Exhibit 99.3
SUPPLEMENTAL INFORMATION
Three Months Ended September 30, 2011
Furnished as of November 1, 2011
(Unaudited)
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Copies of this report may be obtained at www.healthcarerealty.com or by contacting Investor Relations at 615.269.8175 or communications@healthcarerealty.com.
In addition to the historical information contained within, the matters discussed in this report may contain forward-looking statements that involve estimates, assumptions, 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, 2010 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 report. The Company disclaims any obligation to update these estimates, assumptions and other forward-looking material.
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 1 of 12 |
TABLE OF CONTENTS
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Schedule 1 – Corporate Information | | | 3 | |
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Schedule 2 – Condensed Consolidated Balance Sheets | | | 5 | |
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Schedule 3 – Selected Balance Sheet Information | | | 6 | |
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Schedule 4 – Investment Progression | | | 7 | |
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Schedule 5 – Investment Activity | | | 8 | |
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Schedule 6 – Investment by Type and Geographic Location | | | 9 | |
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Schedule 7 – Square Feet Owned and/or Managed | | | 10 | |
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Schedule 8 – Lease and Occupancy Information | | | 12 | |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 2 of 12 |
SCHEDULE 1
CORPORATE INFORMATION
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 $2.9 billion in 219 real estate properties and mortgages as of September 30, 2011, excluding assets classified as held for sale and including an investment in one unconsolidated joint venture. The Company’s 208 owned real estate properties, excluding assets classified as held for sale, are located in 29 states and total approximately 13.9 million square feet. The Company provides property management services to approximately 10.0 million square feet nationwide.
A) | Corporate Headquarters: |
Healthcare Realty Trust Incorporated
3310 West End Avenue, Suite 700
Nashville, TN 37203
Phone: 615.269.8175
Fax: 615.269.8461
E-mail: communications@healthcarerealty.com
Website:www.healthcarerealty.com
David R. Emery
Chairman of the Board and Chief Executive Officer
John M. Bryant, Jr.,
Executive Vice President and General Counsel
Scott W. Holmes
Executive Vice President and Chief Financial Officer
Todd J. Meredith
Executive Vice President – Investments
B. Douglas Whitman, II
Executive Vice President – Corporate Finance
David R. Emery
Chairman of the Board and Chief Executive Officer, Healthcare Realty Trust Incorporated
Errol L. Biggs, Ph.D.,
Director, Graduate Programs in Health Administration, University of Colorado
C. Raymond Fernandez, M.D.,
Former Chief Executive Officer, Piedmont Clinic (Retired)
Batey M. Gresham, Jr., A.I.A.,
Founder, Gresham Smith & Partners
Edwin B. Morris III
Managing Director, Morris & Morse Company, Inc.
J. Knox Singleton
President and Chief Executive Officer, Inova Health System
Bruce D. Sullivan
Former Audit Partner, Ernst & Young LLP (Retired)
Dan S. Wilford
Former President and Chief Executive Officer, Memorial Hermann Healthcare System (Retired)
Roger O. West
Former General Counsel, Healthcare Realty Trust Incorporated (Retired)
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 3 of 12 |
SCHEDULE 1 (CONTINUED)
CORPORATE INFORMATION
Independent Registered Public Accounting Firm
BDO USA, LLP
414 Union Street, Suite 1800
Nashville, TN 37219
Transfer Agent
Wells Fargo N.A.
Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
E) | Stock Exchange, Symbol and CUSIP Number: |
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Security Description | | Stock Exchange | | Symbol | | CUSIP Number |
Common Stock | | NYSE | | HR | | 4.22E+08 |
Senior Notes due 2014 | | OTC | | HR | | 421946AF1 |
Senior Notes due 2017 | | OTC | | HR | | 42225BAA44 |
Senior Notes due 2021 | | OTC | | HR | | 421946AG9 |
F) | Dividend Reinvestment Plan: |
Through the Company’s transfer agent, Wells Fargo, named shareholders of record can re-invest dividends in shares at a 5% discount and may also purchase up to $60,000 of HR common stock per calendar year without a service or sales charge. For information, write Wells Fargo Shareowner Services, P.O. Box 64854, St. Paul, MN 55164-0856, or call 1.800.468.9716. Information may also be obtained at the transfer agent’s website,www.shareowneronline.com.
G) | Direct Deposit of Dividends: |
Direct deposit of dividends is offered as a convenience to shareholders of record. For information, write Wells Fargo Shareowner Services, P.O. Box 64854, St. Paul, MN 55164-0856, or call 1.800.468.9716. Information may also be obtained at the transfer agent’s website,www.shareowneronline.com.
On November 1, 2011, the Company declared a dividend of $0.30 per share, payable on December 1, 2011 to stockholders of record on November 17, 2011.
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BMO Capital Markets Corp. | | KeyBanc Capital Markets Inc. |
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Cowen & Co. LLC | | Morgan Keegan & Co. |
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Davenport & Co. LLC | | RBC Capital Markets Corp |
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Deutsche Bank Securities Inc. | | Robert W. Baird & Co. |
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| | Sandler O’Neil + Partners LP |
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J.J.B. Hilliard W.L. Lyons LLC | | Stifel Nicolaus & Co. |
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J.P. Morgan Securities LLC | | UBS Investment Bank |
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Jefferies & Co. | | Wells Fargo Securities LLC |
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JMP Securities LLC | | |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 4 of 12 |
SCHEDULE 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
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| | September 30, 2011 | | | December 31, 2010 | |
ASSETS | | | | | | | | |
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Real estate properties: | | | | | | | | |
Land | | $ | 164,768 | | | $ | 163,020 | |
Buildings, improvements, and lease intangibles | | | 2,432,968 | | | | 2,310,404 | |
Personal property | | | 17,516 | | | | 17,919 | |
Construction in progress | | | 155,489 | | | | 80,262 | |
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| | | 2,770,741 | | | | 2,571,605 | |
Less accumulated depreciation | | | (506,344 | ) | | | (484,641 | ) |
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Total real estate properties, net | | | 2,264,397 | | | | 2,086,964 | |
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Cash and cash equivalents | | | 4,054 | | | | 113,321 | |
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Mortgage notes receivable | | | 94,588 | | | | 36,599 | |
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Assets held for sale and discontinued operations, net | | | 16,519 | | | | 23,915 | |
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Other assets, net | | | 108,015 | | | | 96,510 | |
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Total assets | | $ | 2,487,573 | | | $ | 2,357,309 | |
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LIABILITIES AND EQUITY | | | | | | | | |
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Liabilities: | | | | | | | | |
Notes and bonds payable | | $ | 1,349,882 | | | $ | 1,407,855 | |
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Accounts payable and accrued liabilities | | | 65,202 | | | | 62,652 | |
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Liabilities of discontinued operations | | | 249 | | | | 423 | |
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Other liabilities | | | 49,662 | | | | 43,639 | |
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Total liabilities | | | 1,464,995 | | | | 1,514,569 | |
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Commitments and contingencies | | | | | | | | |
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Equity: | | | | | | | | |
Preferred stock, $.01 par value; 50,000,000 shares authorized; none issued and outstanding | | | — | | | | — | |
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Common stock, $.01 par value; 150,000,000 shares authorized; 77,839,098 and 66,071,424 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively | | | 779 | | | | 661 | |
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Additional paid-in capital | | | 1,893,878 | | | | 1,641,379 | |
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Accumulated other comprehensive loss | | | (5,269 | ) | | | (5,269 | ) |
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Cumulative net income attributable to common stockholders | | | 793,034 | | | | 796,165 | |
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Cumulative dividends | | | (1,659,844 | ) | | | (1,593,926 | ) |
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Total stockholders’ equity | | | 1,022,578 | | | | 839,010 | |
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Noncontrolling interests | | | — | | | | 3,730 | |
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Total equity | | | 1,022,578 | | | | 842,740 | |
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Total liabilities and equity | | $ | 2,487,573 | | | $ | 2,357,309 | |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 5 of 12 |
SCHEDULE 3
SELECTED BALANCE SHEET INFORMATION
(dollars in thousands)
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| | 2011 | | | 2010 | |
| | Q3 | | | Q2 | | | Q1 | | | Q4 | | | Q3 | | | Q2 | |
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Real estate properties, gross(1) | | $ | 2,770,741 | | | $ | 2,615,248 | | | $ | 2,597,963 | | | $ | 2,571,605 | | | $ | 2,397,218 | | | $ | 2,280,638 | |
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Real estate properties, net (1) | | | 2,264,397 | | | | 2,128,676 | | | | 2,092,179 | | | | 2,086,964 | | | | 1,923,098 | | | | 1,812,162 | |
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Construction in progress | | | 155,489 | | | | 104,741 | | | | 98,590 | | | | 80,262 | | | | 58,070 | | | | 125,021 | |
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Mortgage notes receivable | | | 94,588 | | | | 122,603 | | | | 88,171 | | | | 36,599 | | | | 27,134 | | | | 23,423 | |
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Assets held for sale and discontinued operations, net | | | 16,519 | | | | 16,485 | | | | 16,694 | | | | 23,915 | | | | 17,592 | | | | 1,049 | |
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Total assets | | | 2,487,573 | | | | 2,386,181 | | | | 2,296,712 | | | | 2,357,309 | | | | 2,069,863 | | | | 1,930,449 | |
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Notes and bonds payable(2) | | | 1,349,882 | | | | 1,251,629 | | | | 1,293,086 | | | | 1,407,855 | | | | 1,138,200 | | | | 1,007,725 | |
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Total stockholders’ equity | | | 1,022,578 | | | | 1,016,828 | | | | 902,447 | | | | 839,010 | | | | 819,290 | | | | 821,135 | |
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Noncontrolling interests | | | — | | | | — | | | | — | | | | 3,730 | | | | 3,719 | | | | 3,891 | |
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Total equity | | | 1,022,578 | | | | 1,016,828 | | | | 902,447 | | | | 842,740 | | | | 823,009 | | | | 825,026 | |
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(1) | Includes construction in progress. |
(2) | Summary of Indebtedness: |
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| | Balance as of September 30, 2011 | | | Months to Maturity | | | Effective Interest Rate | |
Senior Notes due 2014, net of discount | | $ | 264,334 | | | | 31 | | | | 5.19 | % |
Senior Notes due 2017, net of discount | | | 298,402 | | | | 64 | | | | 6.62 | % |
Senior Notes due 2021, net of discount | | | 396,991 | | | | 112 | | | | 5.86 | % |
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Total Senior Notes Outstanding | | | 959,727 | | | | 75 | | | | 5.91 | % |
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Unsecured credit facility due 2012(1) | | | 175,000 | | | | 12 | | | | 3.03 | % |
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Mortgage notes payable, net | | | 215,155 | | | | 74 | | | | 6.34 | % |
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Total Outstanding Notes and Bonds Payable | | $ | 1,349,882 | | | | 67 | | | | 5.61 | % |
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(1) | The unsecured credit facility due 2012 was replaced on October 14, 2011 with the Company’s new $700 million credit facility. The new $700 million credit facility matures on October 14, 2015 and currently has an effective interest rate of 1.73%. |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 6 of 12 |
SCHEDULE 4
INVESTMENT PROGRESSION(1)
(dollars in thousands)
A) | Construction in Progress |
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| | Number of Properties | | | Three Months Ended September 30, 2011 | | | Number of Properties | | | Nine Months Ended September 30, 2011 | |
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Balance at beginning of period | | | 3 | | | $ | 104,741 | | | | 3 | | | $ | 80,262 | |
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Fundings on projects in existence at the beginning of the period | | | — | | | | 23,827 | | | | — | | | | 58,951 | |
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New projects started during the period(2) | | | 1 | | | | 4,982 | | | | 1 | | | | 4,982 | |
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Consolidation of construction in progress upon elimination of mortgage note receivable(3) | | | 1 | | | | 21,939 | | | | 1 | | | | 21,939 | |
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Completions | | | — | | | | — | | | | — | | | | (10,645 | ) |
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Balance at end of period | | | 5 | | | $ | 155,489 | | | | 5 | | | $ | 155,489 | |
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| | Number of Properties | | | Three Months Ended September 30, 2011 | | | Number of Properties | | | Nine Months Ended September 30, 2011 | |
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Balance at beginning of period | | | 200 | | | $ | 2,510,507 | | | | 198 | | | $ | 2,491,343 | |
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Acquisitions(4) | | | 4 | | | | 100,146 | | | | 5 | | | | 132,047 | |
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Additions/Improvements | | | — | | | | 8,579 | | | | — | | | | 24,106 | |
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Completions (CIP) | | | — | | | | — | | | | — | | | | 10,645 | |
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Elimination of accumulated depreciation on fully depreciated intangible assets | | | — | | | | — | | | | — | | | | (39,986 | ) |
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Assets previously classified as held for sale reclassified to held for use | | | — | | | | — | | | | 1 | | | | 1,077 | |
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Dispositions(5) | | | (1 | ) | | | (3,980 | ) | | | (1 | ) | | | (3,980 | ) |
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Balance at end of period | | | 203 | | | $ | 2,615,252 | | | | 203 | | | $ | 2,615,252 | |
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C) | Mortgage Notes Receivable |
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| | Number of Investments | | | Three Months Ended September 30, 2011 | | | Number of Investments | | | Nine Months Ended September 30, 2011 | |
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Balance at beginning of period | | | 12 | | | $ | 122,603 | | | | 7 | | | $ | 36,599 | |
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Fundings of new mortgages | | | — | | | | — | | | | 5 | | | | 75,985 | |
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Fundings on mortgages in existence at the beginning of the period | | | — | | | | 8,836 | | | | — | | | | 18,693 | |
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Repayments(6) | | | (1 | ) | | | (14,905 | ) | | | (1 | ) | | | (14,905 | ) |
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Scheduled principal payments | | | — | | | | (7 | ) | | | — | | | | (29 | ) |
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Elimination of mortgage note receivable upon consolidation of VIE(3) | | | (1 | ) | | | (21,939 | ) | | | (1 | ) | | | (21,939 | ) |
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Amortization of loan origination fee | | | — | | | | — | | | | — | | | | 184 | |
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Balance at end of period | | | 10 | | | $ | 94,588 | | | | 10 | | | $ | 94,588 | |
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(1) | Balances exclude investments in one unconsolidated joint venture and properties classified as held for sale. |
(2) | During the third quarter of 2011, the Company began construction of a medical office building and parking garage located in Texas. |
(3) | During the third quarter of 2011, the Company began consolidating the entity constructing an inpatient facility in South Dakota. The Company continues to fund the construction of the building and had previously recognized the funding as a mortgage note receivable on its consolidated financial statements. Funding for the quarter totaled $10,808. |
(4) | During the third quarter of 2011, the Company acquired four medical office buildings in Virginia. |
(5) | During the third quarter of 2011, the Company sold a medical office building in Florida that was not previously classified as held for sale. |
(6) | During the third quarter of 2011, one mortgage note receivable was repaid. |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 7 of 12 |
SCHEDULE 5
INVESTMENT ACTIVITY (1)
YTD 2011 INVESTMENT ACTIVITY
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Location | | Property Type | | Investment Type | | Initial Closing | | Estimated Completion | | Properties | | | Amount Invested During Nine Months Ended September 30, 2011 | | | Estimated Remaining Fundings | | | Estimated Total Investment | | | Approximate Square Feet | | | Aggregate Leased % | |
Des Moines, IA | | Other | | Mortgage | | 1/3/2011 | | NA | | | 1 | | | $ | 40,000 | | | $ | — | | | $ | 40,000 | | | | 152,300 | | | | 94 | % |
Grandview, MO | | MOB | | Constr. Mortg. | | 3/24/2011 | | 4Q 2011 | | | 1 | | | | 2,235 | | | | 1,500 | | | | 3,735 | | | | 18,500 | | | | 100 | % |
Richmond, VA | | MOB | | Acquisition | | 6/30/2011 | | NA | | | 1 | | | | 31,901 | | | | — | | | | 31,901 | | | | 142,015 | | | | 91 | % |
Edmond, OK (Oklahoma City) | | MOB | | Constr. Mortg. (2) | | 6/30/2011 | | 2Q 2013 | | | 1 | | | | 16,073 | | | | 75,106 | | | | 91,179 | | | | 200,000 | | | | 100 | % |
Springfield, MO | | Inpatient | | Constr. Mortg. (2) | | 6/30/2011 | | 2Q 2013 | | | 1 | | | | 14,977 | | | | 96,458 | | | | 111,435 | | | | 186,000 | | | | 100 | % |
Richmond, VA | | MOB | | Acquisition | | 8/4/2011 | | NA | | | 1 | | | | 26,374 | | | | — | | | | 26,374 | | | | 87,816 | | | | 91 | % |
Midlothian, VA | | MOB | | Acquisition | | 8/4/2011 | | NA | | | 1 | | | | 43,835 | | | | — | | | | 43,835 | | | | 142,856 | | | | 97 | % |
Mechanicsville, VA | | MOB | | Acquisition | | 8/31/2011 | | NA | | | 1 | | | | 14,598 | | | | — | | | | 14,598 | | | | 59,240 | | | | 100 | % |
Mechanicsville, VA | | MOB | | Acquisition | | 9/30/2011 | | NA | | | 1 | | | | 15,339 | | | | — | | | | 15,339 | | | | 42,957 | | | | 100 | % |
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| | | | | | | | | | |
| | | | | | | | | | | 9 | | | $ | 205,332 | | | $ | 173,064 | | | $ | 378,396 | | | | 1,031,684 | | | | 97 | % |
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HISTORICAL INVESTMENT ACTIVITY
| | | Mortgage Funding | | | | Mortgage Funding | | | | Mortgage Funding | | | | Mortgage Funding | | | | Mortgage Funding | |
| | Acquisitions (3) | | | Mortgage Funding | | | Construction Mortgage Funding | | | Development Funding | | | Total | |
2008 | | $ | 315,665 | | | $ | — | | | $ | 36,970 | | | $ | 74,085 | | | $ | 426,720 | |
2009 | | | 70,664 | | | | 9,900 | | | | 10,616 | | | | 85,120 | | | | 176,300 | |
2010 | | | 301,600 | | | | 3,700 | | | | 20,740 | | | | 63,301 | | | | 389,341 | |
YTD 2011 | | | 132,047 | | | | 40,000 | | | | 51,978 | | | | 63,933 | | | | 287,958 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | $ | 819,976 | | | $ | 53,600 | | | $ | 120,304 | | | $ | 286,439 | | | $ | 1,280,319 | |
| | | | | | | | | | | | | | | | | | | | |
% of Total | | | 64 | % | | | 4 | % | | | 9 | % | | | 22 | % | | | 100 | % |
DEVELOPMENT PROPERTIES
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| | Properties | | | Amount Funded During Three Months Ended September 30, 2011 | | | Total Amount Funded Through September 30, 2011 | | | Estimated Remaining Fundings | | | Estimated Total Investment | | | Approximate Square Feet | | | Aggregate Leased % | | | Q3 2011 Aggregate NOI ($000s) | |
Construction in progress | | | 5 | | | $ | 28,809 | | | $ | 134,716 | | | $ | 63,424 | | | $ | 198,140 | | | | 587,758 | | | | 45 | % | | $ | — | |
Mortgage construction loans | | | 7 | | | | 8,836 | | | | 48,202 | | | | 177,097 | | | | 225,299 | | | | 489,931 | | | | 100 | % | | | 188 | |
Stabilization in progress | | | 8 | | | | 2,166 | | | | 237,192 | | | | 7,608 | | | | 244,800 | | | | 808,140 | | | | 33 | % | | | (927 | ) |
| | | | | | | | |
Land held for development (4) | | | — | | | | — | | | | 20,773 | | | | — | | | | — | | | | — | | | | — | | | | — | |
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Total | | | 20 | | | $ | 39,811 | | | $ | 440,883 | | | $ | 248,129 | | | $ | 668,239 | | | | 1,885,829 | | | | 54 | % | | $ | (739 | ) |
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(1) | Represents real estate. Refer to Form 10-Q Footnote 3 for more information on the Company’s acquisitions. |
(2) | These construction mortgages are scheduled to be funded over 28 months, and HR has an obligation to purchase the properties upon substantial completion at a price equal to the amount outstanding under the mortgage notes. |
(3) | Net of mortgage notes receivable payoffs upon acquisition. |
(4) | Included in Construction in progress on the Company’s Condensed Consolidated Balance Sheets. |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 8 of 12 |
SCHEDULE 6
INVESTMENT BY TYPE AND GEOGRAPHIC LOCATION(1) (2)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | MOB/Outpatient (84.3%) | | | Inpatient (13.2%) | | | Other (2.5%) | | | Total | | | % of Total | |
| | | | Stabilized | | | Development Properties | | | Mortgages | | | Rehab | | | Surgical | | | CIP | | | Mortgages | | | Other | | | Mortgages | | | |
| | | | Properties | | | Stabilization | | | CIP | | | | | | | | | | |
1 | | Texas | | $ | 578,820 | | | $ | 61,212 | | | $ | 4,982 | | | $ | 9,076 | | | $ | 20,659 | | | $ | 92,000 | | | | | | | | | | | | | | | | | | | | 766,749 | | | | 26.9 | % |
2 | | Florida | | | 184,182 | | | | | | | | | | | | 2,687 | | | | 11,703 | | | | | | | | | | | | | | | | | | | | | | | | 198,572 | | | | 7.0 | % |
3 | | Virginia | | | 172,603 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 11,826 | | | | | | | | 184,429 | | | | 6.5 | % |
4 | | Tennessee | | | 160,014 | | | | | | | | | | | | 3,700 | | | | | | | | | | | | | | | | | | | | 7,874 | | | | | | | | 171,588 | | | | 6.0 | % |
5 | | North Carolina | | | 143,717 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 143,717 | | | | 5.0 | % |
6 | | Indiana | | | 99,493 | | | | | | | | | | | | | | | | | | | | 43,406 | | | | | | | | | | | | | | | | | | | | 142,899 | | | | 5.0 | % |
7 | | Iowa | | | 86,472 | | | | | | | | | | | | 5,840 | | | | | | | | | | | | | | | | | | | | | | | $ | 40,000 | | | | 132,312 | | | | 4.6 | % |
8 | | Washington | | | 59,528 | | | | | | | | 69,932 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 129,460 | | | | 4.5 | % |
9 | | Pennsylvania | | | 10,798 | | | | | | | | | | | | | | | | 115,734 | | | | | | | | | | | | | | | | | | | | | | | | 126,532 | | | | 4.4 | % |
10 | | California | | | 112,807 | | | | | | | | | | | | | | | | 12,688 | | | | | | | | | | | | | | | | | | | | | | | | 125,495 | | | | 4.4 | % |
11 | | Colorado | | | 60,889 | | | | 24,756 | | | | 27,056 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 112,701 | | | | 4.0 | % |
12 | | Hawaii | | | 22,745 | | | | 85,709 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 108,454 | | | | 3.8 | % |
13 | | Arizona | | | 34,406 | | | | 39,593 | | | | | | | | | | | | 16,012 | | | | | | | | | | | | | | | | | | | | | | | | 90,011 | | | | 3.2 | % |
14 | | Illinois | | | 37,228 | | | | 25,922 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 63,150 | | | | 2.2 | % |
15 | | Missouri | | | 42,756 | | | | | | | | | | | | 2,235 | | | | | | | | | | | | | | | $ | 14,977 | | | | | | | | | | | | 59,968 | | | | 2.1 | % |
16 | | Alabama | | | 20,825 | | | | | | | | | | | | | | | | 17,722 | | | | | | | | | | | | | | | | 9,493 | | | | | | | | 48,040 | | | | 1.7 | % |
17 | | South Dakota | | | — | | | | | | | | | | | | | | | | | | | | | | | $ | 32,746 | | | | | | | | | | | | | | | | 32,746 | | | | 1.1 | % |
18 | | District of Columbia | | | 29,594 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 29,594 | | | | 1.0 | % |
19 | | Michigan | | | 21,883 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,883 | | | | 0.8 | % |
20 | | Oregon | | | 20,577 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,577 | | | | 0.7 | % |
21 | | Oklahoma | | | — | | | | | | | | | | | | 16,073 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,073 | | | | 0.6 | % |
22 | | Ohio | | | 14,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,500 | | | | 0.5 | % |
23 | | Kansas | | | 14,003 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,003 | | | | 0.5 | % |
24 | | Georgia | | | 13,653 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,653 | | | | 0.5 | % |
25 | | Massachusetts | | | 12,119 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,119 | | | | 0.4 | % |
26 | | Nevada | | | 11,911 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,911 | | | | 0.4 | % |
27 | | South Carolina | | | 10,953 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,953 | | | | 0.4 | % |
28 | | Louisiana | | | 10,834 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,834 | | | | 0.4 | % |
29 | | Maryland | | | 8,990 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,990 | | | | 0.3 | % |
30 | | Mississippi | | | 8,379 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,379 | | | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Sub-total | | $ | 2,004,679 | | | $ | 237,192 | | | $ | 101,970 | | | $ | 39,611 | | | $ | 194,518 | | | $ | 135,406 | | | $ | 32,746 | | | $ | 14,977 | | | $ | 29,193 | | | $ | 40,000 | | | $ | 2,830,292 | | | | 99.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Land held for development | | | | | | | | | | | 20,773 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,773 | | | | 0.7 | % |
Unconsolidated joint venture | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,266 | | | | | | | | 1,266 | | | | 0.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Investments | | $ | 2,004,679 | | | $ | 237,192 | | | $ | 122,743 | | | $ | 39,611 | | | $ | 194,518 | | | $ | 135,406 | | | $ | 32,746 | | | $ | 14,977 | | | $ | 30,459 | | | $ | 40,000 | | | $ | 2,852,331 | | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Percent of $ Invested | | | 70.4 | % | | | 8.3 | % | | | 4.3 | % | | | 1.4 | % | | | 6.8 | % | | | 4.7 | % | | | 1.1 | % | | | 0.5 | % | | | 1.1 | % | | | 1.4 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Number of Investments | | | 177 | | | | 8 | | | | 4 | | | | 8 | | | | 12 | | | | 2 | | | | 1 | | | | 1 | | | | 5 | | | | 1 | | | | 219 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Excludes assets held for sale totaling $32,312 and corporate property totaling $14,264. |
(2) | Detail of lease type (excludes CIP and unconsolidated joint ventures): |
| | | | | | | | | | | | |
Owned | | Number of Properties | | | Investment ($000s) | | | Sq. Ft. (000s) | |
Multi-tenanted | | | 163 | | | $ | 2,049,637 | | | | 10,996 | |
Master lease | | | 40 | | | | 551,351 | | | | 2,330 | |
Mortgages | | | 10 | | | | 94,588 | | | | — | |
| | | | | | | | | | | | |
| | | 213 | | | $ | 2,695,576 | | | | 13,326 | |
| | |
Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 9 of 12 |
SCHEDULE 7
SQUARE FEET OWNED AND/OR MANAGED(1)
By Geographic Location
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Number of Properties | | | Owned | | | Third Party Managed by HR | | | Total | | | Percent | |
| | | | | | | Third Party Managed by HR | | | Total | | | Managed | | | Development Properties | | | Master Leases | | | | |
| | | | Owned | | | | | by HR | | | by Third Party | | | Stabilization | | | CIP | | | | | |
1 | | Texas | | | 52 | | | | | | | | 52 | | | | 3,074,254 | | | | 302,094 | | | | 246,717 | | | | 96,433 | | | | 337,771 | | | | | | | | 4,057,269 | | | | 28.3 | % |
2 | | Tennessee | | | 16 | | | | 5 | | | | 21 | | | | 1,260,260 | | | | | | | | | | | | | | | | 75,000 | | | | 251,394 | | | | 1,586,654 | | | | 11.1 | % |
3 | | Florida | | | 21 | | | | | | | | 21 | | | | 668,544 | | | | 157,497 | | | | | | | | | | | | 229,554 | | | | | | | | 1,055,595 | | | | 7.4 | % |
4 | | Virginia | | | 13 | | | | | | | | 13 | | | | 480,207 | | | | 136,427 | | | | | | | | | | | | 334,454 | | | | | | | | 951,088 | | | | 6.7 | % |
5 | | North Carolina | | | 14 | | | | | | | | 14 | | | | 724,291 | | | | | | | | | | | | | | | | | | | | | | | | 724,291 | | | | 5.1 | % |
6 | | Indiana | | | 5 | | | | | | | | 5 | | | | | | | | 382,695 | | | | | | | | | | | | 175,999 | | | | | | | | 558,694 | | | | 3.9 | % |
7 | | California | | | 10 | | | | | | | | 10 | | | | 458,955 | | | | | | | | | | | | | | | | 93,000 | | | | | | | | 551,955 | | | | 3.9 | % |
8 | | Colorado | | | 7 | | | | | | | | 7 | | | | 192,280 | | | | | | | | 161,099 | | | | 186,672 | | | | | | | | | | | | 540,051 | | | | 3.8 | % |
9 | | Pennsylvania | | | 7 | | | | | | | | 7 | | | | 63,914 | | | | | | | | | | | | | | | | 437,601 | | | | | | | | 501,515 | | | | 3.5 | % |
10 | | Arizona | | | 10 | | | | 1 | | | | 11 | | | | 202,082 | | | | | | | | 179,963 | | | | | | | | 51,903 | | | | 59,106 | | | | 493,054 | | | | 3.5 | % |
11 | | Washington | | | 5 | | | | | | | | 5 | | | | 73,548 | | | | | | | | | | | | 191,051 | | | | 159,071 | | | | | | | | 423,670 | | | | 3.0 | % |
12 | | Iowa | | | 9 | | | | | | | | 9 | | | | 274,231 | | | | | | | | | | | | | | | | 94,949 | | | | | | | | 369,180 | | | | 2.6 | % |
13 | | Illinois | | | 4 | | | | | | | | 4 | | | | 148,055 | | | | | | | | 95,436 | | | | | | | | 110,000 | | | | | | | | 353,491 | | | | 2.5 | % |
14 | | Alabama | | | 6 | | | | | | | | 6 | | | | 120,192 | | | | 129,294 | | | | | | | | | | | | 95,500 | | | | | | | | 344,986 | | | | 2.4 | % |
15 | | Hawaii | | | 3 | | | | | | | | 3 | | | | 173,502 | | | | | | | | 124,925 | | | | | | | | | | | | | | | | 298,427 | | | | 2.1 | % |
16 | | Michigan | | | 3 | | | | | | | | 3 | | | | 199,749 | | | | | | | | | | | | | | | | | | | | | | | | 199,749 | | | | 1.4 | % |
17 | | Missouri | | | 5 | | | | | | | | 5 | | | | 177,039 | | | | | | | | | | | | | | | | 13,478 | | | | | | | | 190,517 | | | | 1.3 | % |
18 | | District of Columbia | | | 2 | | | | | | | | 2 | | | | 182,836 | | | | | | | | | | | | | | | | | | | | | | | | 182,836 | | | | 1.3 | % |
19 | | Louisiana | | | 2 | | | | | | | | 2 | | | | | | | | 136,155 | | | | | | | | | | | | | | | | | | | | 136,155 | | | | 1.0 | % |
20 | | South Dakota | | | 1 | | | | | | | | 1 | | | | | | | | | | | | | | | | 113,602 | | | | | | | | | | | | 113,602 | | | | 0.8 | % |
21 | | Massachusetts | | | 2 | | | | | | | | 2 | | | | | | | | | | | | | | | | | | | | 100,742 | | | | | | | | 100,742 | | | | 0.7 | % |
22 | | Mississippi | | | 1 | | | | 1 | | | | 2 | | | | 58,036 | | | | | | | | | | | | | | | | | | | | 40,192 | | | | 98,228 | | | | 0.7 | % |
23 | | Georgia | | | 3 | | | | | | | | 3 | | | | | | | | 58,030 | | | | | | | | | | | | 20,749 | | | | | | | | 78,779 | | | | 0.6 | % |
24 | | Ohio | | | 1 | | | | | | | | 1 | | | | | | | | 73,331 | | | | | | | | | | | | | | | | | | | | 73,331 | | | | 0.5 | % |
25 | | Kansas | | | 1 | | | | | | | | 1 | | | | 70,908 | | | | | | | | | | | | | | | | | | | | | | | | 70,908 | | | | 0.5 | % |
26 | | Oregon | | | 1 | | | | | | | | 1 | | | | 62,246 | | | | | | | | | | | | | | | | | | | | | | | | 62,246 | | | | 0.4 | % |
27 | | Maryland | | | 1 | | | | | | | | 1 | | | | 58,903 | | | | | | | | | | | | | | | | | | | | | | | | 58,903 | | | | 0.4 | % |
28 | | Nevada | | | 2 | | | | | | | | 2 | | | | 49,173 | | | | | | | | | | | | | | | | | | | | | | | | 49,173 | | | | 0.3 | % |
29 | | South Carolina | | | 1 | | | | | | | | 1 | | | | 39,801 | | | | | | | | | | | | | | | | | | | | | | | | 39,801 | | | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Properties / Square Feet | | | 208 | | | | 7 | | | | 215 | | | | 8,813,006 | | | | 1,375,523 | | | | 808,140 | | | | 587,758 | | | | 2,329,771 | | | | 350,692 | | | | 14,264,890 | | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale are excluded. |
| | |
Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 10 of 12 |
SCHEDULE 7 (CONTINUED)
SQUARE FEET OWNED AND/OR MANAGED(1)
By Facility Type
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Owned | | | Third Party | | | | | | | |
| | Managed | | | Stabilization | | | Construction | | | Master | | | Total | | | Managed by | | | | | | | |
| | by HR | | | by Third Party | | | in Progress | | | in Progress | | | Leases | | | Owned | | | HR | | | Total | | | Percent | |
Medical office/outpatient(2) | | | 8,813,006 | | | | 1,119,802 | | | | 808,140 | | | | 474,156 | | | | 1,166,529 | | | | 12,381,633 | | | | 350,692 | | | | 12,732,325 | | | | 89.3 | % |
Inpatient Rehab | | | | | | | | | | | | | | | 113,602 | | | | 798,072 | | | | 911,674 | | | | | | | | 911,674 | | | | 6.4 | % |
Inpatient Surgical | | | | | | | | | | | | | | | | | | | 273,770 | | | | 273,770 | | | | | | | | 273,770 | | | | 1.9 | % |
Other | | | | | | | 255,721 | | | | | | | | | | | | 91,400 | | | | 347,121 | | | | | | | | 347,121 | | | | 2.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Total Square Feet | | | 8,813,006 | | | | 1,375,523 | | | | 808,140 | | | | 587,758 | | | | 2,329,771 | | | | 13,914,198 | | | | 350,692 | | | | 14,264,890 | | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Percent of Total Square Footage | | | 61.8 | % | | | 9.6 | % | | | 5.7 | % | | | 4.1 | % | | | 16.3 | % | | | 97.5 | % | | | 2.5 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Total Number of Properties(1) | | | 136 | | | | 19 | | | | 8 | | | | 5 | | | | 40 | | | | 208 | | | | 7 | | | | 215 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
By Occupant
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Medical | | | | | | | | | | | | | | | % of Total | |
| | Office / | | | Inpatient | | | | | | | | | Square | |
Occupants Greater than 1% | | Outpatient | | | Rehab | | | Surgical | | | Other | | | Total | | | Feet | |
1 Baylor Health Care System | | | 809,219 | | | | | | | | 156,245 | | | | | | | | 965,464 | | | | 7.0 | % |
2 HealthSouth | | | | | | | 647,560 | | | | | | | | | | | | 647,560 | | | | 4.7 | % |
3 Carolinas Healthcare System | | | 573,735 | | | | | | | | | | | | | | | | 573,735 | | | | 4.1 | % |
4 HCA | | | 403,441 | | | | | | | | | | | | 16,400 | | | | 419,841 | | | | 3.0 | % |
5 Catholic Health Initiatives | | | 280,805 | | | | | | | | | | | | | | | | 280,805 | | | | 2.0 | % |
6 Ascension Health Care System | | | 200,424 | | | | | | | | | | | | | | | | 200,424 | | | | 1.4 | % |
7 OrthoIndy | | | 58,474 | | | | | | | | 117,525 | | | | | | | | 175,999 | | | | 1.3 | % |
All Other Occupants Less than 1% | | | 10,055,535 | | | | 264,114 | | | | — | | | | 330,721 | | | | 10,650,370 | | | | 76.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Square Feet | | | 12,381,633 | | | | 911,674 | | | | 273,770 | | | | 347,121 | | | | 13,914,198 | | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale are excluded. |
(2) | ON/OFF CAMPUS (% OF SQUARE FEET) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2011 | | | 2010 | |
| | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | | | 2Q | |
On/adjacent | | | 72 | % | | | 70 | % | | | 69 | % | | | 66 | % | | | 66 | % | | | 64 | % |
Off | | | 28 | % | | | 30 | % | | | 31 | % | | | 34 | % | | | 34 | % | | | 36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 100% | | | | 100% | | | | 100% | | | | 100% | | | | 100% | | | | 100% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 11 of 12 |
SCHEDULE 8
LEASE AND OCCUPANCY INFORMATION
LEASE MATURITY SCHEDULE(1)
| | | | | | | | | | | | | | | | | | | | |
| | | | | Number of Leases | | | | | | | |
| | Annualized Minimum Rents (2) | | | Multi-Tenanted Properties | | | Master Leased Properties | | | Percentage of Revenues | | | Total Sq. Ft. | |
2011 | | $ | 8,976 | | | | 159 | | | | — | | | | 3.6 | % | | | 355,179 | |
2012 | | | 31,552 | | | | 342 | | | | 4 | | | | 12.9 | % | | | 1,298,984 | |
2013 | | | 36,551 | | | | 296 | | | | 4 | | | | 14.9 | % | | | 1,371,995 | |
2014 | | | 42,425 | | | | 356 | | | | 5 | | | | 17.3 | % | | | 1,714,460 | |
2015 | | | 25,201 | | | | 227 | | | | — | | | | 10.3 | % | | | 1,026,482 | |
2016 | | | 24,727 | | | | 150 | | | | 8 | | | | 10.1 | % | | | 955,206 | |
2017 | | | 18,938 | | | | 70 | | | | 7 | | | | 7.7 | % | | | 926,808 | |
2018 | | | 13,146 | | | | 90 | | | | — | | | | 5.4 | % | | | 617,036 | |
2019 | | | 5,909 | | | | 28 | | | | 1 | | | | 2.4 | % | | | 203,811 | |
2020 | | | 8,707 | | | | 33 | | | | — | | | | 3.5 | % | | | 332,741 | |
Thereafter | | | 29,131 | | | | 68 | | | | 10 | | | | 11.9 | % | | | 1,197,062 | |
AVERAGE TENANT SIZE(1)
| | | Number of Leases | | | | Number of Leases | |
| | Number of Leases | |
Square Footage | | Multi- Tenanted Properties | | | Master Leased Properties | |
0 - 2,500 | | | 964 | | | | — | |
2,501 - 5,000 | | | 488 | | | | — | |
5,001 - 7,500 | | | 139 | | | | 1 | |
7,501 - 10,000 | | | 68 | | | | 2 | |
10,001 + | | | 160 | | | | 36 | |
| | | | | | | | |
Total Leases | | | 1,819 | | | | 39 | |
| | | | | | | | |
The average lease size in the multi-tenant portfolio is 4,255 square feet.
WEIGHTED AVERAGE INCREASES IN LEASE RATES
FOR MULTI-TENANT PROPERTIES:(1) (3)
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| | 2011 | | | 2010 | |
| | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | | | 2Q | |
Contractual increases for in-place leases (“annual bumps”) | | | 3.2 | % | | | 3.1 | % | | | 3.1 | % | | | 3.1 | % | | | 3.2 | % | | | 3.4 | % |
Newly executed leases (“cash leasing spreads”) | | | 2.3 | % | | | 1.7 | % | | | 1.7 | % | | | 1.0 | % | | | 1.8 | % | | | 2.8 | % |
OCCUPANCY(1)
| | | 100 | | | | 100 | | | | 100 | | | | 100 | | | | 100 | | | | 100 | | | | 100 | |
| | Investment at | | | 2011 | | | 2010 | |
Facility Type | | September 30, 2011 | | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | | | 2Q | |
Medical office/outpatient | | $ | 2,004,679 | | | | 86 | % | | | 86 | % | | | 86 | % | | | 86 | % | | | 86 | % | | | 87 | % |
Inpatient | | | 329,924 | | | | 100 | % | | | 96 | % | | | 96 | % | | | 96 | % | | | 96 | % | | | 96 | % |
Other | | | 29,193 | | | | 76 | % | | | 76 | % | | | 76 | % | | | 76 | % | | | 84 | % | | | 89 | % |
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Stabilized Occupancy (4) (5) | | $ | 2,363,796 | | | | 87 | % | | | 87 | % | | | 86 | % | | | 87 | % | | | 87 | % | | | 88 | % |
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Stabilization(4) (5) | | $ | 237,192 | | | | 19 | % | | | 17 | % | | | 16 | % | | | 23 | % | | | 22 | % | | | 22 | % |
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Economic Occupancy (4) | | $ | 2,600,988 | | | | 83 | % | | | 82 | % | | | 82 | % | | | 82 | % | | | 82 | % | | | 83 | % |
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SAME FACILITY NOI (1) (6) (7)
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| | | | | | | | | | | Sequential | | | Year - over - Year | |
| | 3Q 2011 NOI | | | 2Q 2011 NOI | | | 3Q 2010 NOI | | | NOI | | | Percentage Change | | | NOI | | | Percentage Change | |
Multi-tenanted Properties | | $ | 24,386 | | | $ | 24,946 | | | $ | 23,229 | | | $ | (560 | ) | | | -2.2 | % | | $ | 1,157 | | | | 5.0 | % |
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Master leased Properties | | $ | 12,216 | | | $ | 12,001 | | �� | $ | 11,911 | | | $ | 215 | | | | 1.8 | % | | $ | 305 | | | | 2.6 | % |
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Total | | | 36,602 | | | | 36,947 | | | | 35,140 | | | | (345 | ) | | | -0.9 | % | | $ | 1,462 | | | | 4.2 | % |
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(1) | Mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale are excluded. |
(2) | Represents the annualizedminimum rents on leases in-place, excluding the impact of potential lease renewals, future step-ups in rent, or sponsor support payments under financial support agreements and straight-line rent. |
(3) | Represents historical rental rate increases and may not be indicative of future increases. |
(4) | The economic and stabilized occupancies assume that properties under a Property Operating Agreement or Master Lease Agreement have 100% occupancy. The average underlying tenant occupancy of the eight properties under Property Operating Agreements, as directed by the respective sponsor, was approximately 63%. The economic occupancy includes and the stabilized occupancy excludes the eight development properties currently in stabilization. The properties in Stabilization are currently 34% leased. The difference between occupied and leased reflects tenants that have signed leases but have not taken occupancy due to ongoing buildout of their suite. |
(5) | The overall stabilized occupancy percentage may be affected from quarter to quarter when a property is re-categorized from the “stabilization” group to the “stabilized” group. |
(6) | Properties included in the same facility analysis represents 85% to 95% of total NOI. In order to provide meaningful comparisons, same facility NOI is adjusted for certain non-routine items and excludes properties that were recently acquired or disposed of, properties held for sale, and properties in stabilization or conversion that would distort the change in NOI of the core portfolio. |
(7) | Reconciliation of net operating income (NOI): |
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| | 3Q 2011 NOI | | | 2Q 2011 NOI | | | 3Q 2010 NOI | |
Master lease income | | $ | 14,049 | | | $ | 14,434 | | | $ | 13,303 | |
Property operating income | | | 57,078 | | | | 53,849 | | | | 47,716 | |
Amounts included in other operating income: (a) | | | | | | | | | | | | |
Rental lease guaranty income | | | 1,841 | | | | 1,824 | | | | 1,823 | |
Property operating expense | | | (30,851 | ) | | | (28,477 | ) | | | (26,681 | ) |
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Net operating income | | | 42,117 | | | | 41,630 | | | | 36,161 | |
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NOI not included in same store | | | (5,515 | ) | | | (4,683 | ) | | | (1,021 | ) |
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Same store NOI | | $ | 36,602 | | | $ | 36,947 | | | $ | 35,140 | |
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(a) Other operating income reconciliation: | | | | | | | | | | | | |
Rental lease guaranty income | | $ | 1,841 | | | $ | 1,824 | | | $ | 1,823 | |
Interest income | | | 138 | | | | 140 | | | | 223 | |
Other | | | 88 | | | | 90 | | | | 82 | |
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Total Consolidated other operating income | | $ | 2,067 | | | $ | 2,054 | | | $ | 2,128 | |
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Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended September 30, 2011 | | Page 12 of 12 |