Full Year 2024 Healthco Healthcare and Wellness Reit Earnings Call Transcript
Key Points
- HealthCo Healthcare and Wellness REIT (ASX:HCW) delivered 16% earnings growth for FY24.
- The company maintained a strong balance sheet with gearing at 32.5%.
- 100% rent collection was achieved, ensuring high income security.
- A $50 million unit buyback program was initiated, reflecting confidence in the company's value.
- Significant progress in sustainability, achieving a 30% reduction in Scope 1 and 2 carbon emissions.
- Unit price performance has been underwhelming despite strong operational results.
- Operating cash flow is lower than reported asset flow, raising concerns about cash flow conversion.
- The development pipeline value has decreased from $800 million to $540 million.
- There is ongoing debate and uncertainty around operating costs and revenue from private health insurance funding.
- The company faces challenges in addressing the unit price discount to NTA.
Hi. Good morning, everyone, and thank you for attending today's conference call. Before we commence today's presentation, we want to acknowledge the traditional custodians of country throughout Australia. We celebrate a diverse culture and connections to land, sea, and community. And we pay our respects to elders past, present, and emerging and extend that respect to all aboriginal and Torres Strait Islander peoples.
As many of you know, that have followed Healthco's journey since IPO, FY24 was a transformative year for the group. Clearly, we are immensely proud of the operational results that HealthCo has delivered while acknowledging the unit price performance has been underwhelming.
The operating and earnings performance through FY24 and continuing growth outlook reflects the critical infrastructure like characteristics of HealthCo assets. Ultimately, this asset class is supported by megatrends of a growing population and aging population and requirement for more investment to meet the
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