Healthcare Trust, Inc. (HTI) has reported its Q4 and full-year 2023 performance, showcasing significant improvements across various metrics compared to the previous period.
The company's high-quality portfolio, consisting of 204 properties with 76% in Medical Office Buildings (MOB) and 24% in Senior Housing Operating Properties (SHOP), demonstrated strong leasing momentum in the MOB portfolio. The MOB portfolio occupancy increased to 91.1% from 90.6% in Q4’23, driven by proactive leasing activities and 13 lease renewals totaling over 71,000 SF at a Lease Renewal Rental Spread of 11.1%.
HTI's diligent acquisition program resulted in the acquisition of seven properties in 2023, totaling $35.0 million at an average going-in Cap Rate of 6.8%, with subsequent acquisitions in 2024 totaling $12.6 million at a going-in Cap Rate of 7.6%.
The company's resilient performance is evident in the year-over-year improvements, with MOB portfolio NOI increasing by 2.1% to $97.5 million in 2023, and SHOP portfolio Adjusted NOI improving by 36.6% to $30.6 million in 2023.
HTI's portfolio is geographically diversified across 33 states, with a focus on deploying capital into high-quality MOB and SHOP assets throughout the United States.
The company's debt capitalization metrics as of Q4’23 indicate a balanced capital structure, with a focus on promoting financial flexibility and acquisition capacity by maintaining conservative net leverage of 43.7%.
As a result of these announcements, the company's shares have moved -2.5% on the market, and are now trading at a price of $15.37. For more information, read the company's full 8-K submission here.
