Healthcare Realty Trust Announces First Quarter Dividend
May 11 2009 - 5:02PM
PR Newswire (US)
NASHVILLE, Tenn., May 11 /PRNewswire-FirstCall/ -- Healthcare
Realty Trust Incorporated (NYSE:HR) today announced its common
stock cash dividend for the quarter ended March 31, 2009. This
dividend, in the amount of $0.385 per share, is payable on June 5,
2009 to shareholders of record on May 22, 2009. The total dividend
of $22.8 million is approximately 83 percent of cash flows from
operations determined in accordance with GAAP. The Company's cash
flow statement is provided below. Healthcare Realty Trust is a real
estate investment trust that integrates owning, managing and
developing income-producing real estate properties associated
primarily with the delivery of outpatient healthcare services
throughout the United States. The Company had investments of
approximately $2.1 billion in 204 real estate properties and
mortgages as of March 31, 2009, excluding assets classified as held
for sale and including an investment in one unconsolidated joint
venture. The Company's 199 owned real estate properties, excluding
assets classified as held for sale, are comprised of six facility
types, located in 28 states, totaling approximately 12.1 million
square feet. The Company provides property management services to
approximately 8.5 million square feet nationwide. In addition to
the historical information contained within, the matters discussed
in this press release may contain forward-looking statements that
involve risks and uncertainties. These risks are discussed in
filings with the Securities and Exchange Commission by Healthcare
Realty Trust, including its Annual Report on Form 10-K for the year
ended December 31, 2008 under the heading "Risk Factors," and as
updated in its Quarterly Reports on Form 10-Q filed thereafter.
Forward-looking statements represent the Company's judgment as of
the date of this release. The Company disclaims any obligation to
update forward-looking material. HEALTHCARE REALTY TRUST
INCORPORATED Condensed Consolidated Statements of Cash Flows (1)
(Dollars in thousands) (Unaudited) Three Months Ended March 31,
2009 -------------- Cash flows from operating activities: Net
income $20,880 Non-cash items: --------------- Depreciation and
amortization - real estate 16,872 Depreciation and amortization -
other 808 Provision for bad debt, net of recoveries 437 Impairments
22 Straight-line rent receivable (353) Straight-line rent liability
113 Equity in losses from unconsolidated joint ventures 2
Stock-based compensation 1,288 Provision for deferred
post-retirement benefits 1,492 Re-measurement gain of equity
interest upon acquisition (2,701) Other non-cash items 254 ---
Total non-cash items 18,234 Other items: ------------ Accounts
payable and accrued liabilities 1,090 Other liabilities 981 Other
assets 1,199 Gain on sales of real estate properties (12,609)
Payment of partial pension settlement (2,300) State income taxes
paid, net of refunds 53 -- Total other items (11,586) ------- Net
cash provided by operating activities (2)(3) 27,528
------------------------------------------------ ------ Cash flows
from investing activities: Acquisition and development of real
estate properties (33,076) Funding of mortgages and notes
receivable (3,451) Distributions received from unconsolidated joint
ventures - Proceeds from sales of real estate 63,907 Proceeds from
mortgages and notes receivable repayments 38 -- Net cash provided
by investing activities 27,418 Cash flows from financing
activities: Net repayment on unsecured credit facility (4,000)
Repayments on notes and bonds payable (20,548) Dividends paid
related to the fourth quarter 2008 (22,829) Proceeds from issuance
of common stock 183 Proceeds received from noncontrolling interests
529 Distributions to noncontrolling interests (43) --- Net cash
used in financing activities (46,708) ------- Increase in cash and
cash equivalents 8,238 Cash and cash equivalents, beginning of
period 4,138 ----- Cash and cash equivalents, end of period $12,376
======= (1) The Condensed Consolidated Statements of Cash Flows do
not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. (2) First quarter 2009 dividends to be paid of $22.8
million, divided by 'Net cash provided by operating activities' of
$27.5 million, is equal to 83%. (3) Net cash provided by operating
activities will fluctuate significantly quarter to quarter based on
the Company's operating results, as well as the timing of certain
payments of the Company's obligations. DATASOURCE: Healthcare
Realty Trust CONTACT: Gabrielle M. Andres, Corporate
Communications, +1-615-269-8175 Web Site:
http://www.healthcarerealty.com/
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