Healthcare Realty Trust Reports Normalized FFO Of $0.35 Per Share For The First Quarter - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

Healthcare Realty Trust Reports Normalized FFO Of $0.35 Per Share For The First Quarter

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Healthcare Realty Trust Incorporated

NASHVILLE, Tenn., April 30, 2014 /PRNewswire/ -- Healthcare Realty Trust Incorporated (NYSE: HR) today announced results for the first quarter ended March 31, 2014.  Normalized FFO for the three months ended March 31, 2014 totaled $0.35 per diluted common share.  Normalized FAD for the three months ended March 31, 2014 totaled $0.36 per diluted common share.

Salient highlights include:

  • Normalized FFO grew $5.7 million, or 20.3% year-over-year, to $33.5 million. Over the same time period, normalized FFO per share increased 9.4%.
  • The twelve development conversion properties generated NOI of $3.1 million and would have generated $3.6 million had all occupants been in place and paying rent for the entire quarter. Occupancy and leasing at these twelve properties increased to 66% and 81%, respectively.
  • Leases totaling 441,000 square feet were signed or renewed during the first quarter, on track with expectations, with tenant retention increasing to 82%.
  • Same store NOI grew by 0.5% year-over-year. Multi-tenant operating expenses, notably utilities and snow removal, were adversely affected by harsh winter conditions.
  • Occupancy at the same store properties remained stable at 91%.
  • A dividend of $0.30 per common share was declared for the first quarter of 2014, which is 83.3% of normalized FAD.

For the three months ended March 31, 2014, year-over-year revenues grew by $11.6 million to $91.9 million.  The Company reported net income attributable to common stockholders for the quarter of $3.9 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 201 real estate properties and mortgages as of March 31, 2014.  The Company's 198 owned real estate properties are located in 28 states and total approximately 14.0 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

Condensed Consolidated Balance Sheets (1)

(amounts in thousands, except per share data)

(Unaudited)



ASSETS







Real Estate Properties:


3/31/2014



12/31/2013


Land


$176,553



$178,931


Buildings, improvements and lease intangibles


2,903,471



2,861,935


Personal property


9,369



9,267


Land held for development


17,054



17,054


Total real estate properties


3,106,447



3,067,187


Less accumulated depreciation


(652,349)



(632,109)


Total real estate properties, net


2,454,098



2,435,078


Cash and cash equivalents


10,169



8,671


Mortgage notes receivable


86,372



125,547


Assets held for sale and discontinued operations, net


10,218



6,852


Other assets, net


160,267



153,514


Total assets


$2,721,124



$2,729,662









LIABILITIES AND EQUITY







Liabilities:







Notes and bonds payable


$1,388,241



$1,348,459


Accounts payable and accrued liabilities


50,682



73,741


Liabilities of discontinued operations


971



1,112


Other liabilities


59,436



61,064


Total liabilities


1,499,330



1,484,376


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; 96,038 and 95,924 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively


960



959


Additional paid-in capital


2,326,889



2,325,228


Accumulated other comprehensive income


51



51


Cumulative net income attributable to common stockholders


812,214



808,362


Cumulative dividends


(1,919,925)



(1,891,123)


Total stockholders' equity


1,220,189



1,243,477


Noncontrolling interests


1,605



1,809


Total equity


1,221,794



1,245,286


Total liabilities and equity


$2,721,124



$2,729,662











 

(1)       The Condensed 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

Condensed Consolidated Statements of Operations (1)

(amounts in thousands, except per share data)

(Unaudited)












Three Months Ended March 31,




2014



2013


Revenues







Rental income


$87,829



$75,880


Mortgage interest


2,621



2,937


Other operating


1,449



1,456




91,899



80,273


Expenses







Property operating


33,431



29,452


General and administrative


5,978



6,540


Depreciation


24,134



21,180


Amortization


2,759



2,666


Bad debt, net of recoveries


47



(12)




66,349



59,826


Other Income (Expense)







Interest expense


(17,918)



(19,771)


Interest and other income, net


100



231




(17,818)



(19,540)









Income From Continuing Operations


7,732



907









Discontinued Operations







Income (loss) from discontinued operations


(344)



1,705


Impairments


(3,425)



(3,630)


Loss From Discontinued Operations


(3,769)



(1,925)









Net Income (Loss)


3,963



(1,018)


Less: Net (income) loss attributable to noncontrolling interests


(111)



19


Net Income (Loss) Attributable To Common Stockholders


$3,852



($999)


Basic Earnings (Loss) Per Common Share:







Income from continuing operations


$0.08



$0.01


Discontinued operations


(0.04)



(0.02)


Net income (loss) attributable to common stockholders


$0.04



($0.01)


Diluted Earnings (Loss) Per Common Share:







Income from continuing operations


$0.08



$0.01


Discontinued operations


(0.04)



(0.02)


Net income (loss) attributable to common stockholders


$0.04



($0.01)


Weighted Average Common Shares Outstanding-Basic


94,152



86,894


Weighted Average Common Shares Outstanding-Diluted


95,585



88,382













(1)       The Condensed 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 March 31,




2014



2013


Net Income (Loss) Attributable to Common Stockholders


$3,852



($999)


Impairments


3,425



3,630


Real estate depreciation and amortization


26,248



23,958


Total adjustments


29,673



27,588


Funds From Operations


$33,525



$26,589


Acquisition costs


-



219


Write-off deferred financing costs upon renewal of line of credit


-



252


Interest incurred related to the timing of insurance/redemption of senior notes


-



188


Severance costs included in general and administrative expenses


-



609


Normalized Funds From Operations


$33,525



$27,857


Funds from Operations per Common Share-Diluted


$0.35



$0.30


Normalized Funds From Operations Per Common Share-Diluted


$0.35



$0.32


FFO Weighted Average Common Shares Outstanding


95,585



88,382


Normalized FFO Weighted Average Common Shares Outstanding


95,585



88,382













 

(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 does not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States of America and is not necessarily indicative of cash available to fund cash needs. FFO should not be considered an alternative to net income attributable to common stockholders as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity.

 

HEALTHCARE REALTY TRUST INCORPORATED

Reconciliation of FAD and Normalized FAD (1)

(amounts in thousands, except per share data)

(Unaudited)





Three Months Ended March 31,




2014



2013


Net Income (Loss) Attributable to Common Stockholders


$3,852



($999)


Impairments


3,425



3,630


Depreciation and amortization


28,049



25,868


Provision for bad debt, net


47



(12)


Straight-line rent receivable


(2,303)



(1,680)


Straight-line rent liability


108



102


Stock-based compensation


1,516



1,848


Provision for deferred post-retirement benefits


13



217


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


30,855



29,973


Funds Available For Distribution


$34,707



$28,974


Acquisition costs


-



219


Write-off deferred financing costs upon renewal of line of credit


-



252


Interest incurred related to the timing of insurance/redemption of senior notes


-



188


Severance costs included in general and administrative expenses excluding stock based compensation


-



218


Normalized Funds Available For Distribution


$34,707



$29,851


Funds Available For Distribution Per Common Share-Diluted


$0.36



$0.33


Normalized Funds Available For Distribution Per Common Share-Diluted


$0.36



$0.34


FAD Weighted Average Common Shares Outstanding


95,485



88,382


Normalized FAD Weighted Average Common Shares Outstanding


95,485



88,382













 

(1)       Funds Available For Distribution ("FAD") does not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States of America and is not necessarily indicative of cash available to fund cash needs. FAD should not be considered an alternative to net income attributable to common stockholders as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity.

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

904 South Side Drive
Decatur, IL 62521
Primary Phone: 217-424-2500
Primary Email: news@wandtv.com

All content © Copyright 2000 - 2014, WorldNow and WAND. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms