Short answer
Healthcare Realty Trust Inc (HR) filed its fiscal 2013 10-K annual report with the SEC on Feb 25, 2014.
- Top risk flagged: Dodd-Frank Act derivatives and governance rules, potential increases in capital and compliance costs
Healthcare Realty Trust Inc FY2013 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- REIT owning and operating U.S. medical office buildings, targeting stable rental cash flows, dividends and property appreciation
- $397.8M acquisitions, adding 1.5M square feet across Dallas, Denver, Miami, Tampa and West Palm Beach
- Internal asset management expanded to 85% of the portfolio from approximately 70%, reinforcing operating-control strategy
- Portfolio reached 14.1M square feet with 91.6% occupancy and 85% annual tenant retention
- December credit upgrade, $300M 3.70% senior notes issuance and $613.1M total liquidity strengthened growth capacity
Management Discussion & Analysis
- Revenue $319.9M, up 7.6% YoY from $297.4M
- NOI $224.3M, up 9.8% from $204.3M, same-property adjusted NOI $180.2M, up 2.9%
- Best performance: 2013 acquisitions, $10.2M NOI contribution; weakest: same-property portfolio, $180.2M NOI and 2.9% growth
- Operating cash flow $147.8M, acquisitions $340.3M, capex $25.4M, dividends $129.4M
- Outlook: 2014 capex $15.0M to $25.0M; risks from occupancy, rental rates, leasing costs and inflation
Risk Factors
- Dodd-Frank Act derivatives and governance rules, potential increases in capital and compliance costs
- Credit-market slowdown through December 31, 2014, threatening property values, leasing activity and tenant payments
- Hospital and healthcare-system relationships, deterioration could restrict direct acquisition opportunities
- Competition from larger healthcare REITs, including their lower cost of capital and operating efficiencies
- $1.2B debt outstanding, including $539.9M variable-rate debt and $7.7M maturing in 2014
Generated from the filing text; verify against the original. How to read a 10-K
Other Healthcare Realty Trust Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.