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Healthcare Realty Trust Incorporated Message Board

  • jamesbroke2006i jamesbroke2006i May 16, 2007 10:48 AM Flag

    HR Help

    Why the constant bleeding of stock price? Is this a good value play to hold for the dividend? I notice that they paid out a special one time dividend and the regular dividend and it still continues to go down. Any information would be helpful.


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    • Management believes even though the yield will be lower, the future is great
      see below

      20-Jun-07 EMERY DAVID R
      Officer 23,300 Indirect Purchase at $28.84 per share. $671,972

      Officer 23,300 Indirect Purchase at $28.84 per share. $671,972

    • HR could sell the properties at a good price, and senior housing is a commodity type business. They prefer to position the company in the higher value area of MOBs and outpatient centers.

    • When did they pay special one time dividend? I do not see this any where. HR has been paying 66 cnets for some time.

      Not many wallstreet companies follow this stock. I went on Schwab research and noticed that Schewab, goldman, or Argus do not follow this company. I did notice on Yahoo that next time HR will pay only 38 cents, but there appears to be no annuncement from HR that they are reducing dividends, unless said it in last stockholders report.

      Can some one shed more light on this company.....I did notice that HR is in the process of restrucherring.

    • Unless this is a manipulation of the stock !!!???

    • I concur . When did they announce a cut in the dividend? I haven't read anything about a cut.

    • Thanks

    • I think its a little low, HR should be trading for about what HCN/HCP trade for. However the remaining company is very solid, and has some built in growth from the development pipeline.

      "Healthcare Realty's investment portfolio, after the sales, will consist predominantly of medical office and outpatient facility types. Given their high occupancy and low turnover rates, diverse tenancy with high rent coverages, and the largely private pay attributes of medical office tenants, management believes its resulting portfolio will have lower-risk, higher- growth characteristics that will further reduce the business-risk profile of the Company. This transaction will also enable management to increase its focus on expanding development opportunities."

      The healthcare realestate market is splitting between things like Senior living which are basicly glorified apartment buildings, hospitals, which are like operating businesses, and Medical Office/Out Patient which are like office buildings.

      Senior living/Skilled Nursing has big issues over medicare reimbursement and the credit quality of operators. The properties tend not be fungible. E.g its hard to convert them to non-nursing/senior living uses.

      Hospitals have alot of business risk to them. The high margin stuff like imaging (MRI's) is moving over to dedicated outpatient facilities. That means the hospital is stuck with an emergency room and a declining inpatient care business. There is also the big problem that if someone opens up a newer better hospital, people will go there. It's very dangerious to be the #4 hospital.

      That's why MPW trades at a discount to the rest of the sector. But the cashflow yeild on hospital properties is very high

      So HR/HCN/HCP etc are trying to position themselves in the sweet spot of medical office buildings/outpatient care facilities. HR has been the most proactive about this by selling off all their non-core assets vs trying to dilute the portfolio by making incremental investments.

      The downside is that new-HR is smaller company than old HR. But if you held onto your shares you got a big $4.75 special dividend and one last $0.66 dividend. That's a little over 2.5 years worth of dividends at the new rate $1.54/y

    • I'll put in a pitch for GNV, which is brand new BDC focused on debt investments.

      I also like pretty much the entire commercial mortgage sector. It's very hard to go wrong when pretty much everything is paying 9%+.

      I'm actually trying to branch out from owning just MREITs, but so few property reits are attractively valued.

    • a divy cut might help, back in '03 HIW cut its divy.

    • thats right - you can buy t-bills or CDs that pay >5% so a pretty clear choice in my opinion, so I suppose this is why it continues to sink. There are other reasons to own stocks besides yield so I would be interested others' opinions.

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