NASHVILLE, Tenn., May 5 Healthcare Realty TrustIncorporated (NYSE: HR) today announced results for the first quarter endedMarch 31, 2008. Revenues for the first quarter of 2008 totaled $55.0 million,compared with the prior year's $52.6 million. Income from continuingoperations for the first quarter of 2008 totaled $5.7 million, compared withthe prior year's $2.7 million.
In the first quarter of 2007, the Company recorded a $30.4 million gainrelated to the disposal of its senior living assets. The comparability ofreported revenues and income from continuing operations for the first quarterof 2008 and 2007 is not impacted by the disposition of the senior livingassets because the operations of the divested assets are classified indiscontinued operations in the Condensed Consolidated Statements of Income forboth periods. However, the period-over-period comparisons of net income, netincome per share, funds from operations, and funds from operations per shareare impacted by the reduced asset base and the gain on sale in 2007. Netincome for the first quarter of 2008 was $6.8 million, or $0.13 per dilutedcommon share, versus $36.3 million, or $0.76 per diluted common share, for thefirst quarter of 2007.
Funds from operations ("FFO") is calculated according to the definition ofthe National Association of Real Estate Investment Trusts ("NAREIT") and iscomprised primarily of net income and depreciation from real estate, but isnot adjusted for certain non-cash income and expense items. Also, the gain onthe 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 firstquarter ended March 31, 2008, compared with $20.3 million, or $0.43 perdiluted 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 integratesowning, managing and developing income-producing real estate propertiesassociated primarily with the delivery of outpatient healthcare servicesthroughout 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 inthree unconsolidated limited liability companies. The Company's 179 ownedreal estate properties, excluding assets classified as held for sale, arecomprised of six facility types, located in 24 states, totaling approximately11.0 million square feet. The Company provides property management servicesto 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 thisquarter's operations. Please contact the Company at (615) 269-8175 to requesta printed copy of this information. In addition to the historical informationcontained within, the matters discussed in this press release may containforward-looking statements that involve risks and uncertainties. These risksare discussed in filings with the Securities and Exchange Commission byHealthcare Realty Trust, including its Annual Report on Form 10-K for the yearended December 31, 2007 under the heading "Risk Factors," and as may beupdated in its Quarterly Reports on Form 10-Q filed thereafter.Forward-looking statements represent the Company's judgment as of the date ofthis release. The Company disclaims any obligation to update forward-lookingmaterial.HEALTHCARE REALTY TRUST INCORPORATED Condensed Consolidated Statements of Income (1) (Dollars in thousands, except per share data) (Unaudited) Three Months Ended