HR - Healthcare Realty Trust Inc. (HR) Q1 2024 Earnings Call Transcript

2024-05-07 15:14:08 ET

Healthcare Realty Trust, Inc. (HR)

Q1 2024 Earnings Conference Call

May 07, 2024, 12:00 ET

Company Participants

Ronald Hubbard - VP, IR

Todd Meredith - President, CEO & Director

James Douglas - EVP & CFO

Robert Hull - EVP, Investments

Conference Call Participants

Nicholas Yulico - Scotiabank

Austin Wurschmidt - KeyBanc Capital Markets

Michael Griffin - Citigroup

Richard Anderson - Wedbush Securities

Juan Sanabria - BMO Capital Markets

John Pawlowski - Green Street Advisors

Nikita Bely - JPMorgan Chase & Co.

Presentation

Operator

Thank you for joining us today for Healthcare Realty's First Quarter -- hello and welcome to the Healthcare Realty First Quarter Earnings Conference Call. My name is Elliott, and I'll be coordinating your call today. [Operator Instructions].

I'd now like to hand over to Ron Hubbard, the floor is yours. Please go ahead.

Ronald Hubbard

Thank you for joining us today for Healthcare Realty's First Quarter 2024 Earnings Conference Call. Joining me on the call today are Todd Meredith, Kris Douglas and Rob Hull.

A reminder that except for the historical information contained within, the matters discussed in this call may contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. These risks are more specifically discussed in the company's Form 10-K filed with the SEC for the year ended December 31, 2023. These forward-looking statements represent the company's judgment as of the date of this call. The company disclaims any obligation to update this forward-looking material.

The matters discussed in this call may also contain certain non-GAAP financial measures such as funds from operations or FFO, normalized FFO, FFO per share, normalized FFO per share, funds available for distribution or FAD, net operating income NOI, EBITDA and adjusted EBITDA. A reconciliation of these measures to the most comparable GAAP financial measures may be found in the company's earnings press release for the quarter ended March 31, 2024. The company's earnings press release, supplemental information and Form 10-K are available on the company's website.

I'll now turn the call over to Todd.

Todd Meredith

Thank you, Ron. Healthcare Realty is pleased to report strong first quarter results. FFO per share was at the top half of our expected range as were most of our key operating metrics. Solid NOI growth was driven by robust cash leasing spreads, improved tenant retention, positive multi-tenant absorption and tight operating expense controls. ...

For further details see: