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Healthcare Realty Trust Announces Fourth Quarter Results
Date:2/22/2010

NASHVILLE, Tenn., Feb. 22 /PRNewswire-FirstCall/ -- Healthcare Realty Trust Incorporated (NYSE: HR) today announced results for the fourth quarter ended December 31, 2009.  Funds from operations ("FFO," as defined by the National Association of Real Estate Investment Trusts, "NAREIT") per diluted common share for the three months ended December 31, 2009 totaled $0.35, compared with $0.49 for the three months ended December 31, 2008.  FFO per diluted common share totaled $1.66 for the twelve months ended December 31, 2009, compared with the prior year's $1.63.

Funds available for distribution ("FAD") for the three months ended December 31, 2009 totaled $0.39 per diluted common share.

Revenues for the three months ended December 31, 2009 totaled $63.7 million, compared with the prior year's $57.0 million.  Revenues for the twelve months ended December 31, 2009 totaled $253.3 million, compared with the prior year's $213.9 million.  Income from continuing operations for the three months ended December 31, 2009 totaled $3.9 million, compared with $6.9 million for the three months ended December 31, 2008.  Income from continuing operations for the twelve months ended December 31, 2009 totaled $28.2 million, compared with the prior year's $18.2 million.  

Net income attributable to common stockholders for the three months ended December 31, 2009 totaled $4.4 million, or $0.07 per diluted common share, versus $15.6 million, or $0.27 per diluted common share, for the three months ended December 31, 2008. Net income attributable to common stockholders for the twelve months ended December 31, 2009 totaled $51.1 million, or $0.87 per diluted common share, compared with $41.7 million, or $0.79 per diluted common share for the twelve months ended December 31, 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 $2.3 billion in 204 real estate properties and mortgages as of December 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 12.3 million square feet.  The Company provides property management services to approximately 9.3 million square feet nationwide.

The Company directs interested parties to its Internet site, 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, 2009 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
                             Consolidated Statements of Income (1)
                        (Dollars in thousands, except per share data)
                                      (Unaudited)
                                                
                                   Three Months Ended     Twelve Months Ended
                                       December 31,           December 31, 
                                   ------------------     ------------------
                                     2009        2008       2009        2008
                                   ------------------     ------------------
                                                                             
    REVENUES                                                                 
      Master lease rent           $14,598     $14,657     $57,648     $58,073
      Property operating           45,615      37,053     180,024     136,745
      Straight-line rent              598         717       2,027         651
      Mortgage interest               520         561       2,646       2,207
      Other operating               2,333       4,009      10,959      16,255
                                    -----       -----      ------      ------
                                   63,664      56,997     253,304     213,931
                                                                             
    EXPENSES                                                                 
      General and administrative    5,090       5,588      22,493      23,514
      Property operating           24,235      23,108      95,141      82,223
      Impairment                        -           -           -       1,600
      Bad debts, net of recoveries    108       1,478         537       1,833
      Depreciation                 16,076      12,972      62,447      48,129
      Amortization                  1,196         930       5,259       2,849
                                    -----         ---       -----       -----
                                   46,705      44,076     185,877     160,148
                                                                             
    OTHER INCOME (EXPENSE)                                                   
      Gain on extinguishment                                                 
       of debt, net                     -       2,079           -       4,102
      Re-measurement gain of                                                 
       equity interest upon                                                  
       acquisition                      -           -       2,701           -
      Interest expense            (13,549)     (9,748)    (43,080)    (42,126)
      Interest and other income, 
       net                            498       1,632       1,173       2,439
                                      ---       -----       -----       -----
                                  (13,051)     (6,037)    (39,206)    (35,585)
                                  -------      ------     -------     -------
                                                                             
    INCOME FROM CONTINUING                                                   
     OPERATIONS                     3,908       6,884      28,221      18,198
                                                                             
    DISCONTINUED OPERATIONS                                                  
      Income from discontinued
       operations                     507       8,843       2,813      14,605 
      Impairments                       -        (857)        (22)       (886)
      Gain on sales of real                                                   
       estate properties                -         745      20,136       9,843 
                                     ----         ---      ------       ----- 
    INCOME FROM DISCONTINUED                                                  
     OPERATIONS                       507       8,731      22,927      23,562 
                                      ---       -----      ------      ------ 
                                                                              
    NET INCOME                      4,415      15,615      51,148      41,760 
                                                                              
      Less:  Net income attributable
       to noncontrolling interests    (45)        (16)        (57)        (68)
                                      ---         ---         ---         --- 
                                                                              
    NET INCOME ATTRIBUTABLE                                                   
     TO COMMON STOCKHOLDERS        $4,370     $15,599     $51,091     $41,692 
                                   ======     =======     =======     ======= 
                                                                              
    BASIC EARNINGS PER COMMON SHARE                                           
      Income from continuing                                                  
       operations                   $0.07       $0.12       $0.48       $0.35 
                                                                              
      Discontinued operations           -        0.15        0.40        0.46 
                                     ----        ----        ----        ---- 
                                                                              
      Net income attributable                                                 
       to common stockholders       $0.07       $0.27       $0.88       $0.81 
                                    =====       =====       =====       ===== 
                                                                              
    DILUTED EARNINGS PER COMMON SHARE                                         
      Income from continuing                                                  
       operations                   $0.07       $0.12       $0.48       $0.35 
                                                                              
      Discontinued operations           -        0.15        0.39        0.44 
                                     ----        ----        ----        ---- 
                                                                              
      Net income attributable                                                 
       to common stockholders       $0.07       $0.27       $0.87       $0.79 
                                    =====       =====       =====       ===== 
                                                                              
    WEIGHTED AVERAGE COMMON SHARES
     OUTSTANDING - BASIC       58,357,290  57,765,614  58,199,592  51,547,279 
                               ==========  ==========  ==========  ========== 
                                                                              
    WEIGHTED AVERAGE COMMON                                                   
     SHARES OUTSTANDING -                                                     
     DILUTED                   59,311,720  58,705,348  59,047,314  52,564,944 
                               ==========  ==========  ==========  ========== 
    
    (1) The Consolidated Statements of Income do not include all of the 
        information and footnotes required by accounting principles generally
        accepted in the United States of America for complete financial 
        statements. 
    
    
                             HEALTHCARE REALTY TRUST INCORPORATED
                           Consolidated Statements of Cash Flows (1)
                                   (Dollars in thousands)
                                        (Unaudited)
    
                                            Three Months       Twelve Months
                                               Ended               Ended
                                            December 31,        December 31,
                                          --------------       --------------
                                          2009      2008       2009      2008
                                          ----      ----       ----      ----
                                         
    Cash flows from operating activities:
     Net income                         $4,415   $15,615    $51,148   $41,760
      Non-cash items:                 
      ---------------                 
      Depreciation and amortization
       - real estate                    16,539    13,769     66,914    52,069
      Depreciation and amortization 
       - other                           1,493       812      4,007     2,679
      Provision for bad debts, net
       of recoveries                       108     1,478        517     1,904
      Impairments                            -       857         22     2,486
      Straight-line rent receivable       (577)     (718)    (1,925)     (643)
      Straight-line rent liability         108       276        444       423
      Equity in (income) losses from
       unconsolidated joint ventures         -    (1,114)         2    (1,021)
      Stock-based compensation             425      (707)     3,711     2,780 
      Provision for deferred
       post-retirement benefits            417     2,510      2,860     4,992 
      Re-measurement gain of equity
       interest upon acquisition             -         -     (2,701)        - 
      Other non-cash items                 (38)      (13)       723       559 
                                           ---       ---        ---       --- 
       Total non-cash items             18,475    17,150     74,574    66,228 
                                        
      Other items:                      
      ------------                      
      Accounts payable and accrued
       liabilities                      (6,857)   (6,556)     5,127     3,097
      Other liabilities                  4,864     3,280     (3,508)    2,313 
      Other assets                         (65)    1,765     (1,017)    6,794 
      Gain on sales of real estate
       properties                            -      (745)   (20,136)   (9,843)
      Gain on sale of land                   -      (384)         -      (384)
      Gain on extinguishment of debt         -    (2,079)         -    (4,102)
      Payment of partial pension settlement  -         -     (2,300)        - 
      State income taxes paid, net
       of refunds                          (12)       39       (674)     (612)
                                           ---       ---       ----      ---- 
       Total other items                (2,070)   (4,680)   (22,508)   (2,737)
                                        ------    ------    -------    ------ 
        Net cash provided by operating
         activities                     20,820    28,085    103,214   105,251
                                    
    Cash flows from investing activities: 
     Acquisition and development of
      real estate properties           (71,254) (245,250)  (170,520) (383,702)
     Funding of mortgages and notes
      receivable                       (10,208)  (24,451)   (23,391)  (36,970)
     Investment in unconsolidated
      joint ventures                         -         -       (184)        - 
     Distributions received from
      unconsolidated joint ventures          -         -          -       882 
     Partial redemption of preferred equity
      investment in an unconsolidated
      joint venture                          -         -          -     5,546 
     Proceeds from sales of real estate      -    12,452     83,441    37,133 
     Proceeds from mortgages and notes
      receivable repayments             12,688     5,602     12,893     8,236 
                                        ------     -----     ------     ----- 
      Net cash used in investing
       activities                      (68,774) (251,647)   (97,761) (368,875)
                                        
    Cash flows from financing activities: 
     Net borrowings (repayments) on
      unsecured credit facilities     (323,000)  261,000   (279,000)  193,000 
     Borrowings on notes and
      bonds payable                    377,969         -    377,969         - 
     Repayments on notes and 
      bonds payable                     (5,793)   (1,093)   (28,433)   (3,813)
     Repurchase of notes payable       (14,222)        -    (45,460)
     Quarterly dividends paid          (22,855)  (22,692)   (91,385)  (81,301)
     Proceeds from issuance of 
      common stock                      25,933       193     26,467   197,255 
     Equity issuance costs                  (3)     (357)        (3)     (389)
     Common stock redemption                 -         -         (8)     (282)
     Debt issuance costs                (3,900)        -    (11,293)        - 
     Credit facility amendment and
      extension fees                         -      (800)         -    (1,126)
     Capital contributions received from
      noncontrolling interests             457       573      2,228     1,469 
     Distributions to noncontrolling
      interests                            (91)      (58)      (282)     (110)
                                           ---       ---       ----      ---- 
       Net cash provided by (used in)
        financing activities            48,717   222,544     (3,740)  259,243 
                                        ------   -------     ------   ------- 
                                          
    Increase (decrease) in cash and
     cash equivalents                      763    (1,018)     1,713    (4,381)
    Cash and cash equivalents,
     beginning of period                 5,088     5,156      4,138     8,519 
                                         -----     -----      -----     ----- 
    Cash and cash equivalents,
     end of period                      $5,851    $4,138     $5,851    $4,138 
                                        ======    ======     ======    ====== 
                                                          
                                                          
                                                          
    (1)  The Consolidated Statements of Cash Flows do not include all of the
         information and footnotes required by accounting principles generally
         accepted in the United States of America for complete financial 
         statements. 
    
    
    
    RECONCILIATION OF FUNDS FROM OPERATIONS (1) (2):                          
    (Dollars in thousands, except per share data)                             
    (Unaudited)                                                               
                                                                              
                                    Three Months Ended    Twelve Months Ended 
                                        December 31,           December 31, 
                                    ------------------    -------------------
                                      2009       2008        2009        2008 
                                    ------------------    -------------------
                                                                              
      Net Income Attributable                                                 
       to Common Stockholders       $4,370    $15,599     $51,091     $41,692 
                                                                              
         Gain on sales of real                                                
          estate properties              -     (1,129)    (20,136)    (10,227)
         Real estate depreciation                                            
          and amortization          16,539     14,094      66,927      53,972 
                                    ------     ------      ------      ------ 
         Total adjustments          16,539     12,965      46,791      43,745 
                                    ------     ------      ------      ------ 
                                                                              
      Funds From Operations -                                                 
       Basic and Diluted           $20,909    $28,564     $97,882     $85,437 
                                   =======    =======     =======     ======= 
                                                                              
      Funds From Operations                                                   
       Per Common Share - Basic      $0.36      $0.49       $1.68       $1.66 
                                     =====      =====       =====       ===== 
                                                                              
      Funds From Operations                                                   
       Per Common Share -                                                     
       Diluted                       $0.35      $0.49       $1.66       $1.63 
                                     =====      =====       =====       ===== 
                                                                              
      Weighted Average Common                                                 
       Shares Outstanding -                                                   
       Basic                    58,357,290 57,765,614  58,199,592  51,547,279 
                                ========== ==========  ==========  ========== 
                                                                              
      Weighted Average Common                                                 
       Shares Outstanding -                                                   
       Diluted                  59,311,720 58,705,348  59,047,314  52,564,944 
                                ========== ==========  ==========  ========== 
    
    
    
    RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2): 
    (Dollars in thousands, except per share data)  
    (Unaudited)                                    
                                                   
                                                   
                                                      Three Months Ended 
                                                       December 31, 2009 
                                                      ------------------ 
                                                   
     Net Income Attributable to Common Stockholders               $4,370
    
        Gain on sales of real estate properties                        -
        Total non-cash items included in cash flows 
         from operating activities (3)                            18,475
                                                                  ------
                                                  
     Funds Available For Distribution                            $22,845
                                                                 =======
                                                   
     Funds Available For Distribution Per Common Share - Diluted   $0.39
                                                                   =====
                                                   
      Weighted Average Common Shares Outstanding - Diluted    59,311,720
                                                              ==========
                                                   
    (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 attributable to common
        stockholders 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 of
        America and are not necessarily indicative of cash available to fund
        cash needs.  FFO and FAD should not be considered alternatives to net
        income attributable to common stockholders as indicators of the
        Company's operating performance or as alternatives to cash flow as
        measures of liquidity.
    
    (3) See the Consolidated Statements of Cash Flows that are included in
        this earnings release. 

SOURCE Healthcare Realty Trust Incorporated

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