Healthcare Trust of America (HTA) Misses Q1 EPS by 1c, Revenues Miss

Healthcare Trust of America (NYSE: HTA) reported Q1 EPS of $0.06, $0.01 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $168.97 million versus the consensus estimate of $173.67 million.

• Net Income Attributable to Common Stockholders increased $3.6 million, to $13.4 million, compared to Q1 2018. Earnings per diluted share increased $0.01, to $0.06 per diluted share, compared to Q1 2018.
• Funds From Operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), was $82.9 million, or $0.40 per diluted share, for Q1 2019. Due to the adoption of Topic 842, initial direct costs are now reported in general and administrative expenses. For Q1 2018, we capitalized approximately $1.3 million of initial direct costs.
• Normalized FFO was $83.1 million, or $0.40 per diluted share, for Q1 2019.
• Normalized Funds Available for Distribution ("FAD") was $73.2 million for Q1 2019.
• Same-Property Cash Net Operating Income ("NOI") increased $3.0 million, or 2.7%, to $112.4 million, compared to Q1 2018.
• Leasing: HTA's portfolio had a leased rate of 91.8% by gross leasable area ("GLA") and an occupancy rate of 90.6% by GLA for Q1 2019. During Q1 2019, HTA executed 1.1 million square feet of GLA of new and renewal leases. Re-leasing spreads increased to 5.9% and tenant retention for the Same-Property portfolio was 86% by GLA for Q1 2019.

GUIDANCE:

Healthcare Trust of America sees FY2019 EPS of $0.33-$0.36, versus the consensus of $0.30.

For earnings history and earnings-related data on Healthcare Trust of America (HTA) click here.

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