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Funds available for distribution ("FAD") for the three months ended March 31, 2009 totaled $0.41 per diluted common share.
Revenues for the three months ended March 31, 2009 totaled $63.0 million, compared with the prior year's $52.2 million. Income from continuing operations for the three months ended March 31, 2009 totaled $7.8 million, compared with $4.9 million for the three months ended March 31, 2008. Net income for the three months ended March 31, 2009 totaled $20.9 million, or $0.35 per diluted common share, versus $6.8 million, or $0.13 per diluted common share, for the three months ended March 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 $2.1 billion in 204 real estate properties and mortgages as of March 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 12.1 million square feet. The Company provides property management services to approximately 8.5 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)
Three Months Ended
March 31,
---------
2009 2008
---- ----
(Unaudited)
REVENUES
Master lease rent $15,737 $15,773
Property operating 42,910 32,115
Straight-line rent 351 (61)
Mortgage interest 489 525
Other operating 3,509 3,850
----- -----
62,996 52,202
EXPENSES
General and administrative 6,967 6,045
Property operating 23,363 18,251
Bad debts, net of recoveries 435 145
Depreciation 15,753 11,489
Amortization 1,481 585
----- ---
47,999 36,515
OTHER INCOME (EXPENSE)
Re-measurement gain of equity
interest upon acquisition 2,701 -
Interest expense (10,074) (10,878)
Interest and other income, net 155 136
--- ---
(7,218) (10,742)
------ -------
INCOME FROM CONTINUING OPERATIONS 7,779 4,945
DISCONTINUED OPERATIONS (2)
Income from discontinued operations 514 1,249
Impairments (22) (29)
Gain on sales of real estate properties 12,609 637
------ ---
INCOME FROM DISCONTINUED OPERATIONS 13,101 1,857
------ -----
NET INCOME 20,880 6,802
Less: Net income attributable to
noncontrolling interests (15) (3)
--- --
NET INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS $20,865 $6,799
======= ======
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $0.13 $0.10
Discontinued operations 0.23 0.04
---- ----
Net income attributable to common
stockholders $0.36 $0.14
===== =====
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations $0.13 $0.10
Discontinued operations 0.22 0.03
---- ----
Net income attributable to common
stockholders $0.35 $0.13
===== =====
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - BASIC 58,130,574 49,413,058
========== ==========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - DILUTED 58,847,384 50,407,119
========== ==========
(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
March 31,
---------
2009 2008
---- ----
Cash flows from operating activities:
Net income $20,880 $6,802
Non-cash items:
---------------
Depreciation and amortization -
real estate 16,872 12,555
Depreciation and amortization - other 808 564
Provision for bad debt, net
of recoveries 437 217
Impairments 22 29
Straight-line rent receivable (353) 64
Straight-line rent liability 113 43
Equity in losses from unconsolidated
joint ventures 2 264
Stock-based compensation 1,288 1,296
Provision for deferred post-
retirement benefits 1,492 836
Re-measurement gain of equity interest
upon acquisition (2,701) -
Other non-cash items 254 306
--- ---
Total non-cash items 18,234 16,174
Other items:
------------
Accounts payable and accrued liabilities 1,090 3,779
Other liabilities 981 (734)
Other assets 1,199 6,374
Gain on sales of real estate properties (12,609) (637)
Payment of partial pension settlement (2,300) -
State income taxes paid, net of refunds 53 -
-- -
Total other items (11,586) 8,782
------- -----
Net cash provided by operating activities 27,528 31,758
Cash flows from investing activities:
Acquisition and development of real
estate properties (33,076) (19,560)
Funding of mortgages and
notes receivable (3,451) (1,265)
Distributions received from
unconsolidated joint ventures - 423
Proceeds from sales of real estate 63,907 3,415
Proceeds from mortgages and notes
receivable repayments 38 36
-- --
Net cash provided by (used in)
investing activities 27,418 (16,951)
Cash flows from financing activities:
Net borrowings (repayments) on
unsecured credit facility (4,000) 8,000
Repayments on notes and bonds payable (20,548) (907)
Quarterly dividends paid (22,829) (19,533)
Proceeds from issuance of common stock 183 185
Proceeds received from
noncontrolling interests 529 -
Distributions to
noncontrolling interests (43) (3)
--- --
Net cash used in financing activities (46,708) (12,258)
------- -------
Increase in cash and cash equivalents 8,238 2,549
Cash and cash equivalents,
beginning of period 4,138 8,519
----- -----
Cash and cash equivalents,
end of period $12,376 $11,068
======= =======
(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
March 31,
---------
2009 2008
---- ----
Net Income Attributable
to Common Stockholders $20,865 $6,799
Gain on sales of real
estate properties (12,609) (637)
Real estate depreciation
and amortization 16,883 13,273
------ ------
Total adjustments 4,274 12,636
----- ------
Funds From Operations -
Basic and Diluted $25,139 $19,435
======= =======
Funds From Operations
Per Common Share - Basic $0.43 $0.39
===== =====
Funds From Operations
Per Common Share - Diluted $0.43 $0.39
===== =====
Weighted Average Common
Shares Outstanding -
Basic 58,130,574 49,413,058
========== ==========
Weighted Average Common
Shares Outstanding -
Diluted 58,847,384 50,407,119
========== ==========
RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2):
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, 2009
--------------
Net Income Attributable to Common
Stockholders $20,865
Gain on sales of real estate
properties (12,609)
Partial pension settlement (2,300)
Total non-cash items included in
cash flows from operating activities
(3) 18,234
------
Funds Available For Distribution $24,190
=======
Funds Available For Distribution Per
Common Share - Diluted $0.41
=====
Weighted Average Common Shares
Outstanding - Diluted 58,847,384
==========
(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
http://www.healthcarerealty.com
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