Healthcare Realty Trust Incorporated (HR)
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Healthcare Realty: No Reason For Dividend Investors To Become Bullish
HR's Q2, 2024 earnings report showed positive same store NOI growth, but a decrease in normalized FFO per share. Despite asset disposals and debt repayments, HR's FAD continues to be below the quarterly dividend, raising concerns about dividend coverage. HR's long-term prospects are positive due to healthcare industry trends, but current uncertainties make it a risky investment, especially for dividend investors.
Healthcare Realty Trust Incorporated (HR) Q2 2024 Earnings Call Transcript
Healthcare Realty Trust Incorporated (NYSE:HR ) Q2 2024 Earnings Conference Call August 2, 2024 12:00 PM ET Company Participants Ron Hubbard - Vice President, Investor Relations Todd Meredith - President and Chief Executive Officer Kris Douglas - Executive Vice President and Chief Financial Officer Rob Hull - Executive Vice President, Investments Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Griffin - Citi Michael Mueller - JPMorgan Richard Anderson - Wedbush Securities John Kilichowski - Wells Fargo Emily Meckler - Green Street Omotayo Okusanya - Deutsche Bank Operator Good afternoon. Thank you for attending the Healthcare Realty Second Quarter Earnings Conference Call.
Compared to Estimates, Healthcare Realty Trust (HR) Q2 Earnings: A Look at Key Metrics
The headline numbers for Healthcare Realty Trust (HR) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Healthcare Realty Trust (HR) Q2 FFO Match Estimates
Healthcare Realty Trust (HR) came out with quarterly funds from operations (FFO) of $0.38 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.39 per share a year ago.
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Healthcare Realty: Strong Leasing Velocity, Hefty Dispositions, And A Bold Capital Strategy
Healthcare Realty Trust specializes in medical office buildings, focusing on outpatient care near large hospital campuses. HR has faced challenges in recent years, including declining occupancy rates and financial deterioration. Recent corporate updates show HR's aggressive recapitalization strategy through asset sales, joint ventures, and share repurchases to address financial issues and improve performance.
Natixis Advisors L.P. Sells 79,724 Shares of Healthcare Realty Trust Incorporated (NYSE:HR)
Natixis Advisors L.P. cut its position in shares of Healthcare Realty Trust Incorporated (NYSE:HR – Free Report) by 86.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,169 shares of the real estate investment trust’s stock after selling 79,724 shares during the period. Natixis Advisors L.P.’s holdings in Healthcare Realty Trust were worth $209,000 at the end of the most recent reporting period. A number of other large investors have also modified their holdings of HR. Nordea Investment Management AB lifted its position in shares of Healthcare Realty Trust by 18.3% during the 4th quarter. Nordea Investment Management AB now owns 1,926,498 shares of the real estate investment trust’s stock worth $33,405,000 after buying an additional 297,603 shares during the period. abrdn plc boosted its stake in shares of Healthcare Realty Trust by 192.4% in the 4th quarter. abrdn plc now owns 247,562 shares of the real estate investment trust’s stock valued at $4,265,000 after purchasing an additional 162,886 shares in the last quarter. New York Life Investment Management LLC grew its holdings in shares of Healthcare Realty Trust by 81.3% in the 3rd quarter. New York Life Investment Management LLC now owns 47,537 shares of the real estate investment trust’s stock worth $726,000 after purchasing an additional 21,315 shares during the last quarter. Beach Investment Counsel Inc. PA increased its position in shares of Healthcare Realty Trust by 148.6% during the 4th quarter. Beach Investment Counsel Inc. PA now owns 1,690,994 shares of the real estate investment trust’s stock worth $29,136,000 after purchasing an additional 1,010,841 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Healthcare Realty Trust by 28.5% during the 3rd quarter. Barclays PLC now owns 540,973 shares of the real estate investment trust’s stock valued at $8,259,000 after purchasing an additional 120,030 shares during the last quarter. Analysts Set New Price Targets Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Healthcare Realty Trust in a report on Tuesday, January 30th. They set a “hold” rating and a $18.00 price objective for the company. Wedbush lifted their price objective on Healthcare Realty Trust from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Stifel Nicolaus cut Healthcare Realty Trust from a “buy” rating to a “hold” rating and decreased their target price for the stock from $19.00 to $15.00 in a report on Tuesday, February 20th. Wells Fargo & Company cut their price target on Healthcare Realty Trust from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Healthcare Realty Trust from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.20. View Our Latest Analysis on HR Healthcare Realty Trust Price Performance Shares of Healthcare Realty Trust stock opened at $15.87 on Monday. The company has a market capitalization of $6.01 billion, a P/E ratio of -11.93 and a beta of 0.78. The business has a 50-day moving average of $14.25 and a two-hundred day moving average of $15.14. Healthcare Realty Trust Incorporated has a 1 year low of $12.77 and a 1 year high of $20.25. Healthcare Realty Trust (NYSE:HR – Get Free Report) last announced its earnings results on Friday, February 16th. The real estate investment trust reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.51). The company had revenue of $330.40 million for the quarter, compared to analyst estimates of $334.32 million. Healthcare Realty Trust had a negative return on equity of 7.22% and a negative net margin of 37.53%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. On average, equities analysts anticipate that Healthcare Realty Trust Incorporated will post 1.56 EPS for the current fiscal year. Healthcare Realty Trust Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Monday, May 13th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $1.24 annualized dividend and a yield of 7.81%. Healthcare Realty Trust’s dividend payout ratio is currently -93.23%. Healthcare Realty Trust Profile (Free Report) Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty's portfolio includes more than 700 properties totaling over 40 million square feet concentrated in 15 growth markets.
