2023-05-09 06:47:27 ET
- Healthcare Realty press release ( NYSE: HR ): Q1 FFO of $0.40 misses by $0.01 .
- Revenue of $332.9M (-1.5% Q/Q) misses by $0.57M .
- Same store cash NOI, including the Company's share of joint ventures, for the first quarter increased 2.8% over the prior year.
- Predictive growth measures in the same store portfolio include:
- Average in-place rent increases of 2.7%
- Future annual contractual increases of 2.9% for leases commencing in the quarter.
- Weighted average cash leasing spreads of 3.1% on 954,000 square feet renewed:
- 7% (<0% spread)
- 22% (0-3%)
- 52% (3-4%)
- 19% (>4%)
- Tenant retention of 82.3%
- Year-over-year absorption of 150,000 square feet resulted in an average occupancy increase of 50 basis points, to 89.0%.
- Portfolio leasing activity in the first quarter totaled 1,463,000 square feet related to 338 leases:
- 1,039,000 square feet of renewals
- 424,000 square feet of new and expansion leases
For further details see:
Healthcare Realty FFO of $0.40 misses by $0.01, revenue of $332.9M misses by $0.57M