Healthcare Realty Trust Reports Normalized FFO Of $0.36 Per Share For The Fourth Quarter - WAFF-TV: News, Weather and Sports for Huntsville, AL

Healthcare Realty Trust Reports Normalized FFO Of $0.36 Per Share For The Fourth Quarter

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SOURCE Healthcare Realty Trust Incorporated

NASHVILLE, Tenn., Feb. 19, 2014 /PRNewswire/ -- Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the fourth quarter ended December 31, 2013.  Normalized FFO for the three months ended December 31, 2013 totaled $0.36 per diluted common share.  Normalized FAD for the three months ended December 31, 2013 totaled $0.37 per diluted common share.

Salient highlights include:

  • The twelve development properties currently in conversion are 80% leased, with occupancy increasing to 63% at year-end, and would have resulted in NOI of $3.4 million had all occupants been in place and paying rent for the entire quarter.
  • Acquisitions totaled $212.6 million for 2013, with an average leased percentage of 93%. During the fourth quarter, the Company purchased five properties totaling 374,000 square feet for a total purchase price of $102.6 million.  The buildings are 94% leased and are located in markets where Healthcare Realty already has a presence including Seattle, Denver, Charlotte and Austin.
  • Dispositions totaled $20.5 million in the fourth quarter and $101.9 million for the year.  2013 dispositions include eight off-campus medical office buildings, four inpatient rehab facilities, and one land parcel.
  • Leases totaling 1,242,000 square feet were signed or renewed during the year with an average retention rate of 80%, and the Company maintained occupancy at 91% at its same store properties at year-end.
  • The leverage ratio was 42.0% and debt-to-EBITDA and fixed-charge coverage improved to 6.4 and 2.8 times, respectively.
  • A dividend of $0.30 per common share was declared for the fourth quarter of 2013, which is 81.1% of normalized FAD.

For the three months ended December 31, 2013, year-over-year revenues grew by $11.9 million to $90.1 million.  The Company reported net income attributable to common stockholders for the quarter of $12.4 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 $3.2 billion in 202 real estate properties and mortgages as of December 31, 2013.  The Company's 198 owned real estate properties are located in 28 states and total approximately 13.9 million square feet.  The Company provides property management services to approximately 10.3 million square feet nationwide.

Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com.  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, 2013 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)

(amounts in thousands, except for share data)







ASSETS





Real Estate Properties:


12/31/2013


12/31/2012

Land


$178,931



$161,875


Buildings, improvements and lease intangibles


2,861,935



2,625,538


Personal property


9,267



8,739


Land held for development


17,054



25,171


Total real estate properties


3,067,187



2,821,323


Less accumulated depreciation


(632,109)



(580,617)


Total real estate properties, net


2,435,078



2,240,706


Cash and cash equivalents


8,671



6,776


Mortgage notes receivable


125,547



162,191


Assets held for sale and discontinued operations, net


6,852



3,337


Other assets, net


153,514



126,962


Total assets


$2,729,662



$2,539,972







LIABILITIES AND EQUITY





Liabilities:





Notes and bonds payable


$1,348,459



$1,293,044


Accounts payable and accrued liabilities


73,741



65,678


Liabilities of discontinued operations


1,112



131


Other liabilities


61,064



60,175


Total liabilities


1,484,376



1,419,028


Commitments and contingencies





Equity:





Preferred stock, $.01 par value; 50,000 shares authorized; none issued and outstanding


-



-


Common stock, $.01 par value; 150,000 shares authorized; 95,924 and 87,514 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively


959



875


Additional paid-in capital


2,325,228



2,100,297


Accumulated other comprehensive income (loss)


51



(2,092)


Cumulative net income attributable to common stockholders


808,362



801,416


Cumulative dividends


(1,891,123)



(1,779,552)


Total stockholders' equity


1,243,477



1,120,944


Noncontrolling interests


1,809



-


Total equity


1,245,286



1,120,944


Total liabilities and equity


$2,729,662



$2,539,972










(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)

(amounts in thousands, except for share data)

(Unaudited)












Three Months Ended

 December 31,


Twelve Months Ended

December 31,



2013


2012


2013


2012

Revenues









Rental income


$86,318



$74,197



$318,294



$288,787


Mortgage interest


2,411



2,611



12,701



9,186


Other operating


1,387



1,442



5,931



6,101




90,116



78,250



336,926



304,074


Expenses









Property operating


31,945



29,841



125,565



116,470


General and administrative


5,764



6,395



23,729



20,905


Depreciation


23,608



21,632



88,380



81,966


Amortization


2,826



2,900



10,645



10,418


Bad debt, net of recoveries


66



92



184



241




64,209



60,860



248,503



230,000


Other Income (Expense)









Loss on extinguishments of debt


-



-



(29,638)



-


Interest expense


(17,772)



(19,215)



(73,511)



(74,955)


Gain on sale of cost method investment in real estate


1,492



-



1,492



-


Interest and other income, net


261



358



966



976




(16,019)



(18,857)



(100,691)



(73,979)











Income (Loss) From Continuing Operations


9,888



(1,467)



(12,268)



95











Discontinued Operations









Income from discontinued operations


(180)



1,640



4,422



9,474


Impairments


-



(7,712)



(9,889)



(14,908)


Gain on sales of real estate properties


2,748



1,177



24,718



10,874


Income From Discontinued Operations


2,568



(4,895)



19,251



5,440











Net Income (Loss)


12,456



(6,362)



6,983



5,535


Less: Net (income) attributable to noncontrolling interests


(72)



(29)



(37)



(70)


Net Income (Loss) Attributable To Common Stockholders


$12,384



($6,391)



$6,946



$5,465


Basic Earnings (Loss) Per Common Share:









Income (loss) from continuing operations


$0.11



($0.01)



($0.13)



$0.00


Discontinued operations


0.02



(0.06)



0.21



0.07


Net income (loss) attributable to common stockholders


$0.13



($0.07)



$0.08



$0.07


Diluted Earnings (Loss) Per Common Share:









Income (loss) from continuing operations


$0.10



($0.01)



($0.13)



$0.00


Discontinued operations


0.03



(0.06)



0.21



0.07


Net income (loss) attributable to common stockholders


$0.13



($0.07)



$0.08



$0.07


Weighted Average Common Shares Outstanding-Basic


94,114



85,726



90,941



78,845


Weighted Average Common Shares Outstanding-Diluted


95,485



85,726



90,941



80,128















(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 FFO and Normalized FFO (1) (2)

(amounts in thousands, except per share data)

(Unaudited)








Three Months Ended December 31,



2013


2012

Net Income Attributable to Common Stockholders


$12,384



($6,391)


Gain on sales of real estate properties


(2,748)



(1,177)


Impairments


-



7,712


Real estate depreciation and amortization


25,776



24,932


Total adjustments


23,028



31,467


Funds From Operations (3)


$35,412



$25,076


Gain on sale of cost method investment in real estate


(1,492)




Acquisition costs


681



385


Amounts paid in settlement of a brokerage claim on a 2010 real estate acquisition


-



1,100


Normalized Funds From Operations


$34,601



$26,561


Funds from Operations per Common Share-Diluted


$0.37



$0.29


Normalized Funds From Operations Per Common Share-Diluted


$0.36



$0.31


FFO Weighted Average Common Shares Outstanding


95,485



87,049


Normalized FFO Weighted Average Common Shares Outstanding


95,485



87,049


 

(1)     Funds from operations ("FFO") and FFO per share are operating performance 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."

(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 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.

(3)     FFO for the fourth quarter of 2013 includes the impact of a gain recognized on the sale of a cost method investment in an unconsolidated limited liability company. 

 

HEALTHCARE REALTY TRUST INCORPORATED

Reconciliation of FAD and Normalized FAD (1)

(amounts in thousands, except per share data)

(Unaudited)








Three Months Ended December 31,



2013


2012

Net Income Attributable to Common Stockholders


$12,384



($6,391)


Gain on sales of real estate properties


(2,748)



(1,177)


Impairments


-



7,712


Depreciation and amortization


27,590



26,511


Provision for bad debt, net


66



93


Straight-line rent receivable


(2,954)



(1,087)


Straight-line rent liability


115



106


Stock-based compensation


1,079



904


Provision for deferred post-retirement benefits


218



266


Total non-cash items included in cash flows from operating activities


23,366



33,328


Funds Available For Distribution


$35,750



$26,937


Gain on sale of cost method investment in real estate


(1,492)




Acquisition costs


681



385


Amounts paid in settlement of a brokerage claim on a 2010 real estate acquisition


-



1,100


Normalized Funds Available For Distribution


$34,939



$28,422


Funds Available For Distribution Per Common Share-Diluted


$0.37



$0.31


Normalized Funds Available For Distribution Per Common Share-Diluted


$0.37



$0.33


FAD Weighted Average Common Shares Outstanding


95,485



87,049


Normalized FAD Weighted Average Common Shares Outstanding


95,485



87,049









(1) 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 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.

 

©2012 PR Newswire. All Rights Reserved.

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