Short answer
Healthcare Realty Trust Inc (HR) filed its fiscal 2017 10-K annual report with the SEC on Feb 20, 2018. It reported revenue of $614M (+33.2% year over year) and net income of $64M.
- Top risk flagged: Affordable Care Act repeal, modification, or replacement risk following President Trump’s January 20, 2017 executive order
FY2017 key financial metrics · XBRL
- Revenue
- $614M
- +33.2% YoY
- Net income
- $64M
- +39.2% YoY
- Operating margin
- 20.1%
- −2.0 pp YoY
- EPS (diluted)
- $0.34
- +3.0% YoY
- ROE
- 1.9%
- −0.8 pp YoY
- Operating cash flow
- $308M
- +51.0% YoY
Source: XBRL data from the Healthcare Realty Trust Inc (HR) FY2017 10-K on SEC EDGAR. USD.
Healthcare Realty Trust Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- U.S. medical-office REIT owning and operating MOBs in health-system campuses and community outpatient locations
- Duke Realty acquisition added $2.25 billion, 6.8 million square feet and the Duke operating platform
- External-growth emphasis intensified: $2.7 billion investments, funded by over $4 billion in new capital
- Portfolio expanded to 24.1 million square feet, with 70% on or adjacent to recognized health-system campuses
- TCJA introduced major 2018 tax considerations, including 21% corporate tax rate and 20% qualified REIT-dividend deduction
Management Discussion & Analysis
- Revenue $614.0M, up 33.2% YoY, driven by $138.9M additional contractual rental income from acquisitions
- Net income $65.6M, up 38.5%; net margin 10.7% vs 10.3% in 2016
- Best performance: acquisitions, $96.2M incremental NOI; weakest: Same-Property Cash NOI, up 2.9% to $284.8M
- Operating cash flow $307.5M; capex $64.8M; dividends $207.1M; equity proceeds $1.7B
- Outlook: 2018 capital improvements $35.0M to $45.0M; risks include lower occupancy, rental rates and higher leasing costs
Risk Factors
- Affordable Care Act repeal, modification, or replacement risk following President Trump’s January 20, 2017 executive order
- Healthcare property concentration: tenant defaults could reduce occupancy, rents, and distributions
- Ground-lease exposure: leasehold properties represented 38% of total GLA as of December 31, 2017
- Acquisition competition from larger healthcare REITs with lower capital costs and greater operating efficiencies
- Leverage: $2.8 billion fixed- and variable-rate debt outstanding as of December 31, 2017
Generated from the filing text; verify against the original. How to read a 10-K
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