Healthcare Realty Trust rporated(US:HR)2024-10-30 10:32Financial Performance - Rental income for the three months ended September 30, 2024, was $306,499 thousand, down 8% from $333,335 thousand for the same period in 2023[9] - The net loss attributable to common stockholders for the nine months ended September 30, 2024, was $547,639 thousand, compared to a loss of $237,728 thousand for the same period in 2023, indicating a significant increase in losses[10] - The company reported a comprehensive loss attributable to common stockholders of $553,861 thousand for the nine months ended September 30, 2024, compared to $222,789 thousand for the same period in 2023[10] - For the nine months ended September 30, 2024, the net loss was $555,692, compared to a net loss of $240,408 for the same period in 2023, indicating a significant increase in losses[13] - Net loss for the three months ended September 30, 2024, was $94,535,000, compared to a net loss of $68,604,000 for the same period in 2023, representing an increase of 37.9%[70] - Basic earnings per common share for the three months ended September 30, 2024, was $(0.26), compared to $(0.18) for the same period in 2023, indicating a decline of 44.4%[70] Assets and Liabilities - As of September 30, 2024, total assets decreased to $11,244,585 thousand from $12,637,131 thousand as of December 31, 2023, representing a decline of approximately 11%[6] - Total liabilities decreased slightly to $5,645,238 thousand as of September 30, 2024, from $5,714,349 thousand as of December 31, 2023[8] - The company’s total stockholders' equity decreased to $5,515,426 thousand as of September 30, 2024, from $6,822,662 thousand as of December 31, 2023, reflecting a decline of approximately 19%[7] - Total stockholders' equity as of September 30, 2024, was $5,515,426, down from $7,179,399 as of June 30, 2023, reflecting a decrease of approximately 23.2%[12] - The total equity, including redeemable noncontrolling interests, was $5,595,472 as of September 30, 2024, down from $7,283,417 as of June 30, 2023, reflecting a decrease of approximately 23.2%[12] Cash Flow and Investments - Cash and cash equivalents decreased to $22,801 thousand as of September 30, 2024, from $25,699 thousand as of December 31, 2023[6] - The company reported net cash provided by operating activities of $363,605 for the nine months ended September 30, 2024, compared to $372,504 for the same period in 2023, reflecting a decrease of approximately 2.5%[13] - For the nine months ended September 30, 2024, net cash provided by investing activities was $482,149,000, compared to $112,463,000 in the same period of 2023, indicating a significant increase[14] - The company reported total gross investments of approximately $12.4 billion in 605 consolidated real estate properties as of September 30, 2024[16] - The company reported a net cash used in financing activities of $845,294,000 for the nine months ended September 30, 2024, compared to $521,260,000 in the same period of 2023[14] Real Estate and Impairments - The company recognized real estate impairments totaling $174.5 million for the nine months ended September 30, 2024, due to completed and planned disposition activity[26] - The company recognized impairment charges totaling $34.6 million for real estate assets held for sale during the nine months ended September 30, 2024[7] - The company incurred an impairment of real estate properties and credit loss reserves amounting to $232,450 for the nine months ended September 30, 2024, compared to $143,510 in 2023, indicating a rise of approximately 62.0%[13] Dividends and Shareholder Returns - Dividends to common stockholders for the nine months ended September 30, 2024, totaled $348,535, compared to $354,582 for the same period in 2023, reflecting a decrease of about 1.7%[12] - The company declared and paid common stock dividends totaling $0.93 per share during the nine months ended September 30, 2024[66] - The company repurchased 2,966,764 shares of its common stock for a total of $41.7 million at a weighted average price of $14.07 in April 2024[67] - As of September 30, 2024, the company had repurchased an aggregate of 8,492,851 shares for a total of $149.8 million at a weighted average price of $17.64[67] Operational Metrics - The company provided leasing and property management services to 92% of its portfolio nationwide as of September 30, 2024[16] - Same Store Cash NOI for the nine months ended September 30, 2024, was $539,305,000, compared to $524,479,000 for the same period in 2023, reflecting an increase of 2.3%[107] - Same store properties occupancy rate was 89.9% as of September 30, 2024[108] - The company recognized gains on sale of real estate properties of approximately $39.3 million in the third quarter of 2024, compared to $48.8 million in the third quarter of 2023[114] Debt and Financing - The company had net borrowings of $206,000,000 on its unsecured credit facility during the nine months ended September 30, 2024[14] - The company had $1.3 billion available to be drawn on its $1.5 billion Unsecured Credit Facility as of September 30, 2024[54] - The company repaid $100 million of the initial $350 million Unsecured Term Loan in June 2024 and an additional $150 million in September 2024[55] - The company’s total balance of debt as of September 30, 2024, was $4,957,796 thousand[54] Future Outlook and Risks - The company anticipates significant risks and uncertainties that may affect future performance, including interest rate increases and competition for quality assets[82] - Approximately 15% of the Company's leases are expected to expire each year, with 418 leases totaling 1.4 million square feet expiring during the remainder of 2024[97] - The Company expects to retain 75% to 90% of tenants upon lease expiration, with the retention ratio for the first nine months of the year within this range[97]