NASHVILLE, Tenn., Aug. 10 /PRNewswire-FirstCall/ -- Healthcare
Realty Trust Incorporated (NYSE:HR) today announced results for the
second quarter ended June 30, 2009. Funds from operations ("FFO")
per diluted common share for the three months ended June 30, 2009
totaled $0.44, compared with $0.38 for the three months ended June
30, 2008. FFO per diluted common share totaled $0.87 for the six
months ended June 30, 2009, compared with the prior year's $0.77.
Funds available for distribution ("FAD") for the three months ended
June 30, 2009 totaled $0.48 per diluted common share. Revenues for
the three months ended June 30, 2009 totaled $65.1 million,
compared with the prior year's $52.6 million. Revenues for the six
months ended June 30, 2009 totaled $128.1 million, compared with
the prior year's $104.8 million. Income from continuing operations
for the three months ended June 30, 2009 totaled $9.4 million,
compared with $4.8 million for the three months ended June 30,
2008. Income from continuing operations for the six months ended
June 30, 2009 totaled $17.1 million, compared with the prior year's
$9.7 million. Net income for the three months ended June 30, 2009
totaled $16.8 million, or $0.28 per diluted common share, versus
$13.8 million, or $0.27 per diluted common share, for the three
months ended 2008. Net income for the six months ended June 30,
2009 totaled $37.7 million, or $0.64 per diluted common share,
compared with $20.6 million, or $0.41 per diluted common share for
the six months ended June 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 203 real estate properties and
mortgages as of June 30, 2009, excluding assets classified as held
for sale and including an investment in one unconsolidated joint
venture. The Company's 198 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 8.8 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 Six Months Ended June 30, June
30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ----
REVENUES Master lease rent $14,953 $15,014 $30,604 $30,703 Property
operating 45,866 32,899 88,776 65,014 Straight-line rent 328 (126)
688 (182) Mortgage interest 978 542 1,468 1,067 Other operating
3,007 4,312 6,514 8,164 ----- ----- ----- ----- 65,132 52,641
128,050 104,766 EXPENSES General and administrative 5,329 5,863
12,296 11,908 Property operating 23,587 19,279 46,950 37,524 Bad
debts, net of recoveries 127 115 562 260 Depreciation 15,575 11,665
31,300 23,127 Amortization 1,346 566 2,827 1,150 ----- --- -----
----- 45,964 37,488 93,935 73,969 OTHER INCOME (EXPENSE) Gain on
extinguishment of debt, net - 9 - 9 Re-measurement gain of equity
interest upon acquisition - - 2,701 - Interest expense (10,043)
(10,886) (20,116) (21,764) Interest and other income, net 228 486
383 622 --- --- --- --- (9,815) (10,391) (17,032) (21,133) ------
------- ------- ------- INCOME FROM CONTINUING OPERATIONS 9,353
4,762 17,083 9,664 DISCONTINUED OPERATIONS Income from discontinued
operations 18 1,289 582 2,582 Impairments - - (22) (29) Gain on
sales of real estate properties 7,443 7,715 20,051 8,352 -----
----- ------ ----- INCOME FROM DISCONTINUED OPERATIONS 7,461 9,004
20,611 10,905 ----- ----- ------ ------ NET INCOME 16,814 13,766
37,694 20,569 Less: Net income attributable to noncontrolling
interests (62) - (77) (3) --- - --- -- NET INCOME ATTRIBUTABLE TO
COMMON STOCKHOLDERS $16,752 $13,766 $37,617 $20,566 ======= =======
======= ======= BASIC EARNINGS PER COMMON SHARE Income from
continuing operations $0.16 $0.10 $0.29 $0.20 Discontinued
operations 0.13 0.18 0.36 0.22 ---- ---- ---- ---- Net income
attributable to common stockholders $0.29 $0.28 $0.65 $0.42 =====
===== ===== ===== DILUTED EARNINGS PER COMMON SHARE Income from
continuing operations $0.16 $0.09 $0.29 $0.19 Discontinued
operations 0.12 0.18 0.35 0.22 ---- ---- ---- ---- Net income
attributable to common stockholders $0.28 $0.27 $0.64 $0.41 =====
===== ===== ===== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING -
BASIC 58,128,489 49,431,724 58,153,637 49,422,391 ==========
========== ========== ========== WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - DILUTED 58,899,618 50,474,762 58,897,895 50,442,808
========== ========== ========== ========== (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 Six
Months Ended June 30, June 30, -------- -------- 2009 2008 2009
2008 ---- ---- ---- ---- Cash flows from operating activities: Net
income $16,814 $13,766 $37,694 $20,569 Non-cash items:
--------------- Depreciation and amortization - real estate 16,703
12,721 33,574 25,276 Depreciation and amortization - other 835 640
1,644 1,204 Provision for bad debt, net of recoveries 129 115 566
331 Impairments - - 22 29 Straight-line rent receivable (319) 134
(672) 199 Straight-line rent liability 111 43 224 86 Equity in
(income) losses from unconsolidated joint ventures - (116) 2 148
Stock-based compensation 1,013 1,107 2,301 2,403 Provision for
deferred post- retirement benefits 475 818 1,967 1,654 Gain on
repurchase of notes payable - (9) - (9) Re-measurement gain of
equity interest upon acquisition - - (2,701) - Other non-cash items
253 133 507 439 --- --- --- --- Total non-cash items 19,200 15,586
37,434 31,760 Other items: ------------ Accounts payable and
accrued liabilities (4,409) (7,465) (3,200) (3,686) Other
liabilities (4,327) (2,075) (3,346) (2,810) Other assets (1,066)
(508) 132 5,866 Gain on sales of real estate properties (7,443)
(7,715) (20,051) (8,352) Payment of partial pension settlement - -
(2,300) - State income taxes paid, net of refunds (503) (621) (569)
(621) ---- ---- ---- ---- Total other items (17,748) (18,384)
(29,334) (9,603) ------- ------- ------- ------ Net cash provided
by operating activities 18,266 10,968 45,794 42,726 Cash flows from
investing activities: Acquisition and development of real estate
properties (28,715) (18,134) (61,791) (37,694) Funding of mortgages
and notes receivable (5,365) (5,916) (8,816) (7,181) Investment in
unconsolidated joint ventures (149) - (149) - Distributions
received from unconsolidated joint ventures - 444 - 867 Proceeds
from sales of real estate 18,971 18,625 82,878 22,040 Proceeds from
mortgages and notes receivable repayments 60 43 98 79 -- -- -- --
Net cash provided by (used in) investing activities (15,198)
(4,938) 12,220 (21,889) Cash flows from financing activities: Net
borrowings on unsecured credit facility 13,000 14,000 9,000 22,000
Repayments on notes and bonds payable (1,021) (918) (21,569)
(1,825) Repurchase of notes payable - (5,332) - (5,332) Quarterly
dividends paid (22,849) (19,534) (45,678) (39,067) Proceeds from
issuance of common stock 165 176 348 361 Common stock redemption -
(282) - (282) Credit facility amendment fee - (326) - (326) Capital
contribution received from noncontrolling interests - - 529 -
Distributions to noncontrolling interests (32) - (75) (3) --- - ---
-- Net cash used in financing activities (10,737) (12,216) (57,445)
(24,474) ------- ------- ------- ------- Increase (decrease) in
cash and cash equivalents (7,669) (6,186) 569 (3,637) Cash and cash
equivalents, beginning of period 12,376 11,068 4,138 8,519 ------
------ ----- ----- Cash and cash equivalents, end of period $4,707
$4,882 $4,707 $4,882 ====== ====== ====== ====== (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 Six Months Ended June
30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ----
---- Net Income Attributable to Common Stockholders $16,752 $13,766
$37,617 $20,566 Gain on sales of real estate properties (7,443)
(7,715) (20,051) (8,352) Real estate depreciation and amortization
16,703 13,150 33,585 26,423 ------ ------ ------ ------ Total
adjustments 9,260 5,435 13,534 18,071 ----- ----- ------ ------
Funds From Operations - Basic and Diluted $26,012 $19,201 $51,151
$38,637 ======= ======= ======= ======= Funds From Operations Per
Common Share - Basic $0.45 $0.39 $0.88 $0.78 ===== ===== =====
===== Funds From Operations Per Common Share - Diluted $0.44 $0.38
$0.87 $0.77 ===== ===== ===== ===== Weighted Average Common Shares
Outstanding - Basic 58,128,489 49,431,724 58,153,637 49,422,391
========== ========== ========== ========== Weighted Average Common
Shares Outstanding - Diluted 58,899,618 50,474,762 58,897,895
50,442,808 ========== ========== ========== ==========
RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2): (Dollars in
thousands, except per share data) (Unaudited) Three Months Ended
June 30, 2009 ------------- Net Income Attributable to Common
Stockholders $16,752 Gain on sales of real estate properties
(7,443) Total non-cash items included in cash flows from operating
activities (3) 19,200 ------ Funds Available For Distribution
$28,509 ======= Funds Available For Distribution Per Common Share -
Diluted $0.48 ===== Weighted Average Common Shares Outstanding -
Diluted 58,899,618 ========== (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: Scott W. Holmes of Healthcare Realty,
Executive Vice President & Chief Financial Officer,
+1-615-269-8175 Web Site: http://www.healthcarerealty.com/
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