Healthcare Realty Trust rporated(US:HR)2021-02-23 16:00Financial Performance - Total revenues for the year ended December 31, 2020, were $738,965,000, an increase from $692,040,000 in 2019, representing a growth of approximately 6.4%[206] - Net income attributable to common stockholders for 2020 was $52,618,000, compared to $30,154,000 in 2019, reflecting a significant increase of 74.8%[206] - Cash flows provided by operating activities increased to $387,962,000 in 2020 from $340,394,000 in 2019, marking a growth of 14%[206] - Dividends declared to stockholders in 2020 totaled $277,626,000, up from $260,593,000 in 2019, indicating a year-over-year increase of 6.4%[206] - Total revenue for the year ended December 31, 2020, increased by 6.8%, or $46.9 million, to $739.0 million compared to $692.0 million for the previous year[224] - Net income for the year ended December 31, 2020, was $53.5 million, up from $30.8 million for the year ended December 31, 2019[224] - Net income for the year ended December 31, 2020, was $53.508 million, a 74.0% increase compared to $30.758 million in 2019[252] - Net income increased by $22.7 million to $53.5 million for the year ended December 31, 2020, compared to $30.8 million in 2019, representing a growth of 73.7%[264] Operational Metrics - NOI for 2020 was reported at $512,106,000, compared to $480,561,000 in 2019, representing an increase of 6.5%[206] - Funds from Operations (FFO) for HTA was $344.7 million, or $1.56 per diluted share, compared to $319.7 million, or $1.53 per diluted share, for the previous year[224] - Net Operating Income (NOI) increased by 6.6%, or $31.5 million, to $512.1 million for the year ended December 31, 2020[224] - Same-Property Cash NOI increased by 1.6%, or $7.2 million, to $457.1 million compared to $449.9 million for the previous year[224] - Cash NOI for 2020 was $498.3 million, compared to $467.3 million in 2019, reflecting a growth of 6.6%[277] - Same-Property Cash NOI for 2020 was $457.1 million, up from $449.9 million in 2019, indicating a 1.5% increase[277] Investment and Acquisitions - The company invested $7.5 billion since 2006, acquiring approximately 25.4 million square feet of Gross Leasable Area (GLA) across the U.S.[222] - During the year ended December 31, 2020, the company closed on approximately $191.7 million of investments totaling approximately 600,000 square feet of GLA[227] Debt and Liquidity - Debt as of December 31, 2020, was $3,026,999,000, compared to $2,749,775,000 in 2019, reflecting an increase of 10.1%[206] - As of December 31, 2020, total leverage was 32.3%, with total liquidity of $1.4 billion, including $1.0 billion available on the unsecured revolving credit facility[232] - The company paid down approximately $114.1 million of outstanding secured mortgage loans during 2020, eliminating any secured borrowings[232] - As of December 31, 2020, total debt outstanding was $3.0 billion, with a weighted average interest rate of 2.89%[291] - The leverage ratio as of December 31, 2020, was 32.3%, measured by debt less cash and cash equivalents to total capitalization[290] Stock and Dividends - The company repurchased a total of 2,327 shares of common stock during the three months ended December 31, 2020, with an average price paid per share of $26.17[200] - The company has a stock repurchase plan authorizing the purchase of up to $300.0 million of common stock, with the full amount remaining available as of December 31, 2020[232] - The company paid cash dividends of $275.8 million on common stock for the year ended December 31, 2020[289] Rental Income and Lease Metrics - Rental income for the year ended December 31, 2020, was $738.414 million, up from $691.527 million in 2019, reflecting a 6.8% increase[253] - Contractual rental income rose by $40.731 million to $698.962 million for the year ended December 31, 2020, primarily due to acquisitions and contractual rent increases[253] - Average starting base rents for new leases increased to $27.22 per square foot in 2020 from $24.18 in 2019, a rise of 12.6%[254] - Average expiring base rents rose to $25.64 per square foot in 2020 compared to $23.37 in 2019, reflecting an increase of 9.7%[254] - Tenant retention for the Same-Property portfolio was 87%, indicating strong tenant relationships[227] - The leased rate was 89.8% by GLA, and the occupancy rate was 89.1% by GLA as of December 31, 2020[227] - The occupancy rate as of December 31, 2020, was 89.1%, down from 89.9% in 2019[251] Expenses - General and administrative expenses rose to $43.0 million in 2020 from $41.4 million in 2019, an increase of 3.9%[257] - Depreciation and amortization expense increased to $303.8 million in 2020 from $290.4 million in 2019, a rise of 4.8%[259] - Interest expense decreased by $2.0 million in 2020 compared to 2019, attributed to lower average interest rates[260] Market and Economic Risks - The company is exposed to inflation risk as income from future long-term leases is the primary source of cash flows from operations[301] - The company is subject to market risks including interest rate changes, which primarily affect variable rate debt[302] - The company has provisions in tenant leases that protect against normal inflation impacts, including rent escalations and reimbursement billings[301] - The company’s future property values are subject to fluctuations based on local economic conditions and tenant creditworthiness[306]