HR - Healthcare Realty: The Recent Run-Up In Share Price Is Unjustified
2024-05-14 10:36:41 ET
Summary
- Healthcare Realty's Q1 2024 results were strong, with total multi-tenant NOI growing by 2.8% and FFO per share at the upper end of guidance.
- The company's strategic JV partnership with KKR provided access to significant liquidity, with $300 million already monetized and plans for an additional $300 million.
- However, the use of proceeds for share buybacks is inappropriate as FAD generation falls short of dividends and there are concerns about refinancing and debt maturities.
- In this article, I elaborate on the Q1'24 earnings report and provide more details on why I still have maintained a relatively bearish stance against HR.
April this year, I wrote a relatively conservative article on Healthcare Realty ( HR ) with a title: Healthcare Realty: Financials Overshadow The Portfolio Advantages ....
Healthcare Realty: The Recent Run-Up In Share Price Is Unjustified