2023-05-09 08:32:23 ET
Healthcare Realty Income ( NYSE: HR ) stock gained 2% in Tuesday premarket trading despite posting Q1 earnings and revenue that slightly missed Wall Street expectations and retreated from the prior quarter.
Q1 normalized FFO per share of $0.40 for the three months ended March 31, 2023, vs. $0.41 average analyst estimate, slipped from $0.42 in the fourth quarter of 2022.
Likewise, revenue came in at $332.9M, missing the $333.5M consensus, compared with $338.1M in the previous quarter. Rental income decreased to $4.21M from $4.23M in Q4 2022.
Expenses were $326.6M, down slightly from $327.6M in Q4 2022.
Same-store cash net operating income, including the company's share of joint ventures, gained 2.8% over the prior year, as average in-place rent increases stood at 2.7%.
During the quarter, portfolio leasing activity totaled 1,463,000 square feet related to 338 leases, comprised of 1,039,000 square feet of renewals and 424,000 square feet of new and expansion leases.
Net debt to adjusted EBITDA was 6.6 times at the end of Q1. The company expects leverage to decline from additional asset sales and underlying portfolio NOI growth.
Conference call at 10:00 a.m. ET.
More on Healthcare Realty Trust
-
Healthcare Realty FFO of $0.40 misses by $0.01, revenue of $332.9M misses by $0.57M
-
Medical Properties Trust Vs. Healthcare Realty: One Has A 14.3% Yield That I'm Buying
For further details see:
Healthcare Realty Trust Q1 earnings, revenue fall short as rental income slips