Healthcare Realty Trust (HR) Misses Q3 EPS by 3c

Healthcare Realty Trust (NYSE: HR) reported Q3 EPS of $0.05, $0.03 worse than the analyst estimate of $0.08.

• Same store cash NOI for the third quarter increased 3.1% over the third quarter of 2017. For the trailing twelve months ended September 30, 2018, same store revenue grew 2.6%, operating expenses increased 2.1%, and same store cash NOI grew 2.9%:• Same store revenue per average occupied square foot increased 2.6%.• Average same store occupancy remained stable at 89.7%.
• Predictive growth measures in the same store multi-tenant portfolio include:• In-place contractual rent increases averaged 2.88%, up from 2.78% a year ago, partially attributable to future annual contractual increases of 3.76% for leases commencing in the quarter.• Weighted average cash leasing spreads were 3.8% on 481,000 square feet renewed:-- 8% (<0% spread)-- 7% (0-3%)-- 53% (3-4%)-- 32% (>4%)• Tenant retention was 87.0%.
• Leasing activity in the third quarter totaled 687,000 square feet related to 172 leases:• 573,000 square feet of renewals• 114,000 square feet of new and expansion leases
• In September, the Company acquired a medical office building adjacent to Catholic Health Initiatives' St. Anthony Hospital campus in Denver for $4.2 million. The 100% leased, 17,000 square foot building is adjacent to six buildings totaling 523,000 square feet owned by the Company.
• In August, the Company sold one off-campus medical office building in St. Louis for $9.8 million.
• A dividend of $0.30 per common share was declared, which is equal to 76.9% of normalized FFO per share.
• Dividends paid as a percentage of funds available for distribution were 99.5% year-to-date.
• Leverage remained steady with net debt to adjusted EBITDA at 5.1 times.

For earnings history and earnings-related data on Healthcare Realty Trust (HR) click here.

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