UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
--
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1998
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 1-11852
________________________
HEALTHCARE REALTY TRUST INCORPORATED
(Exact name of Registrant as specified in its charter)
Maryland 62 - 1507028
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3310 West End Avenue
Suite 700
Nashville, Tennessee 37203
(Address of principal executive offices)
(615) 269-8175
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that Registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes X No
--- ----
As of May 1, 1998, 20,671,709 shares of the Registrant's Common Stock, $.01
par value, were outstanding.
HEALTHCARE REALTY TRUST
INCORPORATED
FORM 10-Q
March 31, 1998
TABLE OF CONTENTS
Part I - Financial Information
Item 1. Financial Statements Page
Condensed Consolidated Balance Sheets 1
Condensed Consolidated Statements of Income 2
Condensed Consolidated Statements of Cash Flows 3
Notes to Condensed Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 11
Part II - Other Information
Item 6. Reports on Form 8-K 15
Signature 16
Item 1.
Healthcare Realty Trust Incorporated
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited) (1)
ASSETS March 31, 1998 Dec. 31, 1997
-------------- -------------
Real estate properties:
Land $62,046 $58,424
Buildings and improvements 438,347 423,618
Personal property 4,827 4,492
Construction in progress 7,278 19,165
----- ------
512,498 505,699
Less accumulated depreciation (38,022) (34,718)
------- -------
Total real estate properties, net 474,476 470,981
Cash and cash equivalents 13,021 5,325
Other assets, net 20,439 12,208
------ ------
Total assets $507,936 $488,514
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes and bonds payable $90,000 $101,300
Accounts payable and accrued liabilities 5,412 6,879
Other liabilities 3,436 3,863
Commitments and contingencies 0 0
- -
Total liabilities 98,848 112,042
------ -------
Stockholders' equity:
Preferred stock, $.01 par value; 50,000,000 shares
authorized; none outstanding 0 0
Common stock, $.01 par value; 150,000,000 shares authorized; 20,671,709
issued and outstanding at Mar. 31, 1998 and 19,285,927 at
Dec. 31, 1997 207 193
Additional paid-in capital 440,345 402,607
Deferred compensation (11,521) (7,689)
Cumulative net income 97,473 88,867
Cumulative dividends (117,416) (107,506)
-------- --------
Total stockholders' equity 409,088 376,472
------- -------
Total liabilities and stockholders' equity $507,936 $488,514
======== ========
(1) The balance sheet at Dec. 31, 1997 has been derived from audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
(The accompanying notes, together with the Notes to the Consolidated
Financial Statements, included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1997, are an integral part of these financial
statements.
1
Healthcare Realty Trust Incorporated
Condensed Consolidated Statements of Income
For the Three Months Ended March 31, 1998 and 1997
(Unaudited)
(Dollars in thousands, except per share data)
1998 1997
---- ----
REVENUES:
Master lease rental income $9,755 $10,010
Property operating income 6,820 2,176
Management fees 458 304
Interest and other income 300 352
--- ---
17,333 12,842
------ ------
EXPENSES:
General and administrative 1,325 713
Property operating expenses 2,394 607
Interest 1,783 2,385
Depreciation 3,142 2,702
Amortization 83 97
-- --
8,727 6,504
----- -----
NET INCOME $8,606 $6,338
====== ======
NET INCOME PER SHARE - BASIC $0.44 $0.39
===== =====
NET INCOME PER SHARE - DILUTED $0.43 $0.38
===== =====
SHARES OUTSTANDING - BASIC 19,344,067 16,214,654
========== ==========
SHARES OUTSTANDING - DILUTED 19,821,162 16,596,862
========== ==========
(The accompanying notes, together with the Notes to the Consolidated
Financial Statements, included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1997, are an integral part of these financial
statements.
2
Healthcare Realty Trust Incorporated
Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 1998 and 1997
(Unaudited)
(Dollars in thousands)
1998 1997
---- ----
Cash flows from operating activities:
Net income $8,606 $6,338
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization 3,303 2,868
Deferred compensation 312 166
Decrease in other liabilities (428) (88)
Increase in other assets (896) (394)
Decrease in accounts payable and accrued liabilities (1,466) (2,100)
------ ------
Net cash provided by operating activities 9,431 6,790
----- -----
Cash flows from investing activities:
Acquisition of real estate properties (14,089) (9,790)
------- ------
Cash flows from financing activities:
Borrowings on long-term notes payable 8,500 0
Repayments on long-term notes payable (19,800) (78,618)
Deferred financing and organization costs paid 0 (23)
Dividends paid (9,910) (6,869)
Proceeds from issuance of common stock 33,564 132,978
------ -------
Net cash provided by financing activities 12,354 47,468
------ ------
Increase in cash and cash equivalents 7,696 44,468
Cash and cash equivalents, beginning of period 5,325 1,354
----- -----
Cash and cash equivalents, end of period $13,021 $45,822
======= =======
(The accompanying notes, together with the Notes to the Consolidated
Financial Statements, included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1997, are an integral part of these financial
statements.
3
Healthcare Realty Trust
Incorporated
Notes to Condensed Consolidated Financial Statements
March 31, 1998
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of
Healthcare Realty Trust Incorporated (the "Company") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements which are included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1997. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. These financial statements should be read in
conjunction with the financial statements included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1997.
The results of operations for the three-month period ending March 31, 1998
are not necessarily indicative of the results that may be expected for the year
ending December 31, 1998.
Note 2. Organization
The Company invests in healthcare-related properties located throughout the
United States. The Company provides management, leasing and build-to-suit
development, and capital for the construction of new facilities as well as for
the acquisition of existing properties. As of March 31, 1998, the Company had
invested or committed to invest in 91 properties (the "Properties") located in
44 markets in 14 states, which are supported by 19 healthcare-related entities.
The Properties include:
4
Number of (in thousands)
Properties Investment
---------- ----------
Ancillary hospital facilities 42 $281,548
Medical office buildings 5 15,804
Physician clinics 17 46,718
Long-term care facilities 18 102,523
Comprehensive ambulatory care centers 4 41,908
Clinical laboratories 2 13,075
Ambulatory surgery centers 3 6,886
Corporate and third party developments 0 4,036
- -----
91 $512,498
== ========
Note 3. Funds From Operations
Funds from operations ("FFO"), as defined by the National Association of
Real Estate Investment Trusts, Inc. ("NAREIT") 1995 White Paper, means net
income (computed in accordance with generally accepted accounting principles),
excluding gains (or losses) from debt restructuring and sales of property, plus
depreciation from real estate assets.
The Company considers FFO to be an informative measure of the performance
of an equity REIT and consistent with measures used by analysts to evaluate
equity REITs. FFO does not represent cash generated from operating activities in
accordance with generally accepted accounting principles, is not necessarily
indicative of cash available to fund cash needs, and should not be considered as
an alternative to net income as an indicator of the Company's operating
performance or as an alternative to cash flow as a measure of liquidity. FFO for
the three months ended March 31, 1998 and 1997, was $11.6 million, or $0.60 per
basic share ($0.59 per diluted share) and $9.1 million, or $0.56 per basic share
($0.55 per diluted share), respectively.
NAREIT encourages REITs to make reporting changes consistent with the 1995
NAREIT White Paper on FFO no later than fiscal year 1996. Beginning with first
quarter 1996 operations, the Company's policy has been to report FFO calculated
on the NAREIT 1995 White Paper.
5
Funds from Operations
(Dollars in thousands, except per share data)
Three Months Ended March 31,
----------------------------
1998 1997
---- ----
Net Income (1) $8,606 $6,339
Non-recurring items (2) 0 112
Gain or loss on dispositions 0 0
Straight line rents 0 0
ADD:
Depreciation
Real estate 2,998 2,605
Office F,F&E 0 0
Leasehold improvements 0 0
Other non-revenue producing assets 0 0
- -
2,998 2,605
----- -----
Amortization
Acquired property contracts 0 0
Other non-revenue producing assets 0 0
Organization costs 0 0
- -
0 0
- -
Deferred financing costs 0 0
- -
Total Adjustments 2,998 2,717
----- -----
Funds From Operations $ 11,604 $ 9,056
=========== ===========
Shares Outstanding - Basic 19,344,067 16,214,654
========== ==========
Shares Outstanding - Diluted 19,821,162 16,596,862
========== ==========
Funds From Operations Per Share - Basic $ 0.60 $ 0.56
=========== ===========
Funds From Operations Per Share - Diluted $ 0.59 $ 0.55
=========== ===========
(1) Net income includes $311,718 in 1998 and $166,359 in 1997 of stock
based, long-term incentive compensation expense. This expense never requires the
disbursement of cash.
(2) Represents a loss from a debt restructuring.
6
Note 4. Notes and Bonds Payable
Notes and Bonds payable at March 31, 1998 consisted of $90.0 million of
unsecured notes.
Unsecured Notes
On September 18, 1995, the Company privately placed $90.0 million of
unsecured notes (the "Unsecured Notes") with sixteen credit institutions. The
Unsecured Notes bear interest at 7.41%, payable semi-annually, and mature on
September 1, 2002. Beginning on September 1, 1998 and on each September 1
through 2002, the Company must repay $18.0 million of principal. The note
agreements pursuant to which the Unsecured Notes were purchased contain certain
representations, warranties and financial and other covenants customary in such
loan agreements.
Unsecured Credit Facility
On December 26, 1996, the Company's $75.0 million unsecured credit facility
(the "Unsecured Credit Facility") with four commercial banks was increased to
$100.0 million and extended to December 30, 1999. At the option of the Company,
borrowings bear interest at one of the banks' base rate or LIBOR plus 1.125%. In
addition, the Company pays a commitment fee of .225 of 1% per annum on the
unused portion of funds available for borrowings under the Unsecured Credit
Facility. The Unsecured Credit Facility contains certain representations,
warranties and financial and other covenants customary in such loan agreements.
At March 31, 1998, the Company had the maximum available borrowing capacity
under the Unsecured Credit Facility.
Serial and Term Bonds Payable
In conjunction with the acquisition of certain facilities, the Company
assumed serial and term bonds payable, totaling $7.2 million. These bonds
payable were repaid or defeased during 1996 and 1997. The Company placed funds
in an irrevocable trust to defease $2.9 million of serial and term bonds, which
paid interest semi-annually at interest rates ranging from 6.9% to 8.1%. The
resulting loss from the defeasance was not material.
Other Long-Term Debt Information
During the first quarter of 1998 the Company repaid $11.3 million of
indebtedness from proceeds of a unit investment trust offering (see Note 8).
During the first quarter of 1997, the Company repaid $78.6 million of
indebtedness from proceeds of a secondary offering.
7
Note 5. Acquisitions of Real Estate
During the quarter ended March 31, 1998, the Company purchased four
physician clinics in Tennessee with an aggregate of 68,764 square feet for a
total of approximately $7.4 million.
Note 6. Deferred Compensation
Effective January 27, 1998, 141,668 restricted shares, bringing the total
to 425,000, of the Company's common stock previously reserved were released to
certain officers of the Company upon the achievement of the Company's
performance based criteria in accordance with the terms of the First
Implementation of the Company's 1993 Employees Stock Incentive Plan. These
restricted shares require continued employment, generally for 12 years from the
date of release, prior to vesting.
Note 7. Commitments
As of March 31, 1998, the Company had a net investment of approximately
$14.5 million in two build-to-suit developments in progress and one expansion of
an existing facility, which have a total remaining funding commitment of
approximately $16.3 million. The Company also had a contingent commitment to
fund approximately $6.8 million in an existing facility.
8
Note 8. Stockholders' Equity
In February 1998, the Company participated in two unit investment trust
offerings and sold an aggregate of 1,224,026 shares of its common stock. The
Company received an aggregate of $33.3 million in net proceeds from these
transactions. The proceeds were used to fully repay the outstanding borrowings
under the Unsecured Credit Facility, acquisitions, development and for general
corporate purposes.
Note 9. Net Income Per Share
The table below sets forth the computation of basic and diluted earnings
per share as required by FASB Statement No. 128 for the three months ended March
31, 1998 and 1997.
Three Months Ended March 31,
----------------------------
1998 1997
---- ----
Basic EPS
Average Shares Outstanding 19,869,398 16,596,267
Actual Restricted Stock Shares (525,331) (381,613)
-------- --------
Denominator 19,344,067 16,214,654
========== ==========
Numerator $ 8,605,872 $ 6,338,354
=========== ===========
Per Share Amount $ 0.44 $ 0.39
=========== ===========
Diluted EPS
Denominator for Basic EPS 19,344,067 16,214,654
Restricted Shares-Treasury 402,843 300,468
Dilution for Employee Stock Purchase Plan 24,556 33,821
Dilution for Warrants 49,696 47,919
------ ------
Denominator 19,821,162 16,596,862
========== ==========
Numerator $ 8,605,872 $ 6,338,354
=========== ===========
Per Share Amount $ 0.43 $ 0.38
=========== ===========
Note 10. Changes in Accounting Principles
In June 1997, the FASB issued Statement No. 130, "Reporting Comprehensive
Income," which establishes standards for reporting and displaying comprehensive
income and its components in a full set of general purpose financial statements.
9
Statement 130 is effective for interim and annual periods beginning after
December 15, 1997. Comprehensive income encompasses all changes in shareholders'
equity (except those arising from transactions with owners) and includes net
income, net unrealized capital gains or losses on available for sale securities
and foreign currency translation adjustments. Comprehensive income is the same
as net income for the Company.
In June 1997, the FASB issued Statement No. 131, "Disclosures about
Segments of an Enterprise and Related Information," which establishes standards
for the way public business enterprises are to report information about
operating segments in annual financial statements and requires those enterprises
to report selected information about operating segments in interim financial
reports issued to shareholders. It also establishes standards for related
disclosures about products and services, geographic areas, and major customers.
Statement No. 131 is effective for annual periods beginning after December 15,
1997. Management of the Company is currently evaluating the applicability of
Statement No. 131, which may result in expanded segment disclosures.
The Emerging Issues Task Force ("EITF") has been considering the accounting
for internal acquisition costs for real estate properties. In the past, the
Company has capitalized certain internal costs incurred in identifying,
acquiring and developing real estate properties and has depreciated the
capitalized costs over the life of the related property. At its March 19, 1998
meeting, the EITF reached a consensus on Issue No. 97-11, "Accounting for
Internal Costs Relating to Real Estate Property Acquisition," that internal
preacquisition costs relating to the purchase of an operating property should be
expensed as incurred. At a previous meeting, the Task Force concluded that
internal preacquisition costs related to the purchase of nonoperating property
could be capitalized in specified circumstances. Expensing internal
preacquisition costs related to the purchase of operating properties will
accelerate the recognition of these costs, negatively impacting reported
earnings and funds from operations of the Company. The adoption of this EITF is
not expected to be material to the Company's financial position or its results
of operations.
10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Operating Results
First Quarter 1998 Compared to First Quarter 1997
Net income for the quarter ended March 31, 1998 increased to $8.6 million,
or $0.44 per basic share ($0.43 per diluted share) from $6.3 million, or $0.39
per basic share ($0.38 per diluted share) for the same period in 1997, a 35.8%
increase in net income or 12.8% per basic share (13.2% per diluted share). Total
revenues for the quarter ended March 31, 1998 were $17.3 million compared to
$12.8 million for the quarter ended March 31, 1997, which is an increase of $4.5
million or 35.0%. The increase is primarily due to master lease rental income
and property operating income derived from approximately $62.0 million of
property acquisitions and properties reclassified from construction in progress
subsequent to March 31, 1997. While the number of managed properties rose from
86 properties at March 31, 1997 to 171 properties at March 31, 1998, management
fees do not increase proportionately due to the elimination in consolidation of
Company owned managed properties. Management fees increased $154,000 for the
quarter ending March 31, 1998, compared to the same period in 1997 substantially
due to the addition of third party management contracts in Florida and Virginia.
Interest and other income for the quarter ended March 31, 1998 was $300,000
compared to $352,000 for the quarter ended March 31, 1997. The Company
maintained an average cash balance of approximately $10.0 million during the
quarter ended March 31, 1998. In comparison, the Company completed the secondary
offering and maintained an average cash balance of approximately $29.0 million
during the quarter ended March 31, 1997 which resulted in significantly higher
interest income. Additionally, in 1998, the Company earned interest of $117,000
from a mortgage note related to a development project.
Total expenses for the quarter ended March 31, 1998 were $8.7 million
compared to $6.5 million for the quarter ended March 31, 1997, which is an
increase of $2.2 million or 34.2%. Depreciation expense increased $440,000 due
to the acquisition of additional properties and the completion of properties
under construction, discussed in the preceding paragraph. General and
administrative expenses increased $612,000 or 86%, primarily due to an increase
in non-reimbursed employees associated with the increase in management
contracts. Interest expense decreased $602,000 for the quarters ended March 31,
1998 and 1997. During the quarter ended March 31, 1998, the Company had an
average outstanding debt balance of approximately $5.7 million under the
Unsecured Credit Facility compared to $42.0 million in 1997. Additionally, there
was approximately $2.3 million less in construction in progress throughout the
quarter
11
during 1998 compared to 1997 which resulted in less capitalized interest in
1998. There was no significant variation in amortization expense.
Liquidity and Capital Resources
As of March 31, 1998, the Company had invested, or committed to invest in,
91 properties (the "Properties") for an aggregate investment of $512.5 million
located in 44 markets in 14 states, which are supported by 19 healthcare-related
entities. The Company has financed its acquisitions to date through the sale or
exchange of common stock, long-term indebtedness, borrowings under its credit
facilities, and the assumption of bonds.
In February 1998, the Company participated in two unit investment trust
offerings and sold an aggregate of 1,224,026 shares of its common stock. The
Company received an aggregate of $33.3 million in net proceeds from these
transactions. The proceeds were used to fully repay the outstanding borrowings
under the Unsecured Credit Facility, acquisitions, development and for general
corporate purposes.
The Unsecured Notes bear interest at 7.41%, payable semiannually, and
mature on September 1, 2002. Beginning on September 1, 1998 and on each
September 1 through 2002, the Company must repay $18.0 million of principal
under the Unsecured Notes. The Company intends to repay the first installment
due September 1 from cash provided by Company operations, proceeds from the
issuance of stock or, if necessary, from proceeds borrowed under its Unsecured
Credit Facility.
At March 31, 1998, the Company had the maximum borrowing capacity available
under the Unsecured Credit Facility. In addition, the Company had cash of
approximately $13.0 million.
At March 31, 1998, the Company had stockholders' equity of $409.1 million.
The debt to total capitalization ratio was approximately 0.18 to 1.00 at March
31, 1998.
During the quarter ended March 31, 1998, the Company purchased four
physicians clinics in Tennessee with an aggregate of 68,764 square feet for a
total of approximately $7.4 million. These acquisitions were financed by
proceeds borrowed under its Unsecured Credit Facility.
During the quarter ended March 31, 1998, the Company funded a net of
approximately $5.4 million for construction in progress and capital additions.
The sources of these funds were cash provided by Company operations or proceeds
from the two unit investment trust offerings.
On February 17, 1998, the Company paid a dividend of $0.51 per share to the
holders of its common stock as of the close of business on February 4, 1998.
This dividend related to the period from October 1, 1997 through December 31,
1997.
12
In April 1998, the Company announced payment of a dividend of $0.515 per share
to the holders of common shares on May 6, 1998. The dividend will be paid on May
18, 1998. The dividend relates to the period January 1, 1998 through March 31,
1998.
As of March 31, 1998, the Company had a net investment of $14.5 million in
two build-to-suit developments in progress and one expansion of an existing
facility, which have a total remaining funding commitment of $16.3 million.The
Company also had a contingent commitment to fund approximately $6.8 million in
an existing facility. These commitments will be funded from the sale or exchange
of common stock, Company operations or proceeds borrowed under the Unsecured
Credit Facility.
FFO increased to $11.6 million, or $0.60 per basic share ($0.59 per diluted
share) for the quarter ended March 31, 1998 compared to $9.1 million, or $0.56
per basic share ($0.55 per diluted share) for the same period in 1997. Although
FFO is not based upon generally accepted accounting principles, the Company
considers it to be an informative measure of the performance of an equity REIT
and consistent with measures used by analysts to evaluate equity REITs.
As of March 31, 1998 the Company can issue an aggregate of approximately
$108.0 million of securities remaining under currently effective registration
statements. The Company intends to offer securities under such registration
statements from time to time to finance future acquisitions and build-to-suit
developments as they occur. The Company may, under certain circumstances, borrow
additional amounts in connection with the renovation or expansion of its
properties, the acquisition or development of additional properties or, as
necessary, to meet distribution requirements for REITs under the Code. The
Company may raise additional capital or make investments by issuing, in public
or private transactions, its equity and debt securities, but the availability
and terms of any such issuance will depend upon market and other conditions.
Under the terms of the leases and other financial support agreements
relating to the properties, tenants or healthcare providers are generally
responsible for operating expenses and taxes relating to the properties. As a
result of these arrangements, the Company does not believe that it will be
responsible for any material increase in expenses in connection with the
properties during the respective terms of the agreements. The Company
anticipates entering into similar arrangements with respect to additional
properties it acquires or develops. After the term of the lease or financial
support agreement, or in the event the financial obligations required by the
agreement are not met, the Company anticipates that any expenditures it might
become responsible for in maintaining the properties will be funded by cash from
operations and, in the case of major expenditures, possibly by borrowings. To
the extent that unanticipated expenditures or significant borrowings are
required, the Company's cash available for distribution and liquidity may be
adversely affected.
Management believes that inflation should not have a materially adverse
effect on the Company. The majority of the leases contain some provision for
additional rent payments based on increases in various economic measures.
13
The Company plans to continue to make additional investments in 1998, pay
its quarterly dividends, with increases consistent with its current practices,
and meet all other liquidity needs. The Company provides no assurance, however,
that it will be able to obtain additional financing or capital on terms
acceptable to the Company in sufficient amounts to meet its liquidity needs.
This March 31, 1998 Form 10-Q of the Company includes forward-looking
statements which reflect the Company's current views with respect to future
events and financial performance. These forward-looking statements are subject
to certain risks and uncertainties which would cause actual results to differ
materially from historical results or those anticipated. For a more detailed
discussion of these factors, see Item 1 of the Company's Form 10-K for the
fiscal year ended December 31, 1997.
14
PART II - OTHER INFORMATION
Item 6. Reports on Form 8-K
(a) Reports on Form 8-K
The Company filed the following reports on Form 8-K during the first
quarter of 1998.
Date of Earliest
Event Reported Date Filed Items Reported
-------------- ---------- --------------
January 30, 1998 February 16, 1998 5. Other Events
7. Financial Statements and Exhibits
February 17, 1998 February 17, 1998 5. Other Events and Information
7. Financial Statements and Exhibits
February 18, 1998 February 24 ,1998 5. Other Events
7. Financial Statements and Exhibits
February 24, 1998 March 2, 1998 5. Other Events
7. Financial Statements and Exhibits
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HEALTHCARE REALTY TRUST INCORPORATED
By: /s/ Timothy G. Wallace
----------------------
Timothy G. Wallace
Executive Vice President, Finance
and Chief Financial Officer
Date: May 8, 1998
16