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News and Information Article
NASHVILLE, Tenn., Oct. 30 /-FirstCall/ -- Healthcare Realty
Trust Incorporated (NYSE: HR) today announced results for the third quarter
that ended September 30, 2006. Revenues for the third quarter totaled $68.1
million, compared with the prior years $65.7 million. Net income for the
third quarter was $8.1 million, or $0.17 per diluted common share, versus
$8.7 million, or $0.18 per diluted common share, for the third quarter of
2005.
Funds from operations ("FFO"), calculated according to the definition
of the National Association of Real Estate Investment Trusts ("NAREIT") and
comprised primarily of net income and depreciation from real estate, but
not adjusted for certain non-cash income and expense items, totaled $23.8
million compared with $26.6 million for the same period in 2005. FFO per
diluted common share totaled $0.50 compared with $0.56 for the third
quarter of 2005. A reconciliation of FFO to net income follows.
Net income and FFO for the three months ended September 30, 2006
include the impact of non-cash impairment charges totaling approximately
$3.8 million related to two assets. Before these charges, FFO per diluted
common share for the third quarter of 2006 would have been $0.58.
Revenues for the nine months ended September 30, 2006 totaled $199.1
million compared with the prior years $185.6 million. Net income for the
nine-month period was $32.1 million, or $0.68 per diluted common share,
versus $41.0 million, or $0.86 per diluted common share, for the first nine
months of 2005. FFO totaled $76.3 million for the nine months ended
September 30, 2006, compared with $81.2 million for the same period in
2005. FFO, per diluted common share, for the first nine months of 2006
totaled $1.61, versus $1.71 for the same period in 2005.
Funds available for distribution for the third quarter of 2006 totaled
$0.61 per diluted common share. A reconciliation of funds available for
distribution to net income follows.
Healthcare Realty Trust is a real estate investment trust that
integrates owning, managing and developing income-producing real estate
properties associated with the delivery of healthcare services throughout
the United States. As of September 30, 2006, the Company had investments of
approximately $2.0 billion in 248 real estate properties and mortgages,
including investments in unconsolidated limited liability companies. The
Companys 235 owned real estate properties are comprised of six facility
types, located in 27 states, totaling approximately 12.7 million square
feet. The Company provides property management services to approximately
6.8 million square feet nationwide.
The Company directs interested parties to its Internet page site,
http://www.healthcarerealty.com, where material information is posted regarding
this quarters 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 a 10-K filed with the SEC by Healthcare Realty Trust
for the
year ended December 31, 2005. Forward-looking statements represent the
Companys judgment as of the date of this release. The Company disclaims
any
obligation to update forward-looking material.
HEALTHCARE REALTY TRUST INCORPORATED
Consolidated Statements of Income (1)
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Revenues:
Master lease rental
income $21,528 $17,744 $61,698 $52,511
Property operating income 31,628 35,626 94,843 101,179
Straight-line rent 524 286 2,265 (1,127)
Mortgage interest income 2,957 2,624 9,096 6,276
Other operating
income (2) 11,429 9,396 31,160 26,711
68,066 65,676 199,062 185,550
Expenses:
General and administrative 4,245 4,682 13,005 12,006
Property operating
expenses 17,752 19,056 53,409 53,468
Other operating
expenses(2) 4,163 4,291 13,000 11,879
Impairment (3) 3,811 0 3,811 0
Bad debt expense 184 131 1,251 131
Interest 14,033 12,176 39,652 35,484
Depreciation 13,188 14,724 39,036 37,990
Amortization 2,467 3,054 8,048 9,181
59,843 58,114 171,212 160,139
Income from continuing
operations 8,223 7,562 27,850 25,411
Discontinued operations:
Operating income (loss)
from discontinued
operations (87) 1,109 1,012 8,797
Gain on sale of real estate
properties and impairments,
net (73) (6) 3,202 6,773
(160) 1,103 4,214 15,570
Net income $8,063 $8,665 $32,064 $40,981
Basic earnings per common
share:
Income from continuing
operations per common
share $0.18 $0.16 $0.60 $0.55
Discontinued operations
per common share $ (0.01) $0.03 $0.09 $0.33
Net income per common
share $0.17 $0.19 $0.69 $0.88
Diluted earnings per
common share:
Income from continuing
operations per common
share $0.17 $0.16 $0.59 $0.54
Discontinued operations
per common share $0.00 $0.02 $0.09 $0.32
Net income per common
share $0.17 $0.18 $0.68 $0.86
Weighted average common
shares outstanding
- Basic 46,545,285 46,484,410 46,522,939 46,457,378
Weighted average common
shares outstanding
- Diluted 47,491,385 47,443,704 47,473,738 47,399,383
(1) The income statements do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements.
(2) Includes the operations of the properties consolidated in the
Companys consolidated financial statements as required in
FIN 46(R) as variable interest entities.
(3) Includes impairments on two assets.
HEALTHCARE REALTY TRUST INCORPORATED
Consolidated Statement of Cash Flows
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Cash flows from operating
activities
Net income $ 8,063 $ 8,665 $ 32,064 $ 40,981
Non-cash items:
Depreciation and
amortization - real estate 15,726 17,889 47,474 47,721
Depreciation and
amortization - other 284 309 113 950
Amortization of deferred
loan fees 0 8 255 242
Impairments due to sale of
real estate 73 0 73 710
Equity in losses from
unconsolidated LLCs 86 106 160 251
Consolidated (income) losses
from variable interest entities (36) 358 824 2,893
Deferred compensation
amortization 942 1,068 2,832 2,835
FAS123R stock compensation expense 0 0 227 0
Provision for deferred
post-retirement benefits 528 247 1,585 740
Provision for bad debt 184 131 1,251 131
Impairment 3,811 0 3,811 0
(Increase) decrease in
straight-line rent receivable (478) (267) (1,643) 1,305
Other non-cash items (133) (10) (3) (186)
Total non-cash items 20,987 19,839 56,959 57,592
Other items:
Decrease in other liabilities (2,976) (141) (2,056) (2,095)
(Increase) decrease in
other assets 2,812 (6,139) 1,183 (12,722)
Increase in accounts payable
and accrued liabilities 11,793 18,320 6,846 15,745
Gain on sale of real estate,
net 0 6 (3,275) (7,483)
Total other items 11,629 12,046 2,698 (6,555)
Net cash provided by
operating activities 40,679 40,550 91,721 92,018
Cash flows from investing
activities:
Acquisition and development
of real estate properties (27,163) (20,117) (107,542) (81,421)
Funding of mortgages and
notes receivable (908) (650) (21,479) (64,976)
Investment in unconsolidated LLCs (441) 0 (10,314) (11,135)
Distributions from
unconsolidated LLCs 302 212 726 326
Proceeds from sales of
real estate 3,876 0 33,020 124,879
Proceeds from mortgage and
notes receivable repayments 28,623 1,852 68,980 11,013
Net cash provided by
(used in) investing
activities 4,289 (18,703) (36,609) (21,314)
Cash flows from financing
activities:
Borrowings on notes and
bonds payable 63,000 41,000 310,000 163,248
Repayments on notes and
bonds payable (76,834) (27,554) (272,323)(138,280)
Dividends paid (31,564) (31,521) (94,656) (93,822)
Debt issuance costs 0 0 (1,333) 0
Common stock redemption 0 0 (481) 0
Proceeds from issuance of
common stock 98 (19) 391 853
Net cash used in financing
activities (45,300) (18,094) (58,402) (68,001)
Increase (decrease) in cash
and cash equivalents (332) 3,753 (3,290) 2,703
Cash and cash equivalents,
beginning of period 4,079 1,633 7,037 2,683
Cash and cash equivalents,
end of period $3,747 $5,386 $3,747 $5,386
Reconciliation of funds available for distribution:
Three Months Ended
September 30, 2006
Net income $8,063
Less: Gain on sale of real estate -
Plus: Total non-cash items included in
cash flows from operating activities (1) 20,987
Funds available for distribution $29,050
Funds available for distribution per
common share - Diluted $0.61
Weighted average common shares
outstanding - Diluted 47,491,385
(1) See Consolidated Statement of Cash Flows included in this press
release.
HEALTHCARE REALTY TRUST INCORPORATED
Reconciliation of Funds From Operations (1)
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Net income (2) $8,063 8,665 $32,064 $40,981
Gain on sale of real
estate properties, net 0 6 (3,275) (7,483)
Real estate depreciation
and amortization 15,726 17,889 47,474 47,721
Total adjustments 15,726 17,895 44,199 40,238
Funds from operations
- Basic and Diluted $23,789 $26,560 $76,263 $81,219
Funds from operations
per common share
- Basic $0.51 $0.57 $1.64 $1.75
Funds from operations
per common share
- Diluted $0.50 $0.56 $1.61 $1.71
Weighted average common
shares outstanding
- Basic 46,545,285 46,484,410 46,522,939 46,457,378
Weighted average common
shares outstanding
- Diluted 47,491,385 47,443,704 47,473,738 47,399,383
(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 REITs operating
performance equal to "net income (computed in accordance with
generally accepted accounting principles), excluding gains (or losses)
from sales of property plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures."
Impairments are not added back to net income to measure FFO.
Management uses FFO and FFO per share to compare and evaluate its own
operating results from period to period, and to monitor the operating
results of the Companys peers in the REIT industry. The Company
reports FFO and FFO per share because these measures are observed by
management to also be the predominant measures used by the REIT
industry and by industry analysts to evaluate REITs. However, FFO does
not represent cash generated from operating activities determined in
accordance with accounting principles generally accepted in the United
States and is not necessarily indicative of cash available to fund
cash needs. FFO should not be considered an alternative to net income
as an indicator of the Companys operating performance or as an
alternative to cash flow as a measure of liquidity.
(2) See the Consolidated Statement of Cash Flows for a reconciliation of
non-cash items included in net income. Net income for the three- and
nine-month periods ended September 30, 2006 includes non-cash
impairment charges totaling $3.8 million related to two assets.
Before these charges, FFO per diluted common share for the three
months ended September 30, 2006 would have been $0.58.
Healthcare Realty Trust maintains a website: http://www.healthcarerealty.com to
provide corporate, investor and financial information.
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ski properties for sale in borovets |
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