Healthcare Trust of America (HTA) Tops Q2 EPS by 1c, Revenues Miss

Healthcare Trust of America (NYSE: HTA) reported Q2 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $178.85 million versus the consensus estimate of $182.8 million.

Second Quarter 2020:

• Net Income Attributable to Common Stockholders was $13.5 million, or $0.06 per diluted share for Q2 2020, a decrease of $2.8 million, or $0.02 per diluted share, compared to Q2 2019.
• Funds From Operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), was $87.8 million, or $0.40 per diluted share, for Q2 2020, an increase of $3.2 million, and flat on a per diluted share basis compared to Q2 2019.
• Normalized FFO ("NFFO") was $93.0 million, or $0.42 per diluted share, for Q2 2020, an increase of $7.8 million and $0.01, or 2.4%, per diluted share, compared to Q2 2019. This excludes $5.0 million of normalizing adjustments consisting primarily of a $4.7 million write off of prior-year accounts receivable in litigation that are more fully described herein.
• Normalized Funds Available for Distribution ("FAD") was $77.5 million for Q2 2020.
• Same-Property Cash Net Operating Income ("NOI") increased $0.7 million, or 0.6%, to $115.0 million, compared to Q2 2019. In addition to our ordinary operations, our same-property cash NOI in the period was negatively impacted by $1.2 million in additional free rent associated with early renewals and a $951 thousand increase in our bad debt reserves primarily related to ongoing tenants. Excluding these two impacts, our same-property cash NOI growth for the period would have been 2.5%.
• Leasing: HTA's portfolio had a leased rate of 90.4% by gross leasable area ("GLA") and an occupancy rate of 89.7% by GLA for Q2 2020. During Q2 2020, HTA executed approximately 1.3 million square feet of leases, including 139 thousand square feet of new leases and 1.2 million square feet of renewals. Re-leasing spreads increased to 4.6% and tenant retention for the Same-Property portfolio was 89% by GLA for Q2 2020.

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