Healthcare Realty Trust Incorporated (NYSE:HR) Q2 2024 Earnings Conference Call August 2, 2024 12:00 PM ET

Company Participants

Ron Hubbard - Vice President, Investor Relations
Todd Meredith - President and Chief Executive Officer
Kris Douglas - Executive Vice President and Chief Financial Officer
Rob Hull - Executive Vice President, Investments

Conference Call Participants

Austin Wurschmidt - KeyBanc Capital Markets
Michael Griffin - Citi
Michael Mueller - JPMorgan
Richard Anderson - Wedbush Securities
John Kilichowski - Wells Fargo
Emily Meckler - Green Street
Omotayo Okusanya - Deutsche Bank

Operator

Good afternoon. Thank you for attending the Healthcare Realty Second Quarter Earnings Conference Call. My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end.

I would now like to pass the conference over to your host, Ron Hubbard, Vice President of Investor Relations. You may proceed.

Ron Hubbard

Thank you for joining us today for Healthcare Realty's second quarter 2024 earnings conference call. Joining me on the call today are Todd Meredith, Kris Douglas, and Rob Hull.

A reminder that except for the historical information contained within, the matters discussed in this call may contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. These risks are more specifically discussed in the company's Form 10-K filed with the SEC for the year ended December 31, 2023. These forward-looking statements represent the company's judgment as of the date of this call. The company disclaims any obligation to update this forward-looking material.

The matters discussed in this call may also contain certain non-GAAP financial measures such as funds from operations or FFO, normalized FFO, FFO per share, normalized FFO per share, funds available for distribution, or FAD, net operating income, NOI, EBITDA and adjusted EBITDA. A reconciliation of these measures to the most comparable GAAP financial measures may be found in the company's earnings press release in quarter ended June 30, 2024. The company's earnings press release, supplemental information and Form 10-K are available on the company's website.

I'll now turn the call over to Todd.

Todd Meredith

Thank you, Ron, and thank you everyone for joining us today. Healthcare Realty had a strong second quarter. We are making notable progress on our capital allocation objectives and we are accelerating our operational momentum. For the second quarter, normalized FFO was $0.38 per share. This was impacted by the previously disclosed Stewart revenue reserve. Without the reserve, our results were $0.39 per share.