HR Healthcare Realty Trust Incorporated

Healthcare Realty Trust Announces First Quarter Results NASHVILLE, Tenn., April 29 /PRNewswire-FirstCall/ -- Healthcare Realty Trust Incorporated today announced results for the first quarter that ended March 31, 2004. Revenues for the first quarter totaled $51.7 million, compared with the prior year's $47.0 million. Net income for the period was $17.8 million, or $0.42 per diluted common share, versus $18.6 million, or $0.45 per diluted common share, for the first quarter of 2003. Funds from operations ("FFO"), calculated according to the definition of the National Association of Real Estate Investment Trusts and comprised primarily of net income and depreciation from real estate, totaled $29.1 million for the first quarter of 2004, compared with $28.5 million for the same period in 2003. FFO per diluted common share for the first quarter of 2004 totaled $0.69, compared with $0.69 for the first quarter of 2003. A reconciliation of FFO to net income follows. Healthcare Realty Trust is a real estate investment trust that integrates owning, managing and developing income-producing real estate properties associated with the delivery of healthcare services throughout the United States. As of March 31, 2004, the Company had investments of approximately $1.7 billion in 228 real estate properties or mortgages, totaling approximately 11.8 million square feet. The Company's portfolio was comprised of six major facility types, located in 30 states. The Company provided property management services to approximately 5.2 million square feet nationwide. The Company directs interested parties to its Internet page site, http://www.healthcarerealty.com/ , where material 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 a 10-K filed with the SEC by Healthcare Realty Trust for the year ended December 31, 2003. 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 Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) Three Months Ended March 31, 2004 2003 Revenues: Master lease rental income $23,010 $22,339 Property operating income 24,764 19,801 Straight line rent 182 620 Mortgage interest income 2,814 2,681 Interest and other income 894 1,580 51,664 47,021 Expenses: General and administrative 3,417 2,669 Property operating expenses 10,362 7,661 Interest 8,973 8,446 Depreciation 11,087 10,128 Amortization 13 13 33,852 28,917 Income from continuing operations 17,812 18,104 Discontinued Operations: Operating income from discontinued operations 0 464 Gain (loss) on sale of real estate properties 0 0 0 464 Net income $17,812 $18,568 Basic earnings per common share: Income from continuing operations per common share $0.43 $0.44 Discontinued operations per common share $0.00 $0.01 Net income per common share $0.43 $0.45 Diluted earnings per common share: Income from continuing operations per common share $0.42 $0.44 Discontinued operations per common share $0.00 $0.01 Net income per common share $0.42 $0.45 Weighted average common shares outstanding - Basic 41,668,173 40,819,618 Weighted average common shares outstanding - Diluted 42,379,283 41,615,403 HEALTHCARE REALTY TRUST INCORPORATED Reconciliation of Funds From Operations (1) (Unaudited) (Dollars in thousands, except per share data) Three Months Ended March 31, 2004 2003 Net income (2) $17,812 $18,568 Net (gain) loss on sale of real estate properties 0 0 Real estate depreciation and amortization 11,282 9,979 Total adjustments 11,282 9,979 Funds from operations - Basic and Diluted $29,094 $28,547 Funds from operations per common share - Basic $0.70 $0.70 Funds from operations per common share - Diluted $0.69 $0.69 Weighted average common shares outstanding - Basic 41,668,173 40,819,618 Weighted average common shares outstanding - Diluted 42,379,283 41,615,403 (1) Funds from operations ("FFO") and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT"). NAREIT defines FFO as "The most commonly accepted and reported measure of REIT operating performance equal to a REIT's net income, excluding gains or losses from sales of property and adding back real estate depreciation." The Company considers FFO to be an informative measure of REIT performance commonly used in the REIT industry. However, FFO does not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States ("GAAP") and is not necessarily indicative of cash available to fund cash needs. FFO should not be considered an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. (2) Net income includes non-cash deferred compensation of $848 thousand and $692 thousand, respectively, for the three months ended March 31, 2004 and 2003. Healthcare Realty Trust maintains a website: http://www.healthcarerealty.com/ to provide general corporate, investor and financial information. DATASOURCE: Healthcare Realty Trust Incorporated CONTACT: Scott W. Holmes, Senior Vice President and Chief Financial Officer of Healthcare Realty Trust Incorporated, +1-615-269-8175 Web site: http://www.healthcarerealty.com/ Company News On-Call: http://www.prnewswire.com/comp/112435.html

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