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HealthCo Healthcare and Wellness (HCW) investor relations material
HealthCo Healthcare and Wellness H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY25 results were significantly impacted by the receivership of Healthscope at its parent level, which represents 53% of earnings on a look-through basis, leading to suspension of distributions in H2 and an 18% drop in FFO per unit year-over-year.
Portfolio remains diversified and resilient, with 99% occupancy, 98% of all rent due collected, and 11.5 years WALE.
Conditional agreements with alternative operators for all Healthscope assets are in place, ensuring continuity of services and strong tenant covenants.
Prudent capital management maintained, with gearing at 31%, at the low end of the target range.
Portfolio remains focused on medium and high acuity critical services, with high conviction in long-term value fundamentals.
Financial highlights
FY25 FFO per unit was 6.6¢, down 18% year-over-year, impacted by the unlisted healthcare fund pausing distributions.
Like-for-like net income growth was 5.2% year-over-year, driven by market rent reviews and strong leasing spreads.
Portfolio valuations declined by 4% on a gross basis, reflecting a 37 bps cap rate expansion.
NTA as of June was $1.44 per unit, down $0.14 from Dec-24, with movement driven by cap rate expansion.
FY25 distribution was $0.42 per unit, with distributions suspended in H2 to maintain flexibility.
Outlook and guidance
Focus for FY26 is on resolving the Healthscope situation and ensuring continuity of services, with no guidance provided for FY26 distributions until resolved.
Sufficient liquidity to comply with debt covenants and fund new arrangements if needed.
Conviction in healthcare real estate remains strong, underpinned by long-term demographic megatrends and a stretched public healthcare system.
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