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Healthcare Realty Trust Announces Second Quarter Results

Friday, September 18, 2009 General News J E 4
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NASHVILLE, Tenn., Aug. 10 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, 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.

SOURCE Healthcare Realty Trust Incorporated
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