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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 14, 2019 (February 14, 2019)
HEALTHCARE TRUST OF AMERICA, INC.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
(Exact name of registrant as specified in its charter)

Maryland
 
001-35568
 
20-4738467
Delaware
 
333-190916
 
20-4738347
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
16435 N. Scottsdale Road, Suite 320
 
 
 
 
Scottsdale, Arizona
 
 
 
85254
(Address of principal executive offices)
 
 
 
(Zip Code)
(480) 998-3478
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
http://www.htareit.com
(Internet address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Healthcare Trust of America, Inc.
Emerging growth company o
Healthcare Trust of America Holdings, LP
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Healthcare Trust of America, Inc.
o
 
 
Healthcare Trust of America Holdings, LP
o
 
 





Item 2.02
Results of Operations and Financial Condition.
On February 14, 2019, Healthcare Trust of America, Inc. (NYSE: HTA) ( “HTA”) issued a press release announcing its financial results for the quarter and year ended December 31, 2018. HTA also commenced distributing its Supplemental Information for the quarter and year ended December 31, 2018. The press release and Supplemental Information are attached as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference. The press release and Supplemental Information are also available on HTA’s website, free of charge, at www.htareit.com.
The information included in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is deemed “furnished” and not filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
99.1
99.2






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
Healthcare Trust of America, Inc. 
 
Date: February 14, 2019
By:
/s/ Scott D. Peters  
 
 
 
Name: Scott D. Peters
 
 
 
Title: Chief Executive Officer, President and Chairman
 

 
Healthcare Trust of America Holdings, LP
 
 
 
 
 
 
By:
Healthcare Trust of America, Inc.,
 
 
 
its General Partner
 
 
 
 
 
Date: February 14, 2019
By:
/s/ Scott D. Peters  
 
 
 
Name: Scott D. Peters
 
 
 
Title: Chief Executive Officer, President and Chairman
 



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1
396754072_bestinclasslogoa06.jpg
 
PRESS RELEASE
 
Financial Contact:
 
Robert A. Milligan
 
Chief Financial Officer
 
480.998.3478
HEALTHCARE TRUST OF AMERICA, INC. REPORTS 2018 RESULTS AND 2019 EARNINGS GUIDANCE
Record Earnings Per Share of $1.02 for 2018
2.5% Same-Property Cash NOI Growth, including 2.7% Growth in Q4 2018
5.4x Net Debt/Adjusted EBITDAre and $1.1 Billion in Liquidity
Scottsdale, Arizona (February 14, 2019) - Healthcare Trust of America, Inc. (NYSE: HTA) (“HTA”) announced results for the quarter and year ended December 31, 2018.
“In 2018, HTA demonstrated its ability to execute in all market conditions. Our portfolio remains best-in-class, generating Same-Property Cash NOI growth of 2.5% for the year, driven primarily by solid rental revenue gains of 2.2%. Pricing power is strong, as evidenced by an acceleration in re-leasing spreads to 4.4% in the fourth quarter,” stated Chairman, CEO and President Scott D. Peters. “We remained disciplined in our capital allocation, selling non-core assets at attractive pricing, focusing on relationship driven developments, and avoiding lower quality assets that continue to trade at aggressive pricing. As a result, we enter 2019 with a fortress balance sheet that provides us with security and flexibility to pursue opportunities in these changing real estate markets.”
Highlights
Fourth Quarter 2018:
Net Income Attributable to Common Stockholders was $15.3 million, or $0.07 per diluted share, for Q4 2018.
Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), was $85.2 million, or $0.41 per diluted share, for Q4 2018.
Normalized FFO was $84.2 million, or $0.40 per diluted share, for Q4 2018.
Normalized Funds Available for Distribution (“FAD”) was $68.3 million for Q4 2018.
Same-Property Cash Net Operating Income (“NOI”) increased 2.7%, to $111.4 million, compared to Q4 2017.
Leasing: HTA’s portfolio leased rate increased 20 basis points to 92.0%, compared to Q4 2017. During Q4 2018, HTA executed 0.6 million square feet of gross leasable area (“GLA”) of new and renewal leases. Re-leasing spreads increased to 4.4% while tenant retention for its Same-Property portfolio was 77% by GLA for Q4 2018.
Capital Allocation: During Q4 2018, HTA paid down approximately $68 million in outstanding secured mortgage loans at an interest rate of approximately 5.5% per annum. HTA also repurchased $50.7 million of its outstanding common stock at an average price of $26.08 per share under its stock repurchase plan during Q4 2018.
Year Ended 2018:
Net Income Attributable to Common Stockholders was $213.5 million, or $1.02 per diluted share, an increase of $0.68 per diluted share, compared to 2017.
FFO, as defined by NAREIT, was $335.6 million, or $1.60 per diluted share, an increase of $0.07 per diluted share, compared to 2017.
Normalized FFO was $340.4 million, or $1.62 per diluted share, an increase of 12.7%, compared to 2017.
Normalized FAD was $285.3 million, an increase of 9.4%, compared to 2017.
Same-Property Cash NOI increased 2.5%, to $308.9 million, compared to 2017. Excluding the medical office buildings (“MOBs”) located on HTA’s Forest Park Dallas campus, Same-Property Cash NOI growth was 2.9% for 2018.
Leasing: During 2018, HTA executed approximately 2.8 million square feet of GLA of new and renewal leases, or over 12%, of the total GLA of its portfolio. Re-leasing spreads increased to 2.6% while tenant retention for its Same-Property portfolio was 81% by GLA for 2018.
Balance Sheet and Capital Markets
Debt: During 2018, HTA paid down approximately $241 million in outstanding secured mortgage loans, including the settlement of three cash flow hedges. Additionally, in August 2018, HTA modified its $200.0 million unsecured term loan, decreasing pricing at HTA’s current credit rating by 65 basis points and extending the maturity to 2024.
Balance Sheet: HTA ended 2018 with total liquidity of $1.1 billion, inclusive of $126.2 million of cash and cash equivalents, resulting in total leverage of (i) 31.3%, measured as debt less cash and cash equivalents to total capitalization, and (ii) 5.4x, measured as debt less cash and cash equivalents to Adjusted Earnings before Interest, Taxes, Depreciation and Amortization for real estate (“Adjusted EBITDAre”).





Noteworthy 2018 Activities
Dispositions: During 2018, HTA completed the disposition of 20 MOBs for an aggregate gross sales price of $308.6 million, representing approximately 1.2 million square feet of GLA, and generating net gains of $166.0 million. These dispositions primarily consisted of the Q3 2018 disposition of its Greenville, South Carolina MOB portfolio (the “Greenville Disposition”), for an aggregate gross sales price of $294.3 million at a low 5% forward cap rate, including any releasing impacts and capital expenditures. HTA acquired the portfolio for $163 million in September 2009 and generated approximately 2% growth per annum, resulting in unlevered returns of over 13% during HTA’s period of ownership.
Stock Repurchases: In August 2018, HTA’s Board of Directors approved a stock repurchase plan authorizing HTA to purchase up to $300.0 million of its outstanding common stock from time to time. During 2018, HTA repurchased approximately 2.6 million shares of its outstanding common stock for an aggregate amount of $67.2 million under its stock repurchase plan. Subsequent to December 31, 2018, HTA repurchased approximately 346,000 shares of its outstanding common stock at an average price of $24.65 per share under its stock repurchase plan.
Development/Redevelopment: During 2018, HTA announced (i) a new development in its key gateway market of Miami, Florida and (ii) commenced two redevelopments, including an agreement to build a new on-campus MOB in Raleigh, North Carolina. These projects will have total expected construction costs of $70.6 million and are 78% pre-leased to major health systems.
Forest Park Update: During 2018, HTA entered into approximately 87,000 square feet of GLA of new leases on the Forest Park Dallas campus. The total leased rate was approximately 86% as of December 31, 2018.
2017 Investment Performance: During Q4 2018, HTA generated $36.9 million of Cash NOI from its 2017 investments, including its investment in its unconsolidated joint venture. As of December 31, 2018, HTA’s run rate on its 2017 investments was approximately 5.4%, which included the full year impact of new leases which have been executed, but which have not yet commenced.
Dividend: On February 14, 2019, HTA’s Board of Directors announced a quarterly cash dividend of $0.310 per share of common stock and per OP Unit. The quarterly dividend is to be paid on April 10, 2019 to stockholders of record of its common stock and holders of its OP Units on April 3, 2019.
Impact of Future Accounting Standards
Topic 842 Leases: The Financial Accounting Standards Board issued Topic 842, which was effective for HTA as of January 1, 2019. Topic 842 modifies the treatment of initial direct costs, which historically under Topic 840 have been capitalized upon meeting criteria provided for in that applicable guidance. These initial direct costs now under ASC 842 are eligible for capitalization only if they are incremental in nature (i.e. would only be incurred if HTA enters into a new lease arrangement). Under this guidance, HTA anticipates only commissions paid and other incurred costs incremental to HTA’s leasing activity will qualify as initial direct costs. For the year ended December 31, 2018, HTA capitalized approximately $4.9 million of initial direct costs (as defined by ASC 840). Upon adoption, certain of these initial direct costs will be classified as general and administrative expenses on HTA’s consolidated statements of operations. HTA estimates the range of these additional expenses to be approximately $4 million to $5 million on an annualized basis.
2019 Guidance
HTA expects 2019 guidance to range as follows (in millions, except per share data):
 
 
Annual Expectations
 
 
Low
to
High
Net income attributable to common stockholders per share
 
$0.33
 
$0.36
 
 
 
 
 
Same-Property Cash NOI
 
2.0%
 
3.0%
 
 
 
 
 
FFO per share, as defined by NAREIT
 
$1.61
 
$1.66
 
 
 
 
 
Normalized FFO per share
 
$1.62
 
$1.67
The 2019 outlook guidance includes the following additional assumptions: (i) $250 million of investments at a 5.5% average yield; (ii) $75 million of dispositions at a 6.0% average yield; (iii) 209.2 million diluted, common shares outstanding; and (iv) $4 million to $5 million of selling costs, or approximately $0.02 per share, associated with lease accounting changes. HTA expects leverage, measured as debt less cash and cash equivalents to Adjusted EBITDAre to remain stable year-over-year.
HTA’s 2019 guidance is based on a number of various assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, HTA’s expectations may change. There can be no assurance that HTA will achieve these results.






About Healthcare Trust of America, Inc.
Healthcare Trust of America, Inc. (NYSE: HTA) is the largest dedicated owner and operator of MOBs in the United States, comprising approximately 23.2 million square feet of GLA, with $6.8 billion invested primarily in MOBs. HTA provides real estate infrastructure for the integrated delivery of healthcare services in highly-desirable locations. Investments are targeted to build critical mass in 20 to 25 leading gateway markets that generally have leading university and medical institutions, which translates to superior demographics, high-quality graduates, intellectual talent and job growth. The strategic markets HTA invests in support a strong, long-term demand for quality medical office space. HTA utilizes an integrated asset management platform consisting of on-site leasing, property management, engineering and building services, and development capabilities to create complete, state of the art facilities in each market. This drives efficiencies, strong tenant and health system relationships, and strategic partnerships that result in high levels of tenant retention, rental growth and long-term value creation. Headquartered in Scottsdale, Arizona, HTA has developed a national brand with dedicated relationships at the local level.
Founded in 2006 and listed on the New York Stock Exchange in 2012, HTA has produced attractive returns for its stockholders that have outperformed the S&P 500 and US REIT indices. More information about HTA can be found on the Company’s Website (www.htareit.com), Facebook, LinkedIn and Twitter.
Forward-Looking Language
This press release contains certain forward-looking statements with respect to HTA. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially and in adverse ways from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, without limitation, the following: changes in economic conditions generally and the real estate market specifically; legislative and regulatory changes, including changes to laws governing the taxation of REITs and changes to laws governing the healthcare industry; the availability of capital; changes in interest rates; competition in the real estate industry; the supply and demand for operating properties in our proposed market areas; changes in accounting principles generally accepted in the United States of America; policies and guidelines applicable to REITs; the availability of properties to acquire; and the availability of financing. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K and in our filings with the SEC.
Conference Call
HTA will host a conference call and webcast on Friday, February 15, 2019 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) to review its financial performance and operating results for the quarter and year ended December 31, 2018.
Conference Call and Webcast Details:
Domestic Dial-In Number: (877) 507-6265
International Dial-In Number: (412) 902-6633
Canada Dial-In Number: (855) 669-9657
Webcast: www.htareit.com under the Investor Relations tab
Replay Conference Call Details:
Domestic Dial-In Number: (877) 344-7529
International Dial-In Number: (412) 317-0088
Canada Dial-In Number: (855) 669-9658
Conference ID: 10127577
Available February 15, 2019 (one hour after the end of the conference call) to March 15, 2019 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)






HEALTHCARE TRUST OF AMERICA, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and per share data)
 
 
Year Ended December 31,
 
 
2018
 
2017
ASSETS
 
 
 
 
Real estate investments:
 
 
 
 
Land
 
$
481,871

 
$
485,319

Building and improvements
 
5,787,152

 
5,830,824

Lease intangibles
 
599,864

 
639,199

Construction in progress
 
4,903

 
14,223

 
 
6,873,790

 
6,969,565

Accumulated depreciation and amortization
 
(1,208,169
)
 
(1,021,691
)
Real estate investments, net
 
5,665,621

 
5,947,874

Investment in unconsolidated joint venture
 
67,172

 
68,577

Cash and cash equivalents
 
126,221

 
100,356

Restricted cash
 
7,309

 
18,204

Receivables and other assets, net
 
223,415

 
207,857

Other intangibles, net
 
98,738

 
106,714

Total assets
 
$
6,188,476

 
$
6,449,582

LIABILITIES AND EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Debt
 
$
2,541,232

 
$
2,781,031

Accounts payable and accrued liabilities
 
185,073

 
167,852

Derivative financial instruments - interest rate swaps
 

 
1,089

Security deposits, prepaid rent and other liabilities
 
59,567

 
61,222

Intangible liabilities, net
 
61,146

 
68,203

Total liabilities
 
2,847,018

 
3,079,397

Commitments and contingencies
 
 
 
 
Redeemable noncontrolling interests
 
6,544

 
6,737

Equity:
 
 
 
 
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding
 

 

Common stock, $0.01 par value; 1,000,000,000 shares authorized; 205,267,349 and 204,892,118 shares issued and outstanding as of December 31, 2018 and 2017, respectively
 
2,053

 
2,049

Additional paid-in capital
 
4,525,969

 
4,508,528

Accumulated other comprehensive income
 
307

 
274

Cumulative dividends in excess of earnings
 
(1,272,305
)
 
(1,232,069
)
Total stockholders’ equity
 
3,256,024

 
3,278,782

Noncontrolling interests
 
78,890

 
84,666

Total equity
 
3,334,914

 
3,363,448

Total liabilities and equity
 
$
6,188,476

 
$
6,449,582







HEALTHCARE TRUST OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except per share data)
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
Rental income
$
172,204

 
$
173,607

 
$
696,030

 
$
612,556

Interest and other operating income
94

 
163

 
396

 
1,434

Total revenues
172,298

 
173,770

 
696,426

 
613,990

Expenses:
 
 
 
 
 
 
 
Rental
55,253

 
53,273

 
220,617

 
192,147

General and administrative
8,915

 
8,225

 
35,196

 
33,403

Transaction
70

 
267

 
1,003

 
5,885

Depreciation and amortization
69,566

 
72,086

 
279,630

 
244,986

Impairment

 
8,829

 
8,887

 
13,922

Total expenses
133,804

 
142,680

 
545,333

 
490,343

Income before other income (expense)
38,494

 
31,090

 
151,093

 
123,647

Interest income (expense):
 
 
 
 
 
 
 
Interest related to derivative financial instruments
397

 
(204
)
 
694

 
(1,031
)
Gain on change in fair value of derivative financial instruments, net

 

 

 
884

Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments
397

 
(204
)
 
694

 
(147
)
Interest related to debt
(24,854
)
 
(25,656
)
 
(102,543
)
 
(85,344
)
(Loss) gain on sale of real estate, net
(395
)
 
37,799

 
165,977

 
37,802

Gain (loss) on extinguishment of debt, net
1,334

 

 
242

 
(11,192
)
Income from unconsolidated joint venture
330

 
401

 
1,735

 
782

Other income
299

 
42

 
428

 
29

Net income
$
15,605

 
$
43,472

 
$
217,626

 
$
65,577

Net income attributable to noncontrolling interests
(276
)
 
(946
)
 
(4,163
)
 
(1,661
)
Net income attributable to common stockholders
$
15,329

 
$
42,526

 
$
213,463

 
$
63,916

Earnings per common share - basic:
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
0.07

 
$
0.21

 
$
1.04

 
$
0.35

Earnings per common share - diluted:
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
0.07

 
$
0.20

 
$
1.02

 
$
0.34

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
206,409

 
204,434

 
206,065

 
181,064

Diluted
210,338

 
208,626

 
210,061

 
185,278







HEALTHCARE TRUST OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Year Ended December 31,
 
2018
 
2017
 
2016
Cash flows from operating activities:
 
 
 
 
 
Net income
$
217,626

 
$
65,577

 
$
47,345

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
271,441

 
239,044

 
175,285

Share-based compensation expense
9,755

 
6,870

 
7,071

Impairment
8,887

 
13,922

 
3,080

Income from unconsolidated joint venture
(1,735
)
 
(782
)
 

Distributions from unconsolidated joint venture
2,665

 
750

 

Gain on sale of real estate, net
(165,977
)
 
(37,802
)
 
(8,966
)
(Gain) loss on extinguishment of debt, net
(242
)
 
11,192

 
3,025

Change in fair value of derivative financial instruments

 
(884
)
 
(1,344
)
Changes in operating assets and liabilities:
 
 
 
 
 
Receivables and other assets, net
(17,558
)
 
(33,295
)
 
(21,234
)
Accounts payable and accrued liabilities
9,478

 
37,406

 
2,171

Prepaid rent and other liabilities
3,056

 
5,545

 
(2,738
)
Net cash provided by operating activities
337,396


307,543

 
203,695

Cash flows from investing activities:
 
 
 
 
 
Investments in real estate
(17,389
)
 
(2,383,581
)
 
(591,954
)
Investment in unconsolidated joint venture

 
(68,839
)
 

Development of real estate
(34,270
)
 
(25,191
)
 

Proceeds from the sale of real estate
305,135

 
80,640

 
26,555

Capital expenditures
(77,870
)
 
(64,833
)
 
(42,994
)
Collection of real estate notes receivable
703

 
9,964

 

Advances on real estate notes receivable

 
(3,256
)
 

Net cash provided by (used in) investing activities
176,309


(2,455,096
)
 
(608,393
)
Cash flows from financing activities:
 
 
 
 
 
Borrowings on unsecured revolving credit facility
145,000

 
570,000

 
574,000

Payments on unsecured revolving credit facility
(145,000
)
 
(658,000
)
 
(704,000
)
Proceeds from unsecured senior notes

 
900,000

 
347,725

Borrowings on unsecured term loans

 

 
200,000

Payments on unsecured term loans

 

 
(155,000
)
Payments on secured mortgage loans
(241,021
)
 
(77,024
)
 
(110,935
)
Deferred financing costs
(782
)
 
(16,904
)
 
(3,191
)
Debt extinguishment costs
(1,909
)
 
(10,571
)
 

Security deposits

 
2,419

 
924

Proceeds from issuance of common stock
72,814

 
1,746,956

 
418,891

Issuance of OP Units
411

 

 
2,706

Repurchase and cancellation of common stock
(70,319
)
 
(3,413
)
 
(2,642
)
Dividends paid
(252,651
)
 
(207,087
)
 
(159,174
)
Distributions paid to noncontrolling interest of limited partners
(5,278
)
 
(5,308
)
 
(3,951
)
Redemption of redeemable noncontrolling interest

 

 
(4,572
)
Net cash (used in) provided by financing activities
(498,735
)

2,241,068

 
400,781

Net change in cash, cash equivalents and restricted cash
14,970

 
93,515

 
(3,917
)
Cash, cash equivalents and restricted cash - beginning of year
118,560

 
25,045

 
28,962

Cash, cash equivalents and restricted cash - end of year
$
133,530

 
$
118,560

 
$
25,045







HEALTHCARE TRUST OF AMERICA, INC.
NOI, CASH NOI AND SAME-PROPERTY CASH NOI
(Unaudited and in thousands)
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2018
 
2017
 
2018
 
2017
Net income
$
15,605

 
$
43,472

 
$
217,626

 
$
65,577

General and administrative expenses
8,915

 
8,225

 
35,196

 
33,403

Transaction expenses (1)
70

 
267

 
1,003

 
5,885

Depreciation and amortization expense
69,566

 
72,086

 
279,630

 
244,986

Impairment

 
8,829

 
8,887

 
13,922

Interest expense and net change in fair value of derivative financial instruments
24,457

 
25,860

 
101,849

 
85,491

Loss (gain) on sale of real estate, net
395

 
(37,799
)
 
(165,977
)
 
(37,802
)
(Gain) loss on extinguishment of debt, net
(1,334
)
 

 
(242
)
 
11,192

Income from unconsolidated joint venture
(330
)
 
(401
)
 
(1,735
)
 
(782
)
Other income
(299
)
 
(42
)
 
(428
)
 
(29
)
NOI
$
117,045

 
$
120,497

 
$
475,809

 
$
421,843

NOI percentage growth
(2.9
)%
 
 
 
12.8
%
 
 
 
 
 
 
 
 
 
 
NOI
$
117,045

 
$
120,497

 
$
475,809

 
$
421,843

Straight-line rent adjustments, net
(2,394
)
 
(2,803
)
 
(10,683
)
 
(8,637
)
Amortization of (below) and above market leases/leasehold interests, net
26

 
108

 
216

 
354

Notes receivable interest income
(30
)
 
(104
)
 
(131
)
 
(1,193
)
Other GAAP adjustments

 
55

 
(117
)
 
(19
)
Cash NOI
$
114,647

 
$
117,753

 
$
465,094

 
$
412,348

Acquisitions not owned/operated for all periods presented and disposed properties Cash NOI
(834
)
 
(6,027
)
 
(147,881
)
 
(99,043
)
Redevelopment Cash NOI
(349
)
 
(725
)
 
(2,273
)
 
(4,797
)
Intended for sale Cash NOI
(2,074
)
 
(2,581
)
 
(6,055
)
 
(7,161
)
Same-Property Cash NOI (2)
$
111,390

 
$
108,420

 
$
308,885

 
$
301,347

Same-Property Cash NOI percentage growth
2.7
 %
 
 
 
2.5
%
 
 
 
 
 
 
 
 
 
 
(1) For the year ended December 31, 2017, transaction costs included $4.6 million of non-incremental costs related to the Duke acquisition.
(2) Same-Property includes 409 and 318 buildings for the three months and year ended December 31, 2018 and 2017, respectively.
NOI is a non-GAAP financial measure that is defined as net income or loss (computed in accordance with GAAP) before: (i) general and administrative expenses; (ii) transaction expenses; (iii) depreciation and amortization expense; (iv) impairment; (v) interest expense and net change in fair value of derivative financial instruments; (vi) gain or loss on sales of real estate; (vii) gain or loss on extinguishment of debt; (viii) income or loss from unconsolidated joint venture; and (ix) other income or expense. HTA believes that NOI provides an accurate measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the management of its properties. Additionally, HTA believes that NOI is a widely accepted measure of comparative operating performance of real estate investment trusts (“REITs”). However, HTA’s use of the term NOI may not be comparable to that of other REITs as they may have different methodologies for computing this amount. NOI should not be considered as an alternative to net income or loss (computed in accordance with GAAP) as an indicator of its financial performance. NOI should be reviewed in connection with other GAAP measurements.
Cash NOI is a non-GAAP financial measure which excludes from NOI: (i) straight-line rent adjustments; (ii) amortization of below and above market leases/leasehold interests; (iii) notes receivable interest income; and (iv) other GAAP adjustments. Contractual base rent, contractual rent increases, contractual rent concessions and changes in occupancy or lease rates upon commencement and expiration of leases are a primary driver of HTA’s revenue performance. HTA believes that Cash NOI, which removes the impact of straight-line rent adjustments, provides another measurement of the operating performance of its operating assets. Additionally, HTA believes that Cash NOI is a widely accepted measure of comparative operating performance of REITs. However, HTA’s use of the term Cash NOI may not be comparable to that of other REITs as they may have different methodologies for computing this amount. Cash NOI should not be considered as an alternative to net income or loss (computed in accordance with GAAP) as an indicator of its financial performance. Cash NOI should be reviewed in connection with other GAAP measurements.
To facilitate the comparison of Cash NOI between periods, HTA calculates comparable amounts for a subset of its owned and operational properties referred to as “Same-Property”. Same-Property Cash NOI excludes (i) properties which have not been owned and operated by HTA during the entire span of all periods presented and disposed properties, (ii) HTA’s share of unconsolidated joint ventures, (iii) development, redevelopment and land parcels, (iv) properties intended for disposition in the near term which have (a) been approved by the Board of Directors, (b) is actively marketed for sale, and (c) an offer has been received at prices HTA would transact and the sales process is ongoing, and (v) certain non-routine items. Same-Property Cash NOI should not be considered as an alternative to net income or loss (computed in accordance with GAAP) as an indicator of its financial performance. Same-Property Cash NOI should be reviewed in connection with other GAAP measurements.





HEALTHCARE TRUST OF AMERICA, INC.
FFO, NORMALIZED FFO AND NORMALIZED FAD
(Unaudited and in thousands, except per share data)
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2018
 
2017
 
2018
 
2017
Net income attributable to common stockholders
$
15,329

 
$
42,526

 
$
213,463

 
$
63,916

Depreciation and amortization expense related to investments in real estate
69,001

 
71,543

 
277,446

 
243,221

Loss (gain) on sale of real estate, net
395

 
(37,799
)
 
(165,977
)
 
(37,802
)
Impairment

 
8,829

 
8,887

 
13,922

Proportionate share of joint venture depreciation and amortization
469

 
463

 
1,746

 
969

FFO attributable to common stockholders
$
85,194

 
$
85,562

 
$
335,565

 
$
284,226

Transaction expenses
70

 
267

 
859

 
1,242

Gain on change in fair value of derivative financial instruments, net

 

 

 
(884
)
(Gain) loss on extinguishment of debt, net
(1,334
)
 

 
(242
)
 
11,192

Noncontrolling income from OP Units included in diluted shares
252

 
903

 
4,074

 
1,538

Other normalizing items, net (1)

 

 
144

 
4,643

Normalized FFO attributable to common stockholders
$
84,182

 
$
86,732

 
$
340,400

 
$
301,957

Other income
(299
)
 
(42
)
 
(428
)
 
(29
)
Non-cash compensation expense
1,925

 
1,377

 
9,755

 
6,870

Straight-line rent adjustments, net
(2,394
)
 
(2,803
)
 
(10,683
)
 
(8,637
)
Amortization of (below) and above market leases/leasehold interests and corporate assets, net
592

 
652

 
2,401

 
2,119

Deferred revenue - tenant improvement related
(1
)
 
(5
)
 
(71
)
 
(28
)
Amortization of deferred financing costs and debt discount/premium, net
1,403

 
1,287

 
5,260

 
4,216

Recurring capital expenditures, tenant improvements and leasing commissions
(17,117
)
 
(14,588
)
 
(61,375
)
 
(45,608
)
Normalized FAD attributable to common stockholders
$
68,291

 
$
72,610

 
$
285,259

 
$
260,860

 
 
 
 
 
 
 
 
Net income attributable to common stockholders per diluted share
$
0.07

 
$
0.20

 
$
1.02

 
$
0.34

FFO adjustments per diluted share, net
0.34

 
0.21

 
0.58

 
1.19

FFO attributable to common stockholders per diluted share
$
0.41

 
$
0.41

 
$
1.60

 
$
1.53

Normalized FFO adjustments per diluted share, net
(0.01
)
 
0.01

 
0.02

 
0.10

Normalized FFO attributable to common stockholders per diluted share
$
0.40

 
$
0.42

 
$
1.62

 
$
1.63

 
 
 
 
 
 
 
 
Weighted average diluted common shares outstanding
210,338

 
208,626

 
210,061

 
185,278

 
 
 
 
 
 
 
 
(1) For the year ended December 31, 2017, other normalizing items included $4.6 million of non-incremental costs related to the Duke acquisition that were included in transaction expenses on HTA’s consolidated statements of operations.
HTA computes FFO in accordance with the current standards established by NAREIT. NAREIT defines FFO as net income or loss attributable to common stockholders (computed in accordance with GAAP), excluding gains or losses from sales of real estate property and impairment write-downs of depreciable assets, plus depreciation and amortization related to investments in real estate, and after adjustments for unconsolidated partnerships and joint ventures. Because FFO excludes depreciation and amortization unique to real estate, among other items, it provides a perspective not immediately apparent from net income or loss attributable to common stockholders.
HTA computes Normalized FFO, which excludes from FFO: (i) transaction expenses; (ii) gain or loss on change in fair value of derivative financial instruments; (iii) gain or loss on extinguishment of debt; (iv) noncontrolling income or loss from OP Units included in diluted shares; and (v) other normalizing items, which include items that are unusual and infrequent in nature. HTA’s methodology for calculating Normalized FFO may be different from the methods utilized by other REITs and, accordingly, may not be comparable to other REITs.
HTA also computes Normalized FAD, which excludes from Normalized FFO: (i) other income or expense; (ii) non-cash compensation expense; (iii) straight-line rent adjustments; (iv) amortization of below and above market leases/leasehold interests and corporate assets; (v) amortization of deferred financing costs and debt premium/discount; and (vi) recurring capital expenditures, tenant improvements and leasing commissions. HTA believes this non-GAAP financial measure provides a meaningful supplemental measure of its operating performance. Normalized FAD should not be considered as an alternative to net income or loss attributable to common stockholders (computed in accordance with GAAP) as an indicator of its financial performance, nor is it indicative of cash available to fund cash needs. Normalized FAD should be reviewed in connection with other GAAP measurements.
HTA presents these non-GAAP financial measures because it considers them important supplemental measures of its operating performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Historical cost accounting assumes that the value of real estate assets diminishes ratably over time. Since real estate values have historically risen or fallen based on market conditions, many industry investors have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. These non-GAAP financial measures should not be considered as alternatives to net income or loss attributable to common stockholders (computed in accordance with GAAP) as indicators of its financial performance. FFO and Normalized FFO is not indicative of cash available to fund cash needs. These non-GAAP financial measures should be reviewed in connection with other GAAP measurements.






HEALTHCARE TRUST OF AMERICA, INC.
NET DEBT TO ADJUSTED EBITDAre
(Unaudited and in thousands)
 
Three Months Ended
 
December 31, 2018
Net income
$
15,605

Interest expense
24,457

Depreciation and amortization expense
69,566

Loss on sale of real estate
395

Proportionate share of joint venture depreciation and amortization
469

EBITDAre
$
110,492

Transaction expenses
70

Gain on extinguishment of debt, net
(1,334
)
Non-cash compensation expense
1,925

Pro forma impact of dispositions
(144
)
Adjusted EBITDAre
$
111,009

 
 
Adjusted EBITDAre, annualized
$
444,036

 
 
As of December 31, 2018:
 
Debt
$
2,541,232

Cash and cash equivalents
(126,221
)
Net Debt
$
2,415,011

 
 
Net Debt to Adjusted EBITDAre
5.4
x
As defined by NAREIT, EBITDAre is computed as net income or loss (computed in accordance with GAAP) plus: (i) interest expense; (ii) income tax expense (not applicable to HTA); (iii) depreciation and amortization expense; (iv) impairment; (v) gain or loss on the sale of real estate; and (vi) and the proportionate share of joint venture depreciation and amortization.
Previously defined as Adjusted EBITDA, Adjusted EBITDAre is presented on an assumed annualized basis. HTA defines Adjusted EBITDAre as EBITDAre (computed in accordance with NAREIT as defined above) plus: (i) transaction expenses; (ii) gain or loss on extinguishment of debt; (iii) non-cash compensation expense; (iv) pro forma impact of its acquisitions/dispositions; and (v) other normalizing items. HTA considers Adjusted EBITDAre an important measure because it provides additional information to allow management, investors, and its current and potential creditors to evaluate and compare its core operating results and its ability to service debt.



(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

ex99220190214
&YIJCJU


 
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