Healthcare Realty Trust Incorporated (NYSE:HR) today announced
results for the second quarter ended June 30, 2023. The
Company reported net loss attributable to common stockholders of
$82.8 million, or $0.22 per diluted common share, for the quarter
ended June 30, 2023. Normalized FFO for the three months ended
June 30, 2023 totaled $149.8 million, or $0.39 per diluted
common share.
Salient quarterly highlights include:
- Normalized FFO per share totaled $0.39.
- Merger Combined Same Store cash NOI, including the Company's
share of joint ventures, for the second quarter increased 2.1% over
the prior year, and 2.9% for the trailing twelve months ended June
30, 2023.
- The Company merged with Legacy HTA on July 20, 2022. Beginning
in third quarter of 2022, the Company reported combined company
same store results, which are now referred to as Merger Combined
Same Store. Merger Combined Same Store includes the Company’s same
store properties, including Legacy HTA properties, that were owned
for the full comparative period, and that meet each other element
of the Company’s same store criteria. The Company presents the
combined companies’ same store portfolios to provide an
understanding of the operating performance and growth potential of
the combined company.
- Predictive growth measures in the Merger Combined Same Store
portfolio include:
- Average in-place rent increases of 2.7%
- Future annual contractual increases of
3.0% for leases commencing in the quarter.
- Weighted average MOB cash leasing
spreads of 3.0% on 598,000 square feet renewed:
- 6% (<0% spread)
- 16% (0-3%)
- 62% (3-4%)
- 15% (>4%)
- Tenant retention of 80.5%
- Year-over-year absorption of 26,000 square feet resulted in an
average occupancy increase of 20 basis points, to 89.0%.
- Portfolio leasing activity that commenced in the second quarter
totaled 1,041,000 square feet related to 306 leases:
- 736,000 square feet of renewals
- 305,000 square feet of new and expansion leases
- The Company executed new leases totaling 376,000 square feet in
the quarter that will commence in future periods, an increase of
57% over the first quarter.
- The total portfolio leased percentage was 88.9% at June 30,
which was 150 basis points greater than portfolio occupancy. The
portfolio leased percentage increased 30 basis points from the
first quarter.
- Since the end of the first quarter, the Company sold three
properties totaling $21.6 million. The Company expects to generate
over $300 million of proceeds related to properties under contract
or letters of intent that are expected to be sold by year-end.
- Net debt to adjusted EBITDA was 6.6 times at the end of the
quarter. Leverage is expected to decline from additional asset
sales and underlying portfolio NOI growth.
- A dividend of $0.31 per share was paid
in June. A dividend of $0.31 per share will be paid on August 30,
2023 to stockholders and OP unitholders of record on August 15,
2023.
- On Tuesday, August 8, 2023, at 11:00
a.m. Central Time, Healthcare Realty Trust has scheduled a
conference call to discuss earnings results, quarterly activities,
general operations of the Company and industry trends.
Simultaneously, a webcast of the conference call will be available
to interested parties at
https://investors.healthcarerealty.com/corporate-profile/webcasts
under the Investor Relations section. A webcast replay will be
available following the call at the same address. Conference Call
Access Details: Domestic Dial-In Number: +1 833-470-1428 access
code 294698; All Other Locations: +1 404-975-4839 access code
294698. Replay Information: Domestic Dial-In Number: +1
866-813-9403 access code 594252; All Other Locations: +1
929-458-6194 access code 594252.
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. As of June 30, 2023, the Company was invested in
over 700 real estate properties totaling more than 40 million
square feet and provided leasing and property management services
to over 35 million square feet nationwide.
Additional information regarding the Company, including this
quarter's operations, can be found at www.healthcarerealty.com. In
addition to the historical information contained within, this press
release contains certain forward-looking statements with respect to
the Company. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding
management’s intentions, beliefs, expectations, plans or
predictions of the future, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially and in adverse ways from those
expressed or implied by such forward-looking statements. These
risks, uncertainties and contingencies include, without limitation,
the following: failure to realize the expected benefits of the
Merger; significant transaction costs and/or unknown or inestimable
liabilities; the risk that HTA’s business will not be integrated
successfully or that such integration may be more difficult,
time-consuming or costly than expected; risks related to future
opportunities and plans for the Company, including the uncertainty
of expected future financial performance and results of the
Company; the possibility that, if the Company does not achieve the
perceived benefits of the Merger as rapidly or to the extent
anticipated by financial analysts or investors, the market price of
the Company’s common stock could decline; general adverse economic
and local real estate conditions; changes in economic conditions
generally and the real estate market specifically; legislative and
regulatory changes, including changes to laws governing the
taxation of REITs and changes to laws governing the healthcare
industry; the availability of capital; changes in interest rates;
competition in the real estate industry; the supply and demand for
operating properties in the Company’s proposed market areas;
changes in accounting principles generally accepted in the US;
policies and guidelines applicable to REITs; the availability of
properties to acquire; the availability of financing; pandemics and
other health concerns, and the measures intended to prevent their
spread, including the currently ongoing COVID-19 pandemic; and the
potential material adverse effect these matters may have on the
Company’s business, results of operations, cash flows and financial
condition. Additional information concerning the Company and its
business, including additional factors that could materially and
adversely affect the Company’s financial results, include, without
limitation, the risks described under Part I, Item 1A - Risk
Factors, in the Company’s 2022 Annual Report on Form 10-K and in
its other filings with the SEC.
|
Consolidated Balance Sheets 1DOLLARS IN THOUSANDS,
EXCEPT PER SHARE DATA |
ASSETS |
|
|
|
|
|
2Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
Real estate properties |
|
|
|
|
Land |
$ |
1,424,453 |
|
$ |
1,412,805 |
|
$ |
1,439,798 |
|
$ |
1,449,550 |
|
Buildings and
improvements |
|
11,188,821 |
|
|
11,196,297 |
|
|
11,332,037 |
|
|
11,439,797 |
|
Lease intangibles |
|
922,029 |
|
|
929,008 |
|
|
959,998 |
|
|
968,914 |
|
Personal property |
|
12,615 |
|
|
11,945 |
|
|
11,907 |
|
|
11,680 |
|
Investment in financing
receivables, net |
|
121,315 |
|
|
120,692 |
|
|
120,236 |
|
|
118,919 |
|
Financing lease right-of-use
assets |
|
83,016 |
|
|
83,420 |
|
|
83,824 |
|
|
79,950 |
|
Construction in progress |
|
53,311 |
|
|
42,615 |
|
|
35,560 |
|
|
43,148 |
|
Land
held for development |
|
78,411 |
|
|
69,575 |
|
|
74,265 |
|
|
73,321 |
|
Total real estate investments |
|
13,883,971 |
|
|
13,866,357 |
|
|
14,057,625 |
|
|
14,185,279 |
|
Less
accumulated depreciation and amortization |
|
(1,983,944 |
) |
|
(1,810,093 |
) |
|
(1,645,271 |
) |
|
(1,468,736 |
) |
Total real estate investments, net |
|
11,900,027 |
|
|
12,056,264 |
|
|
12,412,354 |
|
|
12,716,543 |
|
Cash and cash equivalents |
|
35,904 |
|
|
49,941 |
|
|
60,961 |
|
|
57,583 |
|
Assets held for sale, net |
|
151 |
|
|
3,579 |
|
|
18,893 |
|
|
185,074 |
|
Operating lease right-of-use
assets |
|
333,224 |
|
|
336,112 |
|
|
336,983 |
|
|
321,365 |
|
Investments in unconsolidated
joint ventures |
|
327,245 |
|
|
327,746 |
|
|
327,248 |
|
|
327,752 |
|
Other
assets, net and goodwill |
|
797,796 |
|
|
795,242 |
|
|
693,192 |
|
|
587,126 |
|
Total assets |
$ |
13,394,347 |
|
$ |
13,568,884 |
|
$ |
13,849,631 |
|
$ |
14,195,443 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
1Q 2023 |
1Q 2023 |
4Q 2022 |
3Q 2022 |
Liabilities |
|
|
|
|
Notes and bonds payable |
$ |
5,340,272 |
|
$ |
5,361,699 |
|
$ |
5,351,827 |
|
$ |
5,570,139 |
|
Accounts payable and accrued
liabilities |
|
196,147 |
|
|
155,210 |
|
|
244,033 |
|
|
231,018 |
|
Liabilities of properties held
for sale |
|
222 |
|
|
277 |
|
|
437 |
|
|
10,644 |
|
Operating lease
liabilities |
|
278,479 |
|
|
279,637 |
|
|
279,895 |
|
|
268,840 |
|
Financing lease
liabilities |
|
73,629 |
|
|
73,193 |
|
|
72,939 |
|
|
72,378 |
|
Other
liabilities |
|
219,694 |
|
|
232,029 |
|
|
218,668 |
|
|
203,398 |
|
Total liabilities |
|
6,108,443 |
|
|
6,102,045 |
|
|
6,167,799 |
|
|
6,356,417 |
|
|
|
|
|
|
Redeemable non-controlling
interests |
|
2,487 |
|
|
2,000 |
|
|
2,014 |
|
|
— |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
Preferred stock, $0.01 par
value; 200,000 shares authorized |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock, $0.01 par value;
1,000,000 shares authorized |
|
3,808 |
|
|
3,808 |
|
|
3,806 |
|
|
3,806 |
|
Additional paid-in
capital |
|
9,595,033 |
|
|
9,591,194 |
|
|
9,587,637 |
|
|
9,586,556 |
|
Accumulated other
comprehensive income (loss) |
|
9,328 |
|
|
(8,554 |
) |
|
2,140 |
|
|
5,524 |
|
Cumulative net income
attributable to common stockholders |
|
1,137,171 |
|
|
1,219,930 |
|
|
1,307,055 |
|
|
1,342,819 |
|
Cumulative dividends 1 |
|
(3,565,941 |
) |
|
(3,447,750 |
) |
|
(3,329,562 |
) |
|
(3,211,492 |
) |
Total stockholders' equity |
|
7,179,399 |
|
|
7,358,628 |
|
|
7,571,076 |
|
|
7,727,213 |
|
Non-controlling interest |
|
104,018 |
|
|
106,211 |
|
|
108,742 |
|
|
111,813 |
|
Total Equity |
|
7,283,417 |
|
|
7,464,839 |
|
|
7,679,818 |
|
|
7,839,026 |
|
Total liabilities and stockholders' equity |
$ |
13,394,347 |
|
$ |
13,568,884 |
|
$ |
13,849,631 |
|
$ |
14,195,443 |
|
1 Includes Legacy HTA's cumulative dividends
in excess of earnings.
|
Consolidated Statements of IncomeDOLLARS IN
THOUSANDS, EXCEPT PER SHARE DATA |
|
|
|
|
|
|
2Q 2023 |
1Q 2023 |
4Q 2022 |
Revenues |
|
|
|
Rental income |
$ |
329,680 |
|
$ |
324,093 |
|
$ |
329,399 |
|
Interest income |
|
4,233 |
|
|
4,214 |
|
|
4,227 |
|
Other
operating |
|
4,230 |
|
|
4,618 |
|
|
4,436 |
|
|
|
338,143 |
|
|
332,925 |
|
|
338,062 |
|
Expenses |
|
|
|
Property operating |
|
125,395 |
|
|
122,040 |
|
|
117,009 |
|
General and
administrative |
|
15,464 |
|
|
14,935 |
|
|
14,417 |
|
Acquisition and pursuit costs
1 |
|
669 |
|
|
287 |
|
|
92 |
|
Merger-related costs |
|
(15,670 |
) |
|
4,855 |
|
|
10,777 |
|
Depreciation and amortization |
|
183,193 |
|
|
184,479 |
|
|
185,275 |
|
|
|
309,051 |
|
|
326,596 |
|
|
327,570 |
|
Other income (expense) |
|
|
|
Interest expense before
merger-related fair value |
|
(54,780 |
) |
|
(52,895 |
) |
|
(52,464 |
) |
Merger-related fair value adjustment |
|
(10,554 |
) |
|
(10,864 |
) |
|
(11,979 |
) |
Interest expense |
|
(65,334 |
) |
|
(63,759 |
) |
|
(64,443 |
) |
Gain on sales of real estate
properties |
|
7,156 |
|
|
1,007 |
|
|
73,083 |
|
Gain (loss) on extinguishment
of debt |
|
— |
|
|
— |
|
|
119 |
|
Impairment of real estate
assets and credit loss reserves |
|
(55,215 |
) |
|
(31,422 |
) |
|
(54,452 |
) |
Equity(loss) gain from
unconsolidated joint ventures |
|
(17 |
) |
|
(780 |
) |
|
89 |
|
Interest and other income (expense), net |
|
592 |
|
|
547 |
|
|
(1,168 |
) |
|
|
(112,818 |
) |
|
(94,407 |
) |
|
(46,772 |
) |
Net (loss) income |
$ |
(83,726 |
) |
$ |
(88,078 |
) |
$ |
(36,280 |
) |
Net
loss (income) attributable to non-controlling interests |
|
967 |
|
|
953 |
|
|
516 |
|
Net (loss) income attributable to common stockholders |
$ |
(82,759 |
) |
$ |
(87,125 |
) |
$ |
(35,764 |
) |
|
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
(0.22 |
) |
$ |
(0.23 |
) |
$ |
(0.10 |
) |
Diluted earnings per common
share |
$ |
(0.22 |
) |
$ |
(0.23 |
) |
$ |
(0.10 |
) |
|
|
|
|
Weighted average common shares
outstanding - basic |
|
378,897 |
|
|
378,840 |
|
|
378,617 |
|
Weighted average common shares
outstanding - diluted 2 |
|
378,897 |
|
|
378,840 |
|
|
378,617 |
|
1 Includes third party and travel costs
related to the pursuit of acquisitions and developments.2
Potential common shares are not included in the
computation of diluted earnings per share when a loss exists, as
the effect would be an antidilutive per share amount. As a result,
the Company's OP totaling 4,042,993 units was not included.
|
|
|
|
Reconciliation of FFO, Normalized FFO and FAD
1,2,3DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
|
|
|
|
|
2Q 2023 |
1Q 2023 |
4Q 2022 |
Net (loss) income attributable
to common stockholders |
$ |
(82,759 |
) |
$ |
(87,125 |
) |
$ |
(35,764 |
) |
Net (loss) income attributable
to common stockholders per share 3 |
$ |
(0.22 |
) |
$ |
(0.23 |
) |
$ |
(0.10 |
) |
|
|
|
|
Gain on sales of real estate
assets |
|
(7,156 |
) |
|
(1,007 |
) |
|
(73,083 |
) |
Impairments of real estate
assets |
|
55,215 |
|
|
26,227 |
|
|
54,452 |
|
Real estate depreciation and
amortization |
|
185,003 |
|
|
186,109 |
|
|
186,658 |
|
Non-controlling (loss) income
from partnership units |
|
(1,027 |
) |
|
(1,067 |
) |
|
(382 |
) |
Unconsolidated JV depreciation and amortization |
|
4,412 |
|
|
4,841 |
|
|
4,020 |
|
FFO adjustments |
$ |
236,447 |
|
$ |
215,103 |
|
$ |
171,665 |
|
FFO
adjustments per common share - diluted |
$ |
0.62 |
|
$ |
0.56 |
|
$ |
0.45 |
|
FFO |
$ |
153,688 |
|
$ |
127,978 |
|
$ |
135,901 |
|
FFO per common share -
diluted |
$ |
0.40 |
|
$ |
0.33 |
|
$ |
0.35 |
|
|
|
|
|
Acquisition and pursuit
costs |
|
669 |
|
|
287 |
|
|
92 |
|
Merger-related costs |
|
(15,670 |
) |
|
4,855 |
|
|
10,777 |
|
Lease intangible
amortization |
|
240 |
|
|
146 |
|
|
137 |
|
Non-routine legal
costs/forfeited earnest money received |
|
275 |
|
|
— |
|
|
194 |
|
Debt financing costs |
|
— |
|
|
— |
|
|
625 |
|
Allowance for credit losses
4 |
|
— |
|
|
8,599 |
|
|
— |
|
Merger-related fair value
adjustment |
|
10,554 |
|
|
10,864 |
|
|
11,979 |
|
Unconsolidated JV normalizing items 5 |
|
93 |
|
|
117 |
|
|
96 |
|
Normalized FFO adjustments |
$ |
(3,839 |
) |
$ |
24,868 |
|
$ |
23,900 |
|
Normalized FFO adjustments per common share - diluted |
$ |
(0.01 |
) |
$ |
0.06 |
|
$ |
0.06 |
|
Normalized FFO |
$ |
149,849 |
|
$ |
152,846 |
|
$ |
159,801 |
|
Normalized FFO per common
share - diluted |
$ |
0.39 |
|
$ |
0.40 |
|
$ |
0.42 |
|
|
|
|
|
Non-real estate depreciation
and amortization |
|
802 |
|
|
604 |
|
|
624 |
|
Non-cash interest
amortization, net 6 |
|
1,618 |
|
|
682 |
|
|
2,284 |
|
Rent reserves, net |
|
(54 |
) |
|
1,371 |
|
|
(100 |
) |
Straight-line rent income,
net |
|
(8,005 |
) |
|
(8,246 |
) |
|
(9,873 |
) |
Stock-based compensation |
|
3,924 |
|
|
3,745 |
|
|
3,573 |
|
Unconsolidated JV non-cash items 7 |
|
(316 |
) |
|
(227 |
) |
|
(316 |
) |
Normalized FFO adjusted for non-cash items |
|
147,818 |
|
|
150,775 |
|
|
155,993 |
|
2nd generation TI |
|
(17,236 |
) |
|
(8,882 |
) |
|
(13,523 |
) |
Leasing commissions paid |
|
(5,493 |
) |
|
(7,013 |
) |
|
(7,404 |
) |
Capital expenditures |
|
(8,649 |
) |
|
(8,946 |
) |
|
(25,669 |
) |
Total maintenance capex |
|
(31,378 |
) |
|
(24,841 |
) |
|
(46,596 |
) |
FAD |
$ |
116,440 |
|
$ |
125,934 |
|
$ |
109,397 |
|
Quarterly
dividends |
$ |
119,444 |
|
$ |
119,442 |
|
$ |
119,323 |
|
FFO wtd avg common
shares outstanding - diluted 8 |
|
383,409 |
|
|
383,335 |
|
|
383,228 |
|
1 Funds from operations (“FFO”) and FFO per
share are operating performance measures adopted by NAREIT. NAREIT
defines FFO as “net income (computed in accordance with GAAP)
excluding depreciation and amortization related to real estate,
gains and losses from the sale of certain real estate assets, gains
and losses from change in control, and impairment write-downs of
certain real assets and investments in entities when the impairment
is directly attributable to decreases in the value of depreciable
real estate held by the entity.”2 FFO,
Normalized FFO and Funds Available for Distribution ("FAD") do not
represent cash generated from operating activities determined in
accordance with GAAP and is not necessarily indicative of cash
available to fund cash needs. FFO, Normalized FFO and FAD should
not be considered alternatives to net income attributable to common
stockholders as indicators of the Company's operating performance
or as alternatives to cash flow as measures of liquidity.3
Potential common shares are not included in the
computation of diluted earnings per share when a loss exists, as
the effect would be an antidilutive per share amount.4
In Q1 2023, allowance for credit losses included a $5.2
million credit allowance for a mezzanine loan included in
"Impairment of real estate and credit loss reserves" on the
Statement of Income and $3.4 million reserve included in “Rental
Income” on the Statement of Income for previously deferred rent and
straight line rent for three skilled nursing facilities.5
Includes the Company's proportionate share of
normalizing items related to unconsolidated joint ventures such as
lease intangibles and acquisition and pursuit costs.6
Includes the amortization of deferred financing costs,
discounts and premiums, and non-cash financing receivable
amortization.7 Includes the Company's
proportionate share of straight-line rent, net and rent reserves,
net related to unconsolidated joint ventures.8
The Company utilizes the treasury stock method, which
includes the dilutive effect of nonvested share-based awards
outstanding of 442,263 for the three months ended June 30, 2023.
Also includes the diluted impact of 4,042,993 OP units
outstanding.
|
Reconciliation of Non-GAAP Measures |
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA - UNAUDITED |
|
Management considers funds from operations ("FFO"), FFO per
share, normalized FFO, normalized FFO per share, funds available
for distribution ("FAD") to be useful non-GAAP measures of the
Company's operating performance. A non-GAAP financial measure is
generally defined as one that purports to measure historical
financial performance, financial position or cash flows, but
excludes or includes amounts that would not be so adjusted in the
most comparable measure determined in accordance with GAAP. Set
forth below are descriptions of the non-GAAP financial measures
management considers relevant to the Company's business and useful
to investors.
The non-GAAP financial measures presented herein are not
necessarily identical to those presented by other real estate
companies due to the fact that not all real estate companies use
the same definitions. These measures should not be considered as
alternatives to net income (determined in accordance with GAAP), as
indicators of the Company's financial performance, or as
alternatives to cash flow from operating activities (determined in
accordance with GAAP) as measures of the Company's liquidity, nor
are these measures necessarily indicative of sufficient cash flow
to fund all of the Company's needs.
FFO and FFO per share are operating performance measures adopted
by the National Association of Real Estate Investment Trusts, Inc.
(“NAREIT”). NAREIT defines FFO as “net income (computed in
accordance with GAAP) excluding depreciation and amortization
related to real estate, gains and losses from the sale of certain
real estate assets, gains and losses from change in control, and
impairment write-downs of certain real assets and investments in
entities when the impairment is directly attributable to decreases
in the value of depreciable real estate held by the entity.” The
Company defines Normalized FFO as FFO excluding acquisition-related
expenses, lease intangible amortization and other normalizing items
that are unusual and infrequent in nature. FAD is presented by
adding to Normalized FFO non-real estate depreciation and
amortization, deferred financing fees amortization, share-based
compensation expense and rent reserves, net; and subtracting
maintenance capital expenditures, including second generation
tenant improvements and leasing commissions paid and straight-line
rent income, net of expense. The Company's definition of these
terms may not be comparable to that of other real estate companies
as they may have different methodologies for computing these
amounts. FFO, Normalized FFO and FAD do not represent cash
generated from operating activities determined in accordance with
GAAP and are not necessarily indicative of cash available to fund
cash needs. FFO, Normalized FFO and FAD should not be considered an
alternative to net income as an indicator of the Company’s
operating performance or as an alternative to cash flow as a
measure of liquidity. FFO, Normalized FFO and FAD should be
reviewed in connection with GAAP financial measures.
Management believes FFO, FFO per share, Normalized FFO,
Normalized FFO per share, and FAD provide an understanding of the
operating performance of the Company’s properties without giving
effect to certain significant non-cash items, including
depreciation and amortization expense. Historical cost accounting
for real estate assets in accordance with GAAP assumes that the
value of real estate assets diminishes predictably over time.
However, real estate values instead have historically risen or
fallen with market conditions. The Company believes that by
excluding the effect of depreciation, amortization, gains or losses
from sales of real estate, and other normalizing items that are
unusual and infrequent, FFO, FFO per share, Normalized FFO,
Normalized FFO per share and FAD can facilitate comparisons of
operating performance between periods. The Company reports these
measures because they have been observed by management to be the
predominant measures used by the REIT industry and by industry
analysts to evaluate REITs and because these measures are
consistently reported, discussed, and compared by research analysts
in their notes and publications about REITs.
Merger Combined Cash NOI and Merger Combined Same Store Cash NOI
are key performance indicators. Management considers these to be
supplemental measures that allow investors, analysts and Company
management to measure unlevered property-level operating results.
The Company defines Merger Combined Cash NOI as rental income and
less property operating expenses. Merger Combined Cash NOI excludes
non-cash items such as above and below market lease intangibles,
straight-line rent, lease inducements, lease termination fees,
tenant improvement amortization and leasing commission
amortization. Merger Combined Cash NOI is historical and not
necessarily indicative of future results.
Merger Combined Same Store Cash NOI compares Merger Combined
Cash NOI for stabilized properties. Stabilized properties are
properties that have been included in operations for the duration
of the year-over-year comparison period presented. Accordingly,
stabilized properties exclude properties that were recently
acquired or disposed of, properties classified as held for sale,
properties undergoing redevelopment, and newly redeveloped or
developed properties.
The Company utilizes the redevelopment classification for
properties where management has approved a change in strategic
direction for such properties through the application of additional
resources including an amount of capital expenditures significantly
above routine maintenance and capital improvement expenditures.
These properties are described in additional detail in Footnote 6
to the Condensed Consolidated Financial Statements.
Any recently acquired property will be included in the same
store pool once the Company has owned the property for eight full
quarters. Newly developed or redeveloped properties will be
included in the same store pool eight full quarters after
substantial completion.
Ron HubbardVice President, Investor RelationsP: 615.269.8290
Healthcare Realty (NYSE:HR)
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Healthcare Realty (NYSE:HR)
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