Healthcare Realty Trust Announces Third Quarter Results
- Press Release
- Source: Healthcare Realty Trust Incorporated
- On 5:05 pm EST, Monday November 9, 2009
NASHVILLE, Tenn., Nov. 9 /PRNewswire-FirstCall/ -- Healthcare Realty Trust Incorporated (NYSE: HR - News) today announced results for the third quarter ended September 30, 2009. Funds from operations ("FFO") per diluted common share for the three months ended September 30, 2009 totaled $0.44, compared with $0.36 for the three months ended September 30, 2008. FFO per diluted common share totaled $1.31 for the nine months ended September 30, 2009, compared with the prior year's $1.13.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| HR | 21.64 | -0.10 |
Funds available for distribution ("FAD") for the three months ended September 30, 2009 totaled $0.47 per diluted common share.
Revenues for the three months ended September 30, 2009 totaled $64.1 million, compared with the prior year's $54.7 million. Revenues for the nine months ended September 30, 2009 totaled $192.1 million, compared with the prior year's $159.4 million. Income from continuing operations for the three months ended September 30, 2009 totaled $8.7 million, compared with $3.7 million for the three months ended September 30, 2008. Income from continuing operations for the nine months ended September 30, 2009 totaled $25.7 million, compared with the prior year's $13.4 million.
Net income attributable to common stockholders for the three months ended September 30, 2009 totaled $9.1 million, or $0.15 per diluted common share, versus $5.5 million, or $0.11 per diluted common share, for the three months ended 2008. Net income attributable to common stockholders for the nine months ended September 30, 2009 totaled $46.7 million, or $0.79 per diluted common share, compared with $26.1 million, or $0.52 per diluted common share for the nine months ended September 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 206 real estate properties and mortgages as of September 30, 2009, excluding assets classified as held for sale and including an investment in one unconsolidated joint venture. The Company's 201 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 28 states, totaling approximately 12.3 million square feet. The Company provides property management services to approximately 9.0 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 Nine Months Ended
September 30, September 30,
---------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
REVENUES
Master lease rent $14,973 $15,166 $45,576 $45,869
Property operating 45,638 34,721 134,414 99,736
Straight-line rent 676 124 1,364 (58)
Mortgage interest 658 579 2,126 1,647
Other operating 2,111 4,084 8,626 12,246
----- ----- ----- ------
64,056 54,674 192,106 159,440
EXPENSES
General and
administrative 5,107 6,018 17,402 17,926
Property operating 23,979 21,625 70,929 59,149
Impairment - 1,600 - 1,600
Bad debts, net
of recoveries (133) 95 429 355
Depreciation 15,906 12,166 47,207 35,293
Amortization 1,236 769 4,063 1,919
----- --- ----- -----
46,095 42,273 140,030 116,242
OTHER INCOME (EXPENSE)
Gain on extinguishment
of debt, net - 2,015 - 2,024
Re-measurement gain
of equity interest
upon acquisition - - 2,701 -
Interest expense (9,587) (10,863) (29,703) (32,627)
Interest and
other income, net 292 185 675 807
--- --- --- ---
(9,295) (8,663) (26,327) (29,796)
------ ------ ------- -------
INCOME FROM CONTINUING
OPERATIONS 8,666 3,738 25,749 13,402
DISCONTINUED OPERATIONS
Income from discontinued
operations 289 1,092 870 3,674
Impairments - - (22) (29)
Gain on sales of
real estate
properties 84 746 20,136 9,098
--- --- ------ -----
INCOME FROM DISCONTINUED
OPERATIONS 373 1,838 20,984 12,743
--- ----- ------ ------
NET INCOME 9,039 5,576 46,733 26,145
Less: Net (income)
loss attributable to
noncontrolling
interests 65 (49) (12) (52)
--- --- --- ---
NET INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $9,104 $5,527 $46,721 $26,093
====== ====== ======= =======
BASIC EARNINGS PER
COMMON SHARE
Income from continuing
operations $0.15 $0.07 $0.44 $0.27
Discontinued
operations 0.01 0.04 0.36 0.26
---- ---- ---- ----
Net income
attributable to
common stockholders $0.16 $0.11 $0.80 $0.53
===== ===== ===== =====
DILUTED EARNINGS PER
COMMON SHARE
Income from continuing
operations $0.15 $0.07 $0.44 $0.27
Discontinued
operations 0.00 0.04 0.35 0.25
---- ---- ---- ----
Net income
attributable to
common stockholders $0.15 $0.11 $0.79 $0.52
===== ===== ===== =====
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING -
BASIC 58,174,482 49,530,813 58,150,024 49,438,796
========== ========== ========== ==========
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING -
DILUTED 59,064,066 50,614,173 58,950,870 50,481,469
========== ========== ========== ==========
(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 Nine Months Ended
September 30, September 30,
-------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Cash flows from operating
activities:
Net income $9,039 $5,576 $46,733 $26,145
Non-cash items:
---------------
Depreciation and
amortization - real
estate 16,801 13,025 50,375 38,300
Depreciation and
amortization - other 870 663 2,514 1,868
Provision for bad debts,
net of recoveries (137) 95 429 426
Impairments - 1,600 22 1,629
Straight-line rent
receivable (676) (124) (1,348) 75
Straight-line rent
liability 112 61 336 147
Equity in (income) losses
from unconsolidated
joint ventures - (55) 2 93
Stock-based compensation 985 1,084 3,286 3,487
Provision for deferred
post-retirement benefits 476 828 2,443 2,482
Gain on repurchase
of notes payable - (2,015) - (2,024)
Re-measurement gain of
equity interest upon
acquisition - - (2,701) -
Other non-cash items 254 133 761 572
--- --- --- ---
Total non-cash items 18,685 15,295 56,119 47,055
Other items:
------------
Accounts payable and
accrued liabilities 15,183 13,325 11,984 9,653
Other liabilities (5,006) 2,739 (8,352) (71)
Other assets (1,137) (837) (1,005) 5,029
Gain on sales of
real estate properties (84) (746) (20,136) (9,098)
Payment of partial
pension settlement - - (2,300) -
State income taxes paid,
net of refunds (93) (30) (662) (651)
--- --- ---- ----
Total other items 8,863 14,451 (20,471) 4,862
----- ------ ------- -----
Net cash provided by
operating activities 36,587 35,322 82,381 78,062
Cash flows from investing
activities:
Acquisition and
development of real
estate properties (37,462) (100,758) (99,253) (138,452)
Funding of mortgages
and notes receivable (4,367) (5,338) (13,183) (12,519)
Investment in
unconsolidated joint
ventures (35) - (184) -
Distributions received
from unconsolidated
joint ventures - 15 - 882
Partial redemption of
preferred equity
investment in
unconsolidated joint
ventures - 5,546 - 5,546
Proceeds from sales of
real estate 563 2,641 83,441 24,681
Proceeds from mortgages
and notes receivable
repayments 107 2,555 205 2,634
--- ----- --- -----
Net cash used in
investing activities (41,194) (95,339) (28,974) (117,228)
Cash flows from financing
activities:
Net borrowings on
unsecured credit
facilities 35,000 (90,000) 44,000 (68,000)
Repayments on notes and
bonds payable (1,071) (895) (22,640) (2,720)
Repurchase of notes
payable - (25,906) - (31,238)
Quarterly dividends paid (22,852) (19,542) (68,530) (58,609)
Proceeds from issuance of
common stock 186 196,701 534 197,062
Equity issuance costs - (18) - (32)
Common stock redemption (8) - (8) (282)
Debt issuance costs (7,393) - (7,393) -
Credit facility
amendment fee - - - (326)
Capital contributions
received from
noncontrolling
interests 1,242 - 1,771 -
Distributions to
noncontrolling
interests (116) (49) (191) (52)
---- --- ---- ---
Net cash provided
by (used in)
financing activities 4,988 60,291 (52,457) 35,803
----- ------ ------- ------
Increase (decrease) in
cash and cash equivalents 381 274 950 (3,363)
Cash and cash equivalents,
beginning of period 4,707 4,882 4,138 8,519
----- ----- ----- -----
Cash and cash equivalents,
end of period $5,088 $5,156 $5,088 $5,156
====== ====== ====== ======
(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 Nine Months Ended
September 30, September 30,
---------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
Net Income Attributable
to Common Stockholders $9,104 $5,527 $46,721 $26,093
Gain on sales of real
estate properties (84) (746) (20,136) (9,098)
Real estate depreciation
and amortization 16,801 13,456 50,387 39,878
------ ------ ------ ------
Total adjustments 16,717 12,710 30,251 30,780
------ ------ ------ ------
Funds From Operations -
Basic and
Diluted $25,821 $18,237 $76,972 $56,873
======= ======= ======= =======
Funds From Operations
Per Common Share - Basic $0.44 $0.37 $1.32 $1.15
===== ===== ===== =====
Funds From Operations
Per Common Share - Diluted $0.44 $0.36 $1.31 $1.13
===== ===== ===== =====
Weighted Average Common
Shares Outstanding
- Basic 58,174,482 49,530,813 58,150,024 49,438,796
========== ========== ========== ==========
Weighted Average Common
Shares Outstanding
- Diluted 59,064,066 50,614,173 58,950,870 50,481,469
========== ========== ========== ==========
RECONCILIATION OF FUNDS AVAILABLE FOR DISTRIBUTION (2):
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
September 30, 2009
------------------
Net Income Attributable to Common Stockholders $9,104
Gain on sales of real estate properties (84)
Total non-cash items included in cash
flows from operating activities (3) 18,685
------
Funds Available For Distribution $27,705
=======
Funds Available For Distribution Per
Common Share - Diluted $0.47
=====
Weighted Average Common Shares
Outstanding - Diluted 59,064,066
==========
(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.
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