Healthcare Realty Trust Reports Normalized FFO Of $0.31 Per Share For The Fourth Quarter

  Healthcare Realty Trust Reports Normalized FFO Of $0.31 Per Share For The
                                Fourth Quarter

PR Newswire

NASHVILLE, Tenn., Feb. 20, 2013

NASHVILLE, Tenn., Feb.20, 2013 /PRNewswire/ --Healthcare Realty Trust
Incorporated (NYSE: HR) today announced results for the fourth quarter ended
December 31, 2012. Normalized FFO for the three months ended December 31,
2012 totaled $0.31 per diluted common share. Normalized FAD for the three
months ended December 31, 2012 totaled $0.33 per diluted common share.

Salient highlights include:

  oThe year-over-year NOI for the same facility portfolio increased 3.8% in
    the fourth quarter.
  oHealthcare Realty's stabilizing properties ("SIP") were 60% leased at
    year-end 2012.
  oNOI for the SIP properties reached approximately $1 million per quarter.
  oSince the beginning of the fourth quarter, the Company acquired five
    facilities for a total purchase price of $87.6 million. The buildings
    total approximately 288,000 square feet and have an average occupancy rate
    of 98%.
  oThe per share results for the quarter were negatively affected by
    approximately $0.03 because of the 9.2 million shares issued at the end of
    the third quarter used primarily to fund the Mercy Health properties under
    construction. This interim dilution will reverse to accretion as the
    properties are completed in the second half of 2013.
  oIn January 2013, the Company sold 1.6 million shares of common stock under
    its at-the-market equity offering program ("ATM") for approximately $39.7
    million in net proceeds used to fund recent acquisitions.
  oA dividend of $0.30 per share was declared for the fourth quarter of 2012,
    which is 90.9% of normalized FAD.

For the three months ended December 31, 2012, revenues grew by $1.7 million to
$81.3 million, income from continuing operations totaled $0.4 million, and the
Company recognized a net loss, including $7.7 million in impairment charges,
totaling $6.4 million.

Healthcare Realty Trust is a real estate investment trust that integrates
owning, managing, financing 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 $3.0 billion in 207 real estate properties and mortgages as of
December 31, 2012. The Company's 202 owned real estate properties are located
in 28 states and total approximately 13.6 million square feet. The Company
provides property management services to approximately 10.1 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, 2012 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 statements.



                          HEALTHCARE REALTY TRUST INCORPORATED
                          Consolidated Balance Sheets ^(1)
                          (dollars in thousands, except for share data)
                          (Unaudited)
ASSETS
Real Estate Properties:                      12/31/2012       12/31/2011
Land                                         $ 161,875        $ 162,843
Buildings, improvements, and lease           2,625,538        2,521,226
intangibles
Personal property                            19,100           18,221
Construction in progress                     -                61,152
Land held for development                    25,171           25,176
Total real estate properties                2,831,684        2,788,618
Less accumulated depreciation                (586,725)        (516,747)
Total real estate properties, net            2,244,959        2,271,871
Cash and cash equivalents                    6,776            4,738
Mortgage notes receivable                    162,191          97,381
Assets held for sale and discontinued        3,337            28,650
operations, net
Other assets, net                            122,709          118,382
Total assets                                 $ 2,539,972      $ 2,521,022
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes and bonds payable                      $ 1,293,044      $ 1,393,537
Accounts payable and accrued liabilities     65,678           72,217
Liabilities of discontinued operations       131              518
Other liabilities                            60,175           49,944
Total liabilities                            1,419,028        1,516,216
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.01 par value; 50,000,000
shares authorized; none issued and           -                -
outstanding
Common stock, $.01 par value; 150,000,000
shares authorized; 87,514,336 and 77,843,883 875              779
shares issued and outstanding at December
31, 2012 and December 31, 2011, respectively
Additional paid-in capital                   2,100,297        1,894,604
Accumulated other comprehensive loss         (2,092)          (3,332)
Cumulative net income attributable to common 801,416          795,951
stockholders
Cumulative dividends                         (1,779,552)      (1,683,196)
Total stockholders' equity                   1,120,944        1,004,806
Total liabilities and stockholders' equity   $ 2,539,972      $ 2,521,022
 (1) The Consolidated Balance Sheets 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 Operations ^(1) [ ]
(dollars in thousands, except for share data) 
(Unaudited) 
                         Three Months Ended        Twelve Months Ended
                          December 31,    December 31,
                         
                                                     
                         2012          2011          2012          2011
Revenues
Rental income            $ 77,207      $ 72,026      $ 301,055     $ 276,712
Mortgage interest       2,611         1,723         9,186         6,973
Other operating         1,442         1,510         6,109         7,907
                         81,260        75,259        316,350       291,592
Expenses
Property operating      30,154        28,217        117,683       113,083
General and              6,395         4,523         20,908        20,990
administrative
Depreciation             22,422        20,194        85,122        75,292
Amortization             2,923         2,465         10,510        8,198
Bad debt, net of         94            (169)         243           (250)
recoveries
                         61,988        55,230        234,466       217,313
Other Income (Expense)
Loss on extinguishment   -             -             -             (1,986)
of debt
Interest expense         (19,239)      (18,492)      (75,053)      (76,038)
Interest and other       360           201           981           819
income, net
                         (18,879)      (18,291)      (74,072)      (77,205)
Income (Loss) From       393           1,738         7,812         (2,926)
Continuing Operations
Discontinued Operations
Income (loss) from       (220)         535           1,757         2,404
discontinued operations
Impairments              (7,712)       (4,999)       (14,908)      (6,697)
Gain on sales of real    1,177         5,642         10,874        7,035
estate properties
Income (Loss) From       (6,755)       1,178         (2,277)       2,742
Discontinued Operations
Net Income (Loss)        (6,362)       2,916         5,535         (184)
Less: Net income
attributable to          (29)          -             (70)          (30)
noncontrolling interests
Net Income (Loss)
Attributable to Common   $(6,391)      $ 2,916       $ 5,465       $ (214)
Stockholders
Basic Earnings (Loss)
Per Common Share
Income (loss) from       $0.00         $ 0.02        $ 0.10        $ (0.04)
continuing operations
Discontinued             (0.07)        0.02          (0.03)        0.04
operations
Net income (loss)
attributable to common   $(0.07)       $ 0.04        $ 0.07        $ 0.00
stockholders
Diluted Earnings (Loss)
Per Common Share
Income (loss) from       $0.00         $ 0.02        $ 0.10        $ (0.04)
continuing operations
Discontinued             (0.07)        0.02          (0.03)        0.04
operations
Net income (loss)
attributable to common   $(0.07)       $ 0.04        $ 0.07        $ 0.00
stockholders
Weighted Average Common
Shares Outstanding -     85,725,611    76,404,709    78,844,840    72,720,147
Basic
Weighted Average Common
Shares Outstanding -     87,049,034    77,474,951    80,127,883    72,720,147
Diluted
(1)        The Consolidated Statements of Operations 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
Reconciliation of Funds from Operations^(1) (2)
(dollars in thousands, except per share data)
(Unaudited)
                                                 Three Months    Three Months
                                                 Ended          Ended
                                                 December 31,    December 31,
                                                 2012           2011
Net Income (Loss) Attributable to Common         $ (6,391)       $ 2,916
Stockholders
    Gain on sales of real estate properties      (1,177)         (5,642)
    Impairments                                  7,712           4,999
    Real estate depreciation and amortization    24,932          23,062
    Total adjustments                            31,467          22,419
Funds From Operations                            $ 25,076        $ 25,335
    Amounts paid in settlement of a brokerage    1,100           -
    claim on a 2010 real estate acquisition
    Acquisition costs                            385             199
    Write off of deferred financing costs upon   -               393
    renewal of line of credit facility
Normalized Funds From Operations                 $ 26,561        $ 25,927
Funds From Operations Per Common Share - Diluted $ 0.29          $ 0.33
Normalized Funds From Operations Per Common      $ 0.31          $ 0.33
Share - Diluted
Weighted Average Common Shares Outstanding -     87,049,034      77,474,951
Diluted
Reconciliation of Funds Available for Distribution^(2)
(Dollars in thousands, except per share data)
(Unaudited)
                                                 Three Months    Three Months
                                                 Ended           Ended
                                                 December 31,    December 31,
                                                 2012           2011
Net Income (Loss) Attributable to Common         $ (6,391)       $ 2,916
Stockholders
    Gain on sales of real estate properties      (1,177)         (5,642)
    Impairments                                  7,712           4,999
    Depreciation and amortization - real estate  24,932          23,062
    Depreciation and amortization - other        1,579           1,942
    Provision for bad debt, net                 93              (95)
    Straight-line rent receivable                (1,087)         (1,137)
    Straight-line rent liability                 106             119
    Stock-based compensation                     904             650
    Provision for deferred post-retirement       266             461
    benefits
    Total non-cash items included in cash flows  33,328          24,359
    from operating activities
Funds Available For Distribution                 $ 26,937        $ 27,275
    Amounts paid in settlement of a brokerage    1,100           -
    claim on a 2010 real estate acquisition
    Acquisition costs                            385             199
Normalized Funds Available For Distribution      $ 28,422        $ 27,474
Funds Available For Distribution Per Common      $ 0.31          $ 0.35
Share - Diluted
Normalized Funds Available For Distribution Per  $ 0.33          $ 0.35
Common Share - Diluted
Weighted Average Common Shares Outstanding -     87,049,034      77,474,951
Diluted
    Funds from operations ("FFO") and FFO per share are operating performance
(1) measures adopted by the National Association of Real Estate Investment
    Trusts, Inc. ("NAREIT").
    NAREIT defines FFO as the most commonly accepted and reported measure of a
    REIT's operating performance equal to "net income (computed in accordance
    with GAAP), excluding
    gains (or losses) from sales of property, plus depreciation and
    amortization, and after adjustments for unconsolidated partnerships and
    joint ventures."
    FFO and Funds Available For Distribution ("FAD") do not represent cash
(2) 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.



SOURCE Healthcare Realty Trust Incorporated

Website: http://www.healthcarerealty.com
Contact: Carla Baca, Financial Communications, +1-615-269-8175
 
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