Short answer
Healthcare Realty Trust Inc (HR) filed its fiscal 2018 10-K annual report with the SEC on Feb 19, 2019. It reported revenue of $696M (+13.4% year over year) and net income of $213M.
- Top risk flagged: Tenant reimbursement changes, including Medicare and Medicaid reductions, could impair tenants’ ability to pay rent
FY2018 key financial metrics · XBRL
- Revenue
- $696M
- +13.4% YoY
- Net income
- $213M
- +234.0% YoY
- EPS (diluted)
- $1.02
- +200.0% YoY
- ROE
- 6.6%
- +4.6 pp YoY
- Operating cash flow
- $337M
- +9.7% YoY
Source: XBRL data from the Healthcare Realty Trust Inc (HR) FY2018 10-K on SEC EDGAR. USD.
Healthcare Realty Trust Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- REIT owning and operating U.S. medical office buildings, monetizing stable rental cash flows through in-house leasing and asset management
- New Miami development and two redevelopments, including an on-campus Raleigh MOB, totaling $70.6 million and 78% pre-leased
- Greater capital recycling: $308.6 million MOB dispositions, including the $294.3 million Greenville portfolio sale
- Portfolio scale: 23.2 million square feet, 92.0% leased, with 68% on or adjacent to recognized health-system campuses
- Revenue increased 13.4% to $696.4 million, while net income rose to $217.6 million from $65.6 million in 2017
Management Discussion & Analysis
- Total revenue $696.4M, up 13.4% YoY from $614.0M, driven by rental income up 13.6% to $696.0M
- Net income $217.6M vs $65.6M, with NOI $475.8M, up 12.8%, and Same-Property Cash NOI $308.9M, up 2.5%
- Best performance: acquisitions added $60.1M NOI, while Same-Property Cash NOI rose $7.5M; weakest: occupancy remained 91.0%
- Operating cash flow $337.4M, investing cash flow $176.3M, capex $77.9M, development spending $34.3M
- Dividends $252.7M, share repurchases $70.3M, mortgage repayments $241.0M; 2019 capital improvements guidance $70M to $80M
- Key risks: lower occupancy, reduced rental rates, asset sales, higher capital and leasing costs, and inflation potentially exceeding lease resets
Risk Factors
- Tenant reimbursement changes, including Medicare and Medicaid reductions, could impair tenants’ ability to pay rent
- Commercial real estate or credit-market downturns could increase vacancies, tenant defaults, and property-value declines
- Healthcare-property concentration: 100% exposure to sector-specific demand and tenant payment conditions
- Acquisition competition from larger healthcare REITs with lower capital costs could raise MOB purchase prices
- Total debt $2.5 billion as of December 31, 2018, increasing refinancing, covenant, and foreclosure risk
Generated from the filing text; verify against the original. How to read a 10-K
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