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
FIRST QUARTER RESULTS
NASHVILLE, Tennessee April 25, 2002 -- Healthcare Realty Trust
Incorporated (NYSE:HR) today announced results for the first quarter ended March
31, 2002. Revenues for the first quarter totaled $49.7 million, compared with
the prior year's $48.2 million. Net income for the period was $19.8 million, or
$0.44 per diluted common share, versus $20.6 million, or $0.47 per diluted
common share, for the first quarter of 2001. Diluted funds from operations,
comprised primarily of net income and depreciation from real estate, totaled
$27.6 million for the first quarter ended March 31, 2002, compared with $26.6
million for the first quarter ended March 31, 2001. Funds from operations, per
diluted common share, for the first quarter ending March 31, 2002 was $0.67,
compared with $0.66 for the first quarter 2001.
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 62 healthcare providers. The Company has investments of
approximately $1.6 billion in 238 real estate properties or mortgages, totaling
approximately 11.3 million square feet. The Company provides property management
or asset management services to almost 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, 2001. 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 First Quarter Results
Page 2
April 25, 2002
HEALTHCARE REALTY TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
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2002 2001
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Revenues:
Master lease rental income $ 24,896 $ 25,087
Property operating income 19,092 16,450
Straight line rent 1,181 1,748
Mortgage interest income 3,784 4,539
Management fees 314 342
Interest and other income 386 63
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49,653 48,229
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Expenses:
General and administrative 2,508 2,035
Property operating expenses 7,463 6,191
Interest 8,939 9,785
Depreciation 10,523 10,112
Amortization 43 80
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29,476 28,203
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Net income before net gain (loss) on sale of real estate properties $ 20,177 $ 20,026
Net gain (loss) on sale of real estate properties (329) 618
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Net income $ 19,848 $ 20,644
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Net income per common share - Basic $ 0.45 $ 0.48
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Net income per common share - Diluted $ 0.44 $ 0.47
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Funds from operations - Basic $ 27,576 $ 26,566
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Funds from operations - Diluted $ 27,576 $ 26,637
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Funds from operations per common share - Basic $ 0.68 $ 0.67
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Funds from operations per common share - Diluted $ 0.67 $ 0.66
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Weighted average common shares outstanding - Basic 40,486,486 39,628,676
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Weighted average common shares outstanding - Diluted 41,434,098 40,540,420
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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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