $0.02 per diluted common share for the quarter ended SeptemberA 30, 2019.A  Normalized FFO for the three months ended SeptemberA 30, 2019 totaled $51.7 million, or $0.40 per diluted common share.
Salient quarterly highlights include:

Normalized FFO per share increased 3.2% over the third quarter of 2018.



For the trailing twelve months ended SeptemberA 30, 2019, same store cash NOI grew 3.3%.

Revenues increased 2.8% and revenue per average occupied square foot increased 2.9%.



Operating expenses increased 2.0%.



Average occupancy was stable at 89.0%.





Predictive growth measures in the same store multi-tenant portfolio include:

Average in-place rent increases of 2.93%, up from 2.88% a year ago, partially attributable to future annual contractual increases of 3.06% for leases commencing in the quarter.A 



Weighted average cash leasing spreads of 3.3% on 671,000 square feet renewed:A A 

12% (4%)A 





Tenant retention of 90.2%.





Portfolio leasing activity in the third quarter totaled 862,000 square feet related to 205 leases:

756,000 square feet of renewals



106,000 square feet of new and expansion leases





During the third quarter, the Company acquired four medical office buildings for $78.7 million totaling 175,000 square feet that were 87% leased.A  Acquisitions included:

In Houston, a 30,000 square foot building on the campus of AA rated Houston Methodist's Sugar Land Hospital for $13.5 million.A 



In Oklahoma City, a 29,000 square foot building adjacent to A+ rated Integris Health's Baptist Medical Center for $4.1 million.



In Los Angeles, two medical office buildings totaling 116,000 square feet adjacent to A- rated Huntington Hospital for $61.1 million.





Subsequent to the end of the quarter, the Company acquired two medical office buildings for $41.7 million totaling 106,000 square feet that were 98% leased.A  Acquisitions included:

In Raleigh, a 58,000 square foot building adjacent to A2 rated WakeMed's North Hospital for $21.6 million.



In Dallas, a 48,000 square foot building adjacent to AA- rated Baylor Scott & White Health's Medical Center of Plano for $20.1 million.





In October, the Company initiated the redevelopment of a 111,000 square foot medical office building in Memphis.A  The building will have initial leasing commitments totaling 81% and will be anchored by BBB+ rated Baptist Memorial Health Care. The property is expected to generate a stabilized yield of 7.6% on a redevelopment budget totaling $28 million, which includes the approximate $9 million acquisition of the property from the hospital.



Since the end of the second quarter, dispositions totaled $16.2 million including two medical office buildings located in Virginia Beach and San Antonio as well as an inpatient rehab facility in Erie, PA.



Through its at-the-market equity program, the Company raised $72 million during the third quarter and an additional $78 million in October.



Net debt to adjusted EBITDA was 5.2 times at the end of the quarter.



A dividend of $0.30 per common share was declared for the third quarter.A  Dividends paid for the quarter equaled 75.2% of normalized FFO and 91.3% of FAD.

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States.A  As of SeptemberA 30, 2019, the Company owned 204 real estate properties in 26 states totaling 15.4 million square feet and was valued at approximately $5.9 billion. The Company provided leasing and property management services to 11.2 million square feet nationwide.Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com.A  Please contact the Company at 615.269.8175 to request a printed copy of this information.In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors," and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company's judgment as of the date of this release.A  The Company disclaims any obligation to update forward-looking statements. A reconciliation of all non-GAAP financial measures in this release is included herein.
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