EXHIBIT 99.2
(HEALTHCARE REALTY TRUST LOGO)
NEWS RELEASE
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Contact: Timothy G. Wallace, Executive Vice President and
Chief Financial Officer, (615) 269-8175
HEALTHCARE REALTY TRUST ANNOUNCES
FOURTH QUARTER RESULTS
NASHVILLE, Tennessee January 24, 2002 -- Healthcare Realty Trust
Incorporated (NYSE:HR) today announced results for the fourth quarter ended
December 31, 2001. Revenues for the fourth quarter totaled $49.0 million,
compared with the prior year's $47.6 million. Net income for the period was
$20.1 million, or $0.45 per diluted common share, versus $18.0 million, or $0.41
per diluted common share, for the fourth quarter of 2000. Diluted funds from
operations, comprised primarily of net income and depreciation from real estate,
totaled $27.1 million for the fourth quarter ended December 31, 2001, compared
with $26.1 million for the fourth quarter ended December 31, 2000. Funds from
operations, per diluted common share, for the fourth quarter ending December 31,
2001 was $0.67, compared with $0.65 for the fourth quarter 2000.
Revenues for the twelve months ended December 31, 2001 totaled $194.5
million compared with the prior year's $195.3 million. Net income for the
twelve-month period was $79.9 million, or $1.81 per diluted common share, versus
$79.8 million, or $1.82 per diluted common share, for the same period in 2000.
Diluted funds from operations totaled $106.9 million for the twelve months ended
December 31, 2001, compared with $105.7 million for the same period ended
December 31, 2000. Funds from operations, per diluted common share, for the
twelve months ended December 31, 2001 was $2.64, compared with $2.62 for the
twelve months ended December 31, 2000.
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. The Company's portfolio is comprised of nine major facility
types, located in 29 states nationwide, and operated pursuant to contractual
arrangements with 65 healthcare providers. The Company has investments of
approximately $1.6 billion in 245 real estate properties or mortgages, totaling
approximately 11.5 million square feet. The Company provides property management
or asset management services to more than six million square feet nationwide.
The Company directs interested parties to its Internet page site,
www.healthcarerealty.com, where material information is posted regarding
this quarter's operations. Please contact the Company at (615) 269-8175 to
request a printed copy of this information. In addition to the historical
information contained within, the matters discussed in this press release
may contain forward-looking statements that involve risks and uncertainties.
These risks are discussed in a 10-K filed with the SEC by Healthcare Realty
Trust for the year ended December 31, 2000. Forward-looking statements
represent the Company's judgment as of the date of this release. The Company
disclaims any obligation to update forward-looking material.
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HR Reports Fourth Quarter Results
Page 2
January 24, 2002
HEALTHCARE REALTY TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
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2001 2000 2001 2000
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Revenues:
Master lease rental income $ 24,909 $ 25,022 $ 99,962 $ 97,238
Property operating income 17,928 15,659 67,750 62,400
Straight line rent 1,268 1,469 5,749 7,827
Mortgage interest income 3,540 4,628 17,254 22,755
Management fees 414 656 1,533 2,785
Interest and other income 938 206 2,290 2,333
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$ 48,997 $ 47,640 $ 194,538 $ 195,338
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Expenses:
General and administrative 2,544 2,181 10,110 8,739
Property operating expenses 7,365 5,423 26,515 22,628
Interest 8,751 10,561 38,110 42,995
Depreciation 10,327 9,990 40,823 38,994
Amortization 74 164 303 513
Provision for loss on investment -- 1,000 -- 1,000
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$ 29,061 $ 29,319 $ 115,861 $ 114,869
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Net income before net gain (loss)
on sale of real estate properties $ 19,936 $ 18,321 $ 78,677 $ 80,469
Net gain (loss) on sale of real
estate properties 211 (352) 1,210 (668)
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Net income $ 20,147 $ 17,969 $ 79,887 $ 79,801
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Net income per common share - Basic $ 0.46 $ 0.41 $ 1.84 $ 1.85
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Net income per common share - Diluted $ 0.45 $ 0.41 $ 1.81 $ 1.82
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Funds from operations - Basic $ 27,097 $ 26,023 $ 106,922 $ 105,378
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Funds from operations - Diluted $ 27,097 $ 26,094 $ 106,922 $ 105,653
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Funds from operations
per common share - Basic $ 0.68 $ 0.66 $ 2.68 $ 2.66
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Funds from operations
per common share - Diluted $ 0.67 $ 0.65 $ 2.64 $ 2.62
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Weighted average common
shares outstanding - Basic 40,112,222 39,675,271 39,840,285 39,544,400
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Weighted average common
shares outstanding - Diluted 40,693,569 40,408,944 40,463,158 40,301,409
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Healthcare Realty Trust maintains a website: www.healthcarerealty.com to provide
general corporate, investor and financial information.
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