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Healthcare Realty Trust Announces Third Quarter Results
Date:11/10/2008

NASHVILLE, Tenn., Nov. 10 /PRNewswire-FirstCall/ -- Healthcare Realty Trust Incorporated (NYSE: HR) today announced results for the third quarter ended September 30, 2008. Funds from operations ("FFO") per diluted common share totaled $0.36, compared with $0.31 for the same period in 2007. FFO per diluted common share totaled $1.13 for the nine months ended September 30, 2008, compared with the prior year's $1.13. FFO would have been $0.38 and $1.14 per diluted common share for the three and nine months ended September 30, 2008, respectively, before a one-time charge of $765,000 related to a litigation expense settlement. Funds available for distribution ("FAD") for the third quarter of 2008 totaled $0.44 per diluted common share.

Revenues for the three months ended September 30, 2008 totaled $54.8 million, compared with the prior year's $50.5 million. Revenues for the nine months ended September 30, 2008 totaled $159.8 million, compared with the prior year's $149.7 million. Income from continuing operations for the three months ended September 30, 2008 totaled $3.3 million, compared with $4.0 million for the three months ended September 30, 2007. Income from continuing operations for the nine months ended September 30, 2008 totaled $12.5 million, compared with the prior year's $9.3 million.

Net income for the third quarter of 2008 totaled $5.5 million, or $0.11 per diluted common share, versus $5.5 million, or $0.12 per diluted common share, for the third quarter of 2007. Net income for the nine months ended September 30, 2008 totaled $26.1 million, or $0.52 per diluted common share, compared with $55.5 million, or $1.17 per diluted common share for the nine months ended September 30, 2007. Net income for the nine months ended September 30, 2008, as compared to 2007, was affected by the disposition of the senior living assets and resulting gain included in discontinued operations in 2007.

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 179 real estate properties and mortgages as of September 30, 2008, excluding assets classified as held for sale and including investments in three unconsolidated limited liability companies. The Company's 173 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 25 states, totaling approximately 10.9 million square feet. The Company provides property management services to approximately 7.4 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 Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

REVENUES

Master lease rent $14,434 $13,979 $43,669 $42,358

Property operating 35,441 31,208 101,767 92,190

Straight-line rent 113 611 (87) 655

Mortgage interest 579 404 1,647 1,217

Other operating 4,255 4,269 12,846 13,257

54,822 50,471 159,842 149,677

EXPENSES

General and

administrative 6,018 4,335 17,926 15,730

Property operating 22,062 18,849 60,220 54,155

Impairment 1,600 - 1,600 -

Bad debts, net

of recoveries 95 53 355 130

Depreciation 12,353 10,719 35,733 31,322

Amortization 769 997 1,919 3,597

42,897 34,953 117,753 104,934

OTHER INCOME (EXPENSE)

Gain on extinguishment

of debt, net 2,015 - 2,024 -

Interest expense (10,785) (12,096) (32,379) (36,819)

Interest and other

income, net 184 533 807 1,326

(8,586) (11,563) (29,548) (35,493)

INCOME FROM CONTINUING

OPERATIONS 3,339 3,955 12,541 9,250

DISCONTINUED

OPERATIONS (2)

Income from

discontinued

operations 1,442 2,001 4,483 11,614

Impairments - (4,057) (29) (6,849)

Gain on sales of real

estate properties 746 3,587 9,098 41,459

INCOME FROM DISCONTINUED

OPERATIONS 2,188 1,531 13,552 46,224

NET INCOME $5,527 $5,486 $26,093 $55,474

BASIC EARNINGS PER

COMMON SHARE

Income from continuing

operations per

common share $0.07 $0.08 $0.25 $0.20

Discontinued operations

per common share 0.04 0.04 0.28 0.99

Net income per

common share $0.11 $0.12 $0.53 $1.19

DILUTED EARNINGS PER

COMMON SHARE

Income from continuing

operations per

common share $0.07 $0.08 $0.25 $0.19

Discontinued operations

per common share 0.04 0.04 0.27 0.98

Net income per

common share $0.11 $0.12 $0.52 $1.17

WEIGHTED AVERAGE

COMMON SHARES

OUTSTANDING

- BASIC 49,530,813 46,683,619 49,438,796 46,680,455

WEIGHTED AVERAGE

COMMON SHARES

OUTSTANDING

- DILUTED 50,614,173 47,601,330 50,481,469 47,596,154

(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.

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,

2008 2007 2008 2007

Cash flows from operating activities:

Net income $5,527 $5,486 $26,093 $55,474

Non-cash items:

Depreciation and

amortization - real estate 13,025 12,345 38,300 38,611

Depreciation and

amortization - other 663 551 1,868 1,681

Provision for bad debt, net

of recoveries 95 33 426 115

Impairments 1,600 4,057 1,629 6,849

Straight-line rent receivable (124) (640) 75 (735)

Straight-line rent liability 61 535 147 1,269

Equity in (income) losses

from unconsolidated LLCs (55) (193) 93 59

Consolidated losses from

variable interest entities - 282 - 676

Stock-based compensation 1,084 1,015 3,487 3,681

Provision for deferred

post-retirement benefits 828 506 2,482 1,544

Other non-cash items 133 30 572 108

Total non-cash items 17,310 18,521 49,079 53,858

Other items:

Accounts payable and

accrued liabilities 13,325 3,597 9,653 (3,180)

Other liabilities 2,739 (2,506) (71) 1,099

Other assets (837) 478 5,029 (1,732)

Gain on sales of real

estate properties (746) (3,587) (9,098) (41,459)

Gain on repurchase of notes

payable (2,015) - (2,024) -

State income taxes paid,

net of refunds (30) (66) (651) (107)

Total other items 12,436 (2,084) 2,838 (45,379)

Net cash provided by

operating activities 35,273 21,923 78,010 63,953

Cash flows from investing activities:

Acquisition and development

of real estate properties (100,758) (69,206) (138,452) (106,808)

Funding of mortgages and

notes receivable (5,338) 51 (12,519) (4,020)

Distributions received from

unconsolidated LLCs 15 603 882 1,127

Redemption of preferred

equity investment in

unconsolidated LLC 5,546 - 5,546 -

Proceeds from sales of real

estate 2,641 15,642 24,681 297,341

Proceeds from mortgages and

notes receivable repayments 2,555 26 2,634 65,545

Net cash provided by (used

in) investing activities (95,339) (52,884) (117,228) 253,185

Cash flows from financing activities:

Borrowings on notes and bonds

payable 190,000 99,001 280,000 403,840

Repayments on notes and bonds

payable (280,895) (102,895) (350,720) (468,556)

Repurchase of notes payable (25,906) - (31,238) -

Special dividend paid - - - (227,157)

Quarterly dividends paid (19,542) (18,458) (58,609) (81,623)

Proceeds from issuance of

common stock 196,701 68,791 197,062 70,558

Stock issuance costs (18) - (32) -

Common stock redemption - - (282) (30)

Credit facility amendment fee - - (326) -

Net cash provided by (used

in) financing activities 60,340 46,439 35,855 (302,968)

Increase (decrease) in cash and

cash equivalents 274 15,478 (3,363) 14,170

Cash and cash equivalents,

beginning of period 4,882 642 8,519 1,950

Cash and cash equivalents, end

of period $5,156 $16,120 $5,156 $16,120

(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,

2008 2007 2008 2007

Net Income $5,527 $5,486 $26,093 $55,474

Gain on sales of real

estate properties (746) (3,587) (9,098) (41,459)

Real estate depreciation

and amortization 13,456 12,664 39,878 39,734

Total adjustments 12,710 9,077 30,780 (1,725)

Funds From Operations -

Basic and Diluted $18,237 $14,563 $56,873 $53,749

Funds From Operations

Per Common Share - Basic $0.37 $0.31 $1.15 $1.15

Funds From Operations

Per Common Share - Diluted $0.36 $0.31 $1.13 $1.13

Weighted Average Common

Shares Outstanding -

Basic 49,530,813 46,683,619 49,438,796 46,680,455

Weighted Average Common

Shares Outstanding -

Diluted 50,614,173 47,601,330 50,481,469 47,596,154

RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2):

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

September 30, 2008

Net Income $5,527

Gain on sales of real estate properties (746)

Total non-cash items included in cash

flows from operating activities (3) 17,310

Funds Available For Distribution $22,091

Funds Available For Distribution Per Common Share - Diluted 0.44

Weighted Average Common Shares Outstanding - Diluted 50,614,173

(1) 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. 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.


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SOURCE Healthcare Realty Trust Incorporated
Copyright©2008 PR Newswire.
All rights reserved

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