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Healthcare Realty Trust Announces First Quarter Results
Date:5/5/2008

NASHVILLE, Tenn., May 5 /PRNewswire-FirstCall/ -- Healthcare Realty Trust Incorporated (NYSE: HR) today announced results for the first quarter ended March 31, 2008. Revenues for the first quarter of 2008 totaled $55.0 million, compared with the prior year's $52.6 million. Income from continuing operations for the first quarter of 2008 totaled $5.7 million, compared with the prior year's $2.7 million.

In the first quarter of 2007, the Company recorded a $30.4 million gain related to the disposal of its senior living assets. The comparability of reported revenues and income from continuing operations for the first quarter of 2008 and 2007 is not impacted by the disposition of the senior living assets because the operations of the divested assets are classified in discontinued operations in the Condensed Consolidated Statements of Income for both periods. However, the period-over-period comparisons of net income, net income per share, funds from operations, and funds from operations per share are impacted by the reduced asset base and the gain on sale in 2007. Net income for the first quarter of 2008 was $6.8 million, or $0.13 per diluted common share, versus $36.3 million, or $0.76 per diluted common share, for the first quarter of 2007.

Funds from operations ("FFO") is calculated according to the definition of the National Association of Real Estate Investment Trusts ("NAREIT") and is comprised primarily of net income and depreciation from real estate, but is not adjusted for certain non-cash income and expense items. Also, the gain on the senior living disposition in 2007 is excluded from FFO and FFO per share. FFO totaled $19.4 million, or $0.39 per diluted common share, for the first quarter ended March 31, 2008, compared with $20.3 million, or $0.43 per diluted common share, for the same period in 2007.

Funds available for distribution for the first quarter of 2008 totaled $0.44 per diluted common share.

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 $1.8 billion in 186 real estate properties and mortgages as of March 31, 2008, excluding assets classified as held for sale and including investments in three unconsolidated limited liability companies. The Company's 179 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 24 states, totaling approximately 11.0 million square feet. The Company provides property management services to approximately 7.3 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, 2007 under the heading "Risk Factors," and as may be 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

March 31,

2008 2007

REVENUES

Master lease rent $16,268 $15,691

Property operating 34,039 31,540

Straight-line rent (64) 61

Mortgage interest 525 352

Other operating 4,237 4,997

55,005 52,641

EXPENSES

General and administrative 6,045 6,175

Property operating 19,028 17,985

Bad debts, net of recoveries 218 5

Interest 11,286 13,514

Depreciation 12,181 10,813

Amortization 594 1,415

49,352 49,907

INCOME FROM CONTINUING OPERATIONS 5,653 2,734

DISCONTINUED OPERATIONS (2)

Income from discontinued operations 538 6,013

Impairments (29) (2,792)

Gain on sales of real estate properties 637 30,389

INCOME FROM DISCONTINUED OPERATIONS 1,146 33,610

NET INCOME $6,799 $36,344

BASIC EARNINGS PER COMMON SHARE

Income from continuing

operations per common share $0.11 $0.06

Discontinued operations per common share $0.03 $0.72

Net income per common share $0.14 $0.78

DILUTED EARNINGS PER COMMON SHARE

Income from continuing operations per

common share $0.11 $0.06

Discontinued operations per common share $0.02 $0.70

Net income per common share $0.13 $0.76

WEIGHTED AVERAGE COMMON SHARES

OUTSTANDING - BASIC 49,413,058 46,547,152

WEIGHTED AVERAGE COMMON SHARES

OUTSTANDING - DILUTED 50,407,119 47,598,736

(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.

(2) In accordance with SFAS No. 144, "Accounting for Impairment or

Disposal of Long-Lived Assets," the Company reports real estate

properties and related assets and liabilities to be sold as held

for sale and includes the results of operations of real estate

properties sold or held for sale in discontinued operations on the

Company's Condensed Consolidated Statements of Income. During

2007, the Company sold its senior living assets portfolio

resulting in a $30.4 million gain recorded in the first quarter of

2007. Also, during 2007, the Company recorded an impairment

charge on four properties classified as held for sale.

HEALTHCARE REALTY TRUST INCORPORATED

Condensed Consolidated Statements of Cash Flows (1)

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31,

2008 2007

Cash flows from operating activities:

Net income $6,799 $36,344

Non-cash items:

Depreciation and amortization - real estate 12,731 14,005

Depreciation and amortization - other 388 569

Provision for bad debt, net of recoveries 217 5

Impairments 29 2,792

Straight-line rent receivable 64 (61)

Straight-line rent liability 43 810

Equity in losses from unconsolidated LLCs 264 97

Consolidated losses from variable interest

entities - 206

Stock-based compensation 1,296 1,712

Provision for deferred post-retirement benefits 836 516

Other non-cash items 306 45

Total non-cash items 16,174 20,696

Other items:

Accounts payable and accrued liabilities 3,779 1,725

Other liabilities (734) 172

Other assets 6,374 (69)

Gain on sales of real estate properties (637) (30,389)

Total other items 8,782 (28,561)

Net cash provided by operating activities 31,755 28,479

Cash flows from investing activities:

Acquisition and development of real estate

properties (19,560) (17,806)

Funding of mortgages and notes receivable (1,265) (3,926)

Distributions received from unconsolidated LLCs 423 262

Proceeds from sales of real estate 3,415 110,205

Proceeds from mortgage and notes receivable

repayments 36 13,007

Net cash provided by (used in) investing

activities (16,951) 101,742

Cash flows from financing activities:

Borrowings on notes and bonds payable 26,000 72,839

Repayments on notes and bonds payable (18,907) (169,873)

Dividends paid (19,533) (31,563)

Proceeds from issuance of common stock 185 273

Common stock redemption - (14)

Net cash used in financing activities (12,255) (128,338)

Increase in cash and cash equivalents 2,549 1,883

Cash and cash equivalents, beginning of period 8,519 1,950

Cash and cash equivalents, end of period $11,068 $3,833

(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):

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

March 31,

2008 2007

Net Income $6,799 $36,344

Gain on sales of real estate properties (637) (30,389)

Real estate depreciation and amortization 13,273 14,371

Total adjustments 12,636 (16,018)

Funds From Operations - Basic and Diluted $19,435 $20,326

Funds From Operations Per Common Share - Basic $0.39 $0.44

Funds From Operations Per Common Share - Diluted $0.39 $0.43

Weighted Average Common Shares

Outstanding - Basic 49,413,058 46,547,152

Weighted Average Common Shares

Outstanding - Diluted 50,407,119 47,598,736

RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (1):

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

March 31, 2008

Net Income $6,799

Gain on sales of real estate properties (637)

Total non-cash items included in cash flows from operating

activities (2) 16,174

Funds Available For Distribution $22,336

Funds Available For Distribution Per Common Share - Diluted $0.44

Weighted Average Common Shares Outstanding - Diluted 50,407,119

(1) Funds From Operations ("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.

(2) See Condensed Consolidated Statements of Cash Flows that is included

in this earnings release.


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SOURCE Healthcare Realty Trust Incorporated
Copyright©2008 PR Newswire.
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