SCOTTSDALE, Ariz., Oct. 25, 2016 /PRNewswire/ -- Healthcare Trust of America, Inc. (NYSE: HTA) ("HTA") announced results for the three and nine months ended September 30, 2016.
Third Quarter 2016 Highlights
Net Income Attributable to Common Stockholders: Decreased 0.6% to $6.4 million, compared to Q3 2015. Earnings per diluted share decreased 20.0% to $0.04 per diluted share, compared to Q3 2015. Normalized Funds from Operations ("FFO"), as noted below, increased due to the continued growth in our operations, however, net income was adversely affected by the payment of debt extinguishment costs and interest related to debt.
FFO: As defined by the National Association of Real Estate Investment Trusts ("NAREIT"), increased 16.1% to $54.0 million, compared to Q3 2015. FFO per diluted share increased 5.6% to $0.38 per diluted share, compared to Q3 2015.
Normalized FFO: Increased 14.3% to $57.1 million, compared to Q3 2015.
Normalized FFO Per Diluted Share: Increased 2.6% to $0.40 per diluted share, compared to Q3 2015.
Same-Property Cash Net Operating Income ("NOI"): Increased $2.2 million, or 3.3%, to $68.6 million, compared to Q3 2015. Same-Property rental revenue increased $2.1 million, or 2.8%, to $77.7 million, compared to Q3 2015.
Investments: HTA invested $197.1 million to acquire medical office buildings totaling approximately 536,000 square feet of gross leasable area ("GLA") that were 92% leased in our key markets of Tampa, Florida and Birmingham, Alabama and strategically expanded our presence in Orange County/Los Angeles, California.
Leasing: HTA entered into new and renewal leases on approximately 339,000 square feet of GLA, or 1.9% of its portfolio. Tenant retention for the Same-Property portfolio was 67% by GLA for the quarter, which included approximately 309,000 square feet of expiring leases. Tenant retention for the Same-Property portfolio, excluding the impact of the Forest Park Medical Center hospital leases, was 84% by GLA for the quarter. Renewal leases included tenant improvements of $2.09 per square foot per year of the lease term and approximately six days of free rent per year of the lease term.
Balance Sheet and Capital Markets
Balance Sheet: At the end of the quarter, HTA had total leverage of 26.4% measured as debt to capitalization, and 5.5x measured as debt to Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Total liquidity at the end of the quarter was $835.4 million, including $817.5 million of availability under its unsecured revolving credit facility and $17.9 million of cash and cash equivalents.
Debt: HTA issued $350.0 million of senior unsecured 10-year notes, with a coupon of 3.50% per annum and Healthcare Trust of America Holdings, LP, the operating partnership of HTA, general partner, executed a $200.0 million 7-year unsecured term loan with proceeds used to refinance its $155.0 million unsecured term loan due in 2019 and pay down existing mortgage loans of $75.7 million, generating prepayment penalties of $3.0 million.
Equity: HTA issued $126.9 million of equity comprised of $125.9 million from the sale of common stock in an underwritten public offering at an average price of $33.67 per share and $1.0 million from the issuance of Class A Operating Partnership Units ("OP Units") in connection with an acquisition transaction.
Last updated on: 26/10/2016
PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.