Healthcare Realty Trust Incorporated (NYSE:HR) Q3 2019 Earnings Conference Call Transcript

Nov 05, 2019 • 10:00 am ET

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Healthcare Realty Trust Incorporated (NYSE:HR) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Healthcare Realty Trust Third Quarter Financial Results Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Mr. Todd Meredith, CEO. Please go ahead.

Executive
Todd J. Meredith

Thank you, Lexi [Phonetic]. Joining me on the call today are Carla Baca, Bethany Mancini, Rob Hull, and Kris Douglas.

First, I'd like to make a few comments about David Emery, our Founder, who passed away on September 30th. This last week, my colleagues and I enjoyed a wonderful celebration of David's life with his family and friends. David was truly a visionary, a force of nature, inspired everyone around him with this intellectual curiosity, his intuition, and his infectious charm and perpetual optimism. David had a remarkable degree of confidence and his abilities, yet he was acutely wary of hubris. He was a wise men to work always leading by example. David was a renaissance man pursuing many interests, personal and professional with great success and style. And he shared his achievements generously with family, friends and colleagues. We will miss him dearly, above all, for his genuine and loyal friendship. David was a wonderful human being, who loved helping others succeed.

When it comes to the Healthcare REIT sector, David, was a true pioneer. He had the vision to start the first MOB focus REIT in the early '90s. Today, we have a great company built on a strong foundation. Thanks to David's vision and leadership. The Board appropriately bestowed upon David the title of Chairman Emeritus. His contribution to the sector and to Healthcare Realty will not be forgotten. Over the past few years, David did a masterful job transitioning leadership of Healthcare Realty and he was especially pleased with where the company is headed today.

Now for the quarterly results, Carla, if you go ahead with the disclaimer, please.

Executive
Carla Baca

Thank you. 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 our Form 10-K filed with the SEC for the year ended December 31st, 2018, and in subsequently filed Form 10-Q. 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, FFO, normalized FFO, FFO per share, normalized FFO per share, funds available for distribution, FAD, net operating income, NOI, EBITDA, and adjusted EBITDA. Reconciliation of these measures to the most comparable GAAP financial measures may be found in the company's earnings press release for the third quarter ended September 30th, 2019. The company's earnings press release, supplemental information, Forms 10-Q, and 10-K are available on the company's website.

Executive
Todd J. Meredith

Thank you, Carla. I'll begin by touching on three key topics for the quarter: first, the strength of Healthcare Realty's operations; second, our increasing acquisition volume in our ability