NASHVILLE, Tenn., Nov. 9 /PRNewswire-FirstCall/ -- Healthcare
Realty Trust Incorporated (NYSE:HR) today announced results for the
third quarter ended September 30, 2009. Funds from operations
("FFO") per diluted common share for the three months ended
September 30, 2009 totaled $0.44, compared with $0.36 for the three
months ended September 30, 2008. FFO per diluted common share
totaled $1.31 for the nine months ended September 30, 2009,
compared with the prior year's $1.13. Funds available for
distribution ("FAD") for the three months ended September 30, 2009
totaled $0.47 per diluted common share. Revenues for the three
months ended September 30, 2009 totaled $64.1 million, compared
with the prior year's $54.7 million. Revenues for the nine months
ended September 30, 2009 totaled $192.1 million, compared with the
prior year's $159.4 million. Income from continuing operations for
the three months ended September 30, 2009 totaled $8.7 million,
compared with $3.7 million for the three months ended September 30,
2008. Income from continuing operations for the nine months ended
September 30, 2009 totaled $25.7 million, compared with the prior
year's $13.4 million. Net income attributable to common
stockholders for the three months ended September 30, 2009 totaled
$9.1 million, or $0.15 per diluted common share, versus $5.5
million, or $0.11 per diluted common share, for the three months
ended 2008. Net income attributable to common stockholders for the
nine months ended September 30, 2009 totaled $46.7 million, or
$0.79 per diluted common share, compared with $26.1 million, or
$0.52 per diluted common share for the nine months ended September
30, 2008. 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 $2.2 billion in 206 real
estate properties and mortgages as of September 30, 2009, excluding
assets classified as held for sale and including an investment in
one unconsolidated joint venture. The Company's 201 owned real
estate properties, excluding assets classified as held for sale,
are comprised of six facility types, located in 28 states, totaling
approximately 12.3 million square feet. The Company provides
property management services to approximately 9.0 million square
feet nationwide. The Company directs interested parties to its
Internet site, http://www.healthcarerealty.com/, where information
is posted regarding this quarter's operations. Please contact the
Company at (615) 269-8175 to request a printed copy of this
information. 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 Income (1) (Dollars in thousands, except
per share data) (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, ---------------- ---------------- 2009
2008 2009 2008 ---- ---- ---- ---- REVENUES Master lease rent
$14,973 $15,166 $45,576 $45,869 Property operating 45,638 34,721
134,414 99,736 Straight-line rent 676 124 1,364 (58) Mortgage
interest 658 579 2,126 1,647 Other operating 2,111 4,084 8,626
12,246 ----- ----- ----- ------ 64,056 54,674 192,106 159,440
EXPENSES General and administrative 5,107 6,018 17,402 17,926
Property operating 23,979 21,625 70,929 59,149 Impairment - 1,600 -
1,600 Bad debts, net of recoveries (133) 95 429 355 Depreciation
15,906 12,166 47,207 35,293 Amortization 1,236 769 4,063 1,919
----- --- ----- ----- 46,095 42,273 140,030 116,242 OTHER INCOME
(EXPENSE) Gain on extinguishment of debt, net - 2,015 - 2,024
Re-measurement gain of equity interest upon acquisition - - 2,701 -
Interest expense (9,587) (10,863) (29,703) (32,627) Interest and
other income, net 292 185 675 807 --- --- --- --- (9,295) (8,663)
(26,327) (29,796) ------ ------ ------- ------- INCOME FROM
CONTINUING OPERATIONS 8,666 3,738 25,749 13,402 DISCONTINUED
OPERATIONS Income from discontinued operations 289 1,092 870 3,674
Impairments - - (22) (29) Gain on sales of real estate properties
84 746 20,136 9,098 --- --- ------ ----- INCOME FROM DISCONTINUED
OPERATIONS 373 1,838 20,984 12,743 --- ----- ------ ------ NET
INCOME 9,039 5,576 46,733 26,145 Less: Net (income) loss
attributable to noncontrolling interests 65 (49) (12) (52) --- ---
--- --- NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $9,104
$5,527 $46,721 $26,093 ====== ====== ======= ======= BASIC EARNINGS
PER COMMON SHARE Income from continuing operations $0.15 $0.07
$0.44 $0.27 Discontinued operations 0.01 0.04 0.36 0.26 ---- ----
---- ---- Net income attributable to common stockholders $0.16
$0.11 $0.80 $0.53 ===== ===== ===== ===== DILUTED EARNINGS PER
COMMON SHARE Income from continuing operations $0.15 $0.07 $0.44
$0.27 Discontinued operations 0.00 0.04 0.35 0.25 ---- ---- ----
---- Net income attributable to common stockholders $0.15 $0.11
$0.79 $0.52 ===== ===== ===== ===== WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - BASIC 58,174,482 49,530,813 58,150,024 49,438,796
========== ========== ========== ========== WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - DILUTED 59,064,066 50,614,173 58,950,870
50,481,469 ========== ========== ========== ========== (1) The
Condensed Consolidated Statements of Income do not include all of
the information and footnotes required by generally accepted
accounting principles for complete financial statements. HEALTHCARE
REALTY TRUST INCORPORATED Condensed Consolidated Statements of Cash
Flows (1) (Dollars in thousands) (Unaudited) Three Months Ended
Nine Months Ended September 30, September 30, --------------
-------------- 2009 2008 2009 2008 ---- ---- ---- ---- Cash flows
from operating activities: Net income $9,039 $5,576 $46,733 $26,145
Non-cash items: --------------- Depreciation and amortization -
real estate 16,801 13,025 50,375 38,300 Depreciation and
amortization - other 870 663 2,514 1,868 Provision for bad debts,
net of recoveries (137) 95 429 426 Impairments - 1,600 22 1,629
Straight-line rent receivable (676) (124) (1,348) 75 Straight-line
rent liability 112 61 336 147 Equity in (income) losses from
unconsolidated joint ventures - (55) 2 93 Stock-based compensation
985 1,084 3,286 3,487 Provision for deferred post-retirement
benefits 476 828 2,443 2,482 Gain on repurchase of notes payable -
(2,015) - (2,024) Re-measurement gain of equity interest upon
acquisition - - (2,701) - Other non-cash items 254 133 761 572 ---
--- --- --- Total non-cash items 18,685 15,295 56,119 47,055 Other
items: ------------ Accounts payable and accrued liabilities 15,183
13,325 11,984 9,653 Other liabilities (5,006) 2,739 (8,352) (71)
Other assets (1,137) (837) (1,005) 5,029 Gain on sales of real
estate properties (84) (746) (20,136) (9,098) Payment of partial
pension settlement - - (2,300) - State income taxes paid, net of
refunds (93) (30) (662) (651) --- --- ---- ---- Total other items
8,863 14,451 (20,471) 4,862 ----- ------ ------- ----- Net cash
provided by operating activities 36,587 35,322 82,381 78,062 Cash
flows from investing activities: Acquisition and development of
real estate properties (37,462) (100,758) (99,253) (138,452)
Funding of mortgages and notes receivable (4,367) (5,338) (13,183)
(12,519) Investment in unconsolidated joint ventures (35) - (184) -
Distributions received from unconsolidated joint ventures - 15 -
882 Partial redemption of preferred equity investment in
unconsolidated joint ventures - 5,546 - 5,546 Proceeds from sales
of real estate 563 2,641 83,441 24,681 Proceeds from mortgages and
notes receivable repayments 107 2,555 205 2,634 --- ----- --- -----
Net cash used in investing activities (41,194) (95,339) (28,974)
(117,228) Cash flows from financing activities: Net borrowings on
unsecured credit facilities 35,000 (90,000) 44,000 (68,000)
Repayments on notes and bonds payable (1,071) (895) (22,640)
(2,720) Repurchase of notes payable - (25,906) - (31,238) Quarterly
dividends paid (22,852) (19,542) (68,530) (58,609) Proceeds from
issuance of common stock 186 196,701 534 197,062 Equity issuance
costs - (18) - (32) Common stock redemption (8) - (8) (282) Debt
issuance costs (7,393) - (7,393) - Credit facility amendment fee -
- - (326) Capital contributions received from noncontrolling
interests 1,242 - 1,771 - Distributions to noncontrolling interests
(116) (49) (191) (52) ---- --- ---- --- Net cash provided by (used
in) financing activities 4,988 60,291 (52,457) 35,803 ----- ------
------- ------ Increase (decrease) in cash and cash equivalents 381
274 950 (3,363) Cash and cash equivalents, beginning of period
4,707 4,882 4,138 8,519 ----- ----- ----- ----- Cash and cash
equivalents, end of period $5,088 $5,156 $5,088 $5,156 ======
====== ====== ====== (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. RECONCILIATION OF FUNDS FROM OPERATIONS (1)
(2): (Dollars in thousands, except per share data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30,
---------------- ---------------- 2009 2008 2009 2008 ---- ----
---- ---- Net Income Attributable to Common Stockholders $9,104
$5,527 $46,721 $26,093 Gain on sales of real estate properties (84)
(746) (20,136) (9,098) Real estate depreciation and amortization
16,801 13,456 50,387 39,878 ------ ------ ------ ------ Total
adjustments 16,717 12,710 30,251 30,780 ------ ------ ------ ------
Funds From Operations - Basic and Diluted $25,821 $18,237 $76,972
$56,873 ======= ======= ======= ======= Funds From Operations Per
Common Share - Basic $0.44 $0.37 $1.32 $1.15 ===== ===== =====
===== Funds From Operations Per Common Share - Diluted $0.44 $0.36
$1.31 $1.13 ===== ===== ===== ===== Weighted Average Common Shares
Outstanding - Basic 58,174,482 49,530,813 58,150,024 49,438,796
========== ========== ========== ========== Weighted Average Common
Shares Outstanding - Diluted 59,064,066 50,614,173 58,950,870
50,481,469 ========== ========== ========== ==========
RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2): (Dollars in
thousands, except per share data) (Unaudited) Three Months Ended
September 30, 2009 ------------------ Net Income Attributable to
Common Stockholders $9,104 Gain on sales of real estate properties
(84) Total non-cash items included in cash flows from operating
activities (3) 18,685 ------ Funds Available For Distribution
$27,705 ======= Funds Available For Distribution Per Common Share -
Diluted $0.47 ===== Weighted Average Common Shares Outstanding -
Diluted 59,064,066 ========== (1) Funds from operations ("FFO") is
calculated according to the definition of the National Association
of Real Estate Investment Trusts and is comprised primarily of net
income and depreciation from real estate, but is not adjusted for
certain non-cash income and expense items. Gains on the sale of
real estate properties are excluded from FFO and FFO per share,
while impairments are included in FFO and FFO per share. (2) FFO
and Funds Available For Distribution ("FAD") do not represent cash
generated from operating activities determined in accordance with
accounting principles generally accepted in the United States and
are not necessarily indicative of cash available to fund cash
needs. FFO and FAD should not be considered alternatives to net
income as indicators of the Company's operating performance or as
alternatives to cash flow as measures of liquidity. (3) See the
Condensed Consolidated Statements of Cash Flows that are included
in this earnings release. DATASOURCE: Healthcare Realty Trust
Incorporated CONTACT: HEALTHCARE REALTY, Gabrielle M. Andres,
Corporate Communications, +1-615-269-8175 Web Site:
http://www.healthcarerealty.com/
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