EXHIBIT 99.3
(HEALTHCARE REALTY TRUST LOGO)
SUPPLEMENTAL DATA REPORT
Three Months Ended March 31, 2002
Dollars in thousands, except per share data, unless otherwise disclosed
Updated as of April 25, 2002
1) RECONCILIATION OF FUNDS FROM OPERATIONS (1)
(Unaudited)
For the Three Months
Ended March 31,
------------------------
2002 2001
-------- --------
Net income before net gain (loss) on sale of
real estate properties $ 20,177 $ 20,026
Elimination of the recognition of rental
revenues on a straight line basis (2) (1,181) (1,748)
Preferred Stock Dividend (1,664) (1,664)
Real Estate Depreciation 10,244 9,952
----------- -----------
Total Adjustments 7,399 6,540
----------- -----------
Funds From Operations - Basic $ 27,576 $ 26,566
=========== ===========
Convertible Subordinated Debenture Interest 0 71
=========== ===========
Funds From Operations - Diluted $ 27,576 $ 26,637
=========== ===========
Funds From Operations Per Common Share - Basic $ 0.68 $ 0.67
=========== ===========
Funds From Operations Per Common Share - Diluted $ 0.67 $ 0.66
=========== ===========
Wtd Average Common Shares Outstanding - Basic 40,486,486 39,628,676
=========== ===========
Wtd Average Common Shares Outstanding - Diluted 41,434,098 40,540,420
=========== ===========
(1) Funds From Operations ("FFO") does not represent cash generated from
operating activities in accordance with accounting principles generally
accepted in the United States, 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.
Management believes the Company's FFO is not directly comparable to
other healthcare REITs, which own a portfolio of triple net leased
properties or mortgages, as the Company develops projects through a
development and lease-up phase before they reach their targeted cash
flow returns. Furthermore, the Company eliminates, in consolidation,
fee income for developing, leasing and managing owned properties and
expenses or capitalizes, whichever the case may be, related internal
costs.
(2) The Company calculates its FFO using a modified version of National
Association of Real Estate Investment Trust's ("NAREIT") October 1999
definition of funds from operations. The Company eliminates
straight-line rental revenue in computing FFO although NAREIT's
definition of funds from operations requires the inclusion of
straight-line rental revenue. If the Company had followed the NAREIT
definition of funds from operations, as other healthcare REIT's do, FFO
on a diluted basis would have been $0.69 per common share for the three
months ended March 31, 2002.
- --------------------------------------------------------------------------------
Quarterly Supplemental Data Report is also available on the Company's
website -- www.healthcarerealty.com
Bethany A. Mancini (615) 269-8175
Email: BMancini@healthcarerealty.com
- --------------------------------------------------------------------------------
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 1 of 13
2) CONDENSED CONSOLIDATED BALANCE SHEETS (1)
ASSETS (Unaudited) (1)
Mar. 31, 2002 Dec. 31, 2001
------------- -------------
Real estate properties (2):
Land $ 148,946 $ 149,522
Buildings and improvements 1,333,341 1,332,948
Personal property 8,399 7,815
Construction in progress 15,858 18,255
----------- -----------
1,506,544 1,508,540
Less accumulated depreciation (168,841) (158,876)
----------- -----------
Total real estate properties, net 1,337,703 1,349,664
Cash and cash equivalents 9,454 2,930
Mortgage notes receivable 118,884 122,074
Other assets, net 90,378 80,813
----------- -----------
Total assets $ 1,556,419 $ 1,555,481
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes and bonds payable $ 514,619 $ 505,222
Accounts payable and accrued liabilities 19,988 12,203
Other liabilities 15,498 25,969
----------- -----------
Total liabilities 550,105 543,394
----------- -----------
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $.01 par value; 50,000,000 shares authorized;
issued and outstanding, 2002 and 2001-- 3,000,000 30 30
Common stock, $.01 par value; 150,000,000 shares authorized;
issued and outstanding, 2002-- 41,904,924; 2001-- 41,465,919 419 414
Additional paid-in capital 1,101,219 1,089,127
Deferred compensation (23,648) (12,852)
Cumulative net income 394,909 375,061
Cumulative dividends (466,615) (439,693)
----------- -----------
Total stockholders' equity 1,006,314 1,012,087
----------- -----------
Total liabilities and stockholders' equity $ 1,556,419 $ 1,555,481
=========== ===========
(1) The balance sheet at December 31, 2001 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.
(2) Total weighted average depreciable life is 34.5 years. (see schedule 5)
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 2 of 13
3) CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS
ENDED MAR. 31,
-----------------------------
2002 2001
--------- ---------
(Unaudited) (Unaudited)
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
------------ -----------
49,653 48,229
------------ -----------
EXPENSES
General and administrative (1) 2,508 2,035
Property operating expenses 7,463 6,191
Interest 8,939 9,785
Depreciation 10,523 10,112
Amortization 43 80
------------ -----------
29,476 28,203
------------ -----------
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
------------ -----------
NET INCOME $ 19,848 $ 20,644
============ ===========
NET INCOME PER COMMON SHARE - BASIC $ 0.45 $ 0.48
============ ===========
NET INCOME PER COMMON SHARE - DILUTED $ 0.44 $ 0.47
============ ===========
COMMON SHARES OUTSTANDING - BASIC 40,486,486 39,628,676
============ ===========
COMMON SHARES OUTSTANDING - DILUTED 41,434,098 40,540,420
============ ===========
NOTE> The income statements do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
RECONCILIATION OF NET INCOME TO TAXABLE INCOME (UNAUDITED)
FOR THE THREE MONTHS
ENDED MAR. 31,
-----------------------
2002 2001
-------- ---------
NET INCOME $ 19,848 $ 20,644
DEPRECIATION AND AMORTIZATION (1) 10,566 10,192
DEPRECIATION AND AMORTIZATION (2) (8,318) (8,406)
GAIN OR LOSS ON DISPOSITION OF DEPRECIABLE ASSETS 584 (2)
STRAIGHT LINE RENT (1,181) (1,748)
OTHER (1,503) 200
-------- --------
148 236
TAXABLE INCOME (3) $ 19,996 $ 20,880
======== ========
(1) Per Statement of Income
(2) Tax basis
(3) Before REIT dividend paid deduction
NOTE> While taxable income cannot be determined with any certainty until
after the close of the calendar year, the Company has estimated taxable income
for the periods ended March 31, 2002 and March 31, 2001, based on the Company's
net income for financial statement purposes adjusted for anticipated
differences between financial statement net income and taxable income.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 3 of 13
4) INVESTMENT PROGRESSION
A) CONSTRUCTION IN PROGRESS
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/02
---------- ------------
Balance at beginning of period 4 $ 18,255
Fundings on projects in existence at
the beginning of the period 0 2,705
New Projects started during the period 0 0
Completions (1) (5,102)
---- --------
Balance at end of period 3 $ 15,858
==== ========
B) REAL ESTATE PROPERTIES
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/02
---------- -------------
Balance at beginning of period 205 $ 1,490,285
Acquisitions 0 0
Additions/Improvements 0 3,804
Completions (CIP) 1 5,102
Sales (2) (8,505)
------ -----------
Balance at end of period 204 $ 1,490,686
====== ===========
C) MORTGAGE NOTES RECEIVABLE
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/02
---------- -------------
Balance at beginning of period 36 $ 122,074
Funding of Mortgages 0 3,810
Prepayments (5) (6,509)
Purchase Price Adjustment Amortization 0 (159)
Scheduled Principal Payments 0 (332)
Other 0 0
----- ---------
Balance at end of period 31 $ 118,884
===== =========
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 4 of 13
5) INVESTMENT BY TYPE AND GEOGRAPHIC LOCATION
OUTPATIENT FACILITIES INPATIENT FACILITIES
-------------------------------------------------------------------------------------------------
Comp. Other Assisted Skilled Inpatient Other
Ancillary Ambulatory Medical Outpatient Living Nursing Rehab Inpatient
Hospital Physician Care Office Facilit- Facili- Facili- Facili- Facili- % of
Facilities Clinics Centers Buildings ties(1) ties ties ties ties(2) Total Total
-----------------------------------------------------------------------------------------------------------------
Operating Properties
1 Arizona 3,534 12,596 16,130 0.99%
2 California 51,994 29,015 81,009 4.98%
3 Florida 30,679 10,308 46,941 8,265 96,193 5.92%
4 Georgia 18,617 18,617 1.15%
5 Kansas 10,983 10,983 0.68%
6 Mississippi 5,403 4,290 9,693 0.60%
7 Missouri 5,475 11,303 16,778 1.03%
8 Nevada 43,726 43,726 2.69%
9 Pennsylvania 11,034 4,960 2,901 18,895 1.16%
10 Tennessee 48,124 8,682 10,754 67,560 4.16%
11 Texas 24,362 8,750 33,112 2.04%
12 Virginia 28,950 3,476 12,447 44,873 2.76%
13 Wyoming 18,280 2,180 20,460 1.26%
-----------------------------------------------------------------------------------------------------------------
Total Oper
Properties 295,686 32,901 99,855 42,396 4,290 0 0 0 2,901 478,029 29.41%
-----------------------------------------------------------------------------------------------------------------
Same store
NOI growth: 8.0% -2.0% -11.5% 26.9% 0.0% 0.0% 5.1%
Master Leases
1 Alabama 42,964 8,368 11,430 4,276 17,722 84,760 5.21%
2 Arizona 5,274 2,874 8,148 0.50%
3 Arkansas 2,989 2,989 0.18%
4 California 28,934 8,181 1,046 12,688 50,849 3.13%
5 Colorado 4,967 21,441 26,408 1.62%
6 Connecticut 11,925 11,925 0.73%
7 Florida 39,252 45,054 10,048 1,417 9,481 23,159 10,206 11,703 150,320 9.25%
8 Georgia 5,368 1,561 9,860 16,789 1.03%
9 Illinois 11,680 1,453 13,133 0.81%
10 Indiana 3,640 3,640 0.22%
11 Kansas 7,593 7,593 0.47%
12 Massachusetts 26,823 26,823 1.65%
13 Michigan 12,715 13,558 26,273 1.62%
14 Mississippi 3,398 3,398 0.21%
15 Missouri 16,015 4,470 6,114 10,897 37,496 2.31%
16 Nevada 6,882 3,801 10,683 0.66%
17 New Jersey 18,634 18,634 1.15%
18 North Carolina 3,819 6,176 9,995 0.61%
19 Ohio 4,393 4,393 0.27%
20 Oklahoma 13,052 13,052 0.80%
21 Pennsylvania 30,396 20,617 112,248 163,261 10.04%
22 South Carolina 3,005 3,005 0.18%
23 Tennessee 3,139 2,555 7,329 8,335 21,358 1.31%
24 Texas 39,625 16,938 21,994 1,976 71,000 19,466 12,916 5,892 189,807 11.68%
25 Virginia 52,799 1,941 2,119 17,019 36,411 110,289 6.79%
26 Wyoming 6,838 6,838 0.42%
-----------------------------------------------------------------------------------------------------------------
Total Master
Leases 218,869 124,967 48,057 5,334 38,350 226,132 186,111 154,589 19,450 1,021,859 62.87%
-----------------------------------------------------------------------------------------------------------------
Same store
NOI growth: 2.1% 3.2% 3.5% 2.6% 3.4% 2.8% 0.0% 1.3% 3.0% 1.9%
-----------------------------------------------------------------------------------------------------------------
Corporate
Property 6,656 0.41%
-----------------------------------------------------------------------------------------------------------------
Total Equity
Investments $514,555 $157,868 $147,912 $ 47,730 $42,640 $226,132 $186,111 $154,589 $22,351 $1,506,544 92.69%
=================================================================================================================
Wtd Avg Depreciable
Life: 36.4 33.2 33.1 35.4 35.5 31.9 35.3 34.8 31.3 34.5
Wtd Avg Period
Held: 5.5 4.5 4.4 6.2 5.1 3.5 5.4 3.5 3.5 4.8
Mortgages
1 Alabama 1,194 3,939 5,133 0.32%
2 Arizona 6,084 17,314 23,398 1.44%
3 California 16,726 7,763 24,489 1.51%
4 Florida 9,423 11,867 600 21,890 1.35%
5 Georgia 1,119 1,119 0.07%
6 Idaho 4,808 4,808 0.30%
7 Michigan 10,871 10,871 0.67%
8 Mississippi 1,310 1,310 0.08%
9 New Mexico 747 747 0.05%
10 Ohio 1,573 590 2,163 0.13%
11 Oregon 2,857 2,857 0.18%
12 South Carolina 3,020 3,020 0.19%
13 Tennessee 1,899 11,786 13,685 0.84%
14 Texas 609 618 1,227 0.08%
15 Virginia 2,167 2,167 0.13%
-----------------------------------------------------------------------------------------------------------------
TOTAL MTG.
INVESTMENTS $ -- $ 10,032 $ -- $ -- $ -- $ 53,822 $ 29,953 $ -- $25,077 $ 118,884 7.31%
-----------------------------------------------------------------------------------------------------------------
SAME STORE NOI
GROWTH: 1.5% 8.0% 6.6% 1.5% 5.6%
TOTAL
INVESTMENTS $514,555 $167,900 $147,912 $ 47,730 $42,640 $279,954 $216,064 $154,589 $47,428 $1,625,428 100.00%
=================================================================================================================
PERCENT OF
$ INVESTED 31.657% 10.330% 9.100% 2.936% 2.623% 17.223% 13.293% 9.511% 2.918% 100.000%
================================================================================================================
NUMBER OF
PROPERTIES 59 32 13 10 12 57 41 9 5 238
================================================================================================================
NUMBER OF BEDS 4,834 4,320 759 354 10,267
=============================================================
(1) 3 facility types <2% each.
(2) 4 facility types <2% each.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 5 of 13
6) INVESTMENT BY OPERATOR/SIGNIFICANT TENANT
Number of (1) Number of Total (1)
Real Estate Real Estate Mortgage Mortgage Number of Total
Properties Investment Properties Investment Properties Investment Commitments Total Percent
----------------------------------------------------------------------------------------------------
PUBLIC OR INVESTMENT GRADE OPERATORS/SIGNIFICANT TENANTS
- --------------------------------------------------------
1 Healthsouth 27 270,945 0 27 270,945 270,945 16.59%
2 HCA - The Healthcare
Company 30 249,250 0 30 249,250 428 249,678 15.29%
3 Tenet 13 104,122 1 7,763 14 111,885 111,885 6.85%
4 Balanced Care 14 63,575 0 14 63,575 63,575 3.89%
5 Baptist Memorial Hospital 4 42,720 0 4 42,720 42,720 2.62%
6 Integrated Health 3 36,327 0 3 36,327 36,327 2.22%
7 Caremark Rx 5 28,597 0 5 28,597 28,597 1.75%
8 Methodist 4 26,244 0 4 26,244 26,244 1.61%
9 Triad 4 24,158 0 4 24,158 24,158 1.48%
10 Ephrata Community Hospital 3 15,993 0 3 15,993 7,433 23,426 1.43%
11 United Medical Center 1 20,460 0 1 20,460 20,460 1.25%
12 MedCath 1 3,534 1 17,314 2 20,848 20,848 1.28%
13 Ramsay 2 19,450 0 2 19,450 19,450 1.19%
14 KS Management Services 1 16,938 0 1 16,938 16,938 1.04%
15-26 12 Operators With Less
than 1% Each 16 105,667 1 7,469 17 113,136 113,136 6.93%
----------------------------------------------------------------------------------------------------
128 1,027,980 3 32,546 131 1,060,526 7,861 1,068,387 65.41%
----------------------------------------------------------------------------------------------------
OTHER OPERATORS/SIGNIFICANT TENANTS
- -----------------------------------
27 Life Care Centers 12 82,822 2 9,352 14 92,174 92,174 5.64%
28 Summerville 5 51,953 0 5 51,953 51,953 3.18%
29 Lewis-Gale Clinic, LLC 9 44,873 0 9 44,873 44,873 2.75%
30 Senior Lifestyles 4 42,732 0 4 42,732 42,732 2.62%
31 Horizon Bay 6 33,037 0 6 33,037 33,037 2.02%
32 Kerlan Jobe Orthopedic 1 29,015 0 1 29,015 29,015 1.78%
33 Melbourne Internal
Medicine 4 27,935 0 4 27,935 27,935 1.71%
34 Centennial 6 16,355 1 9,291 7 25,646 25,646 1.57%
35 Multi-tenant 4 24,759 0 4 24,759 24,759 1.52%
36 Wellington 5 18,969 0 5 18,969 18,969 1.16%
37-62 26 Operators With Less
than 1% Each 23 99,458 25 67,695 48 167,153 -- 167,153 10.23%
----------------------------------------------------------------------------------------------------
79 471,908 28 86,338 107 558,246 -- 558,246 34.18%
----------------------------------------------------------------------------------------------------
Corporate Property 6,656 6,656 6,656 0.41%
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT AND
COMMITMENTS 207 $ 1,506,544 31 $ 118,884 238 $1,625,428 $7,861 $1,633,289 100.00%
====================================================================================================
(1) Includes construction in progress.
7) SQUARE FEET OWNED AND/OR MANAGED BY GEOGRAPHIC LOCATION
Owned Third Party
---------------------------------------------------------------
Not Construction Property Asset
Managed In Progress Managed Management Management Mortgages Total Percent
---------------------------------------------------------------------------------------------------------
1 Florida 785,860 34,716 650,556 1,370,467 435,312 198,990 3,475,901 25.33%
2 Texas 1,097,527 423,358 169,883 66,665 1,757,433 12.81%
3 Virginia 716,321 464,593 111,998 35,900 1,328,812 9.68%
4 Tennessee 161,366 505,988 304,162 196,451 1,167,967 8.51%
5 California 256,144 389,551 465,380 1,111,075 8.10%
6 Pennsylvania 722,053 70,000 57,657 849,710 6.19%
7 Alabama 549,410 47,000 596,410 4.35%
8 Georgia 138,599 202,110 40,000 380,709 2.77%
9 Michigan 235,227 129,408 364,635 2.66%
10 Missouri 201,167 103,967 305,134 2.22%
11 Arizona 74,507 72,179 142,487 289,173 2.11%
12 Nevada 43,579 205,940 249,519 1.82%
13 Colorado 225,764 225,764 1.64%
14 Mississippi 25,000 97,471 79,516 12,260 214,247 1.56%
15 Massachusetts 185,327 185,327 1.35%
16 Wyoming 29,851 162,933 192,784 1.40%
17 Ohio 33,181 124,411 157,592 1.15%
18 Oklahoma 139,216 139,216 1.01%
19 Kansas 57,035 83,205 140,240 1.02%
20 Illinois 115,100 115,100 0.84%
21 New Jersey 110,844 110,844 0.81%
22 Oregon 80,429 80,429 0.59%
23 North Carolina 69,781 69,781 0.51%
24 Connecticut 59,387 59,387 0.43%
25 South Carolina 21,120 23,000 44,120 0.32%
26 New Mexico 42,639 42,639 0.31%
27 Indiana 29,500 29,500 0.21%
28 Idaho 29,118 29,118 0.21%
29 Arkansas 11,963 11,963 0.09%
---------------------------------------------------------------------------------------------------------
TOTAL SQUARE FEET 6,094,829 104,716 3,419,508 2,036,026 435,312 1,634,138 13,724,529 100.00%
======================================--=================================================================
PERCENT OF TOTAL
SQUARE FOOTAGE 44.41% 0.76% 24.92% 14.83% 3.17% 11.91% 100.00%
==============================================================================================
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 6 of 13
8) SQUARE FEET OWNED AND/OR MANAGED BY FACILITY TYPE
OWNED THIRD PARTY
------------------------------------ ------------------------
NOT CONSTRUCTION PROPERTY ASSET
MANAGED IN PROGRESS MANAGED MANAGEMENT MANAGEMENT MORTGAGES TOTAL PERCENT
------------------------------------ -------------------------------------------------------------
Ancillary Hospital Facility 1,352,320 70,000 2,064,528 17,565 3,504,413 25.53%
Medical Office Buildings 42,932 398,200 2,018,461 435,312 2,894,905 21.09%
Assisted Living Facilities 1,453,294 1,028,805 2,482,099 18.09%
Skilled Nursing Facilities 1,286,351 400,840 1,687,191 12.29%
Physician's Clinics 793,913 261,488 105,915 1,161,316 8.46%
Comprehensive Ambulatory
Care Centers 120,957 34,716 658,341 814,014 5.93%
Inpatient Rehab Hospitals 643,383 643,383 4.69%
Other Outpatient Facilities 248,338 36,951 285,289 2.08%
Other Inpatient Facilities 153,341 98,578 251,919 1.84%
------------------------------------ -------------------------------------------------------------
TOTAL SQUARE FEET 6,094,829 104,716 3,419,508 2,036,026 435,312 1,634,138 13,724,529 100.00%
==================================== =============================================================
9) SQUARE FEET OWNED AND/OR MANAGED BY OPERATOR/SIGNIFICANT TENANT
OWNED THIRD PARTY
---------------------------------------- ---------------------------
NOT CONSTRUCTION PROPERTY ASSET
MANAGED IN PROGRESS MANAGED MANAGEMENT MANAGEMENT MORTGAGES TOTAL PERCENT
---------------------------------------- -----------------------------------------------------------
PUBLIC OR INVESTMENT GRADE
OPERATOR/SIGNIFICANT TENANT
- ---------------------------
1 HCA - The Healthcare
Company 810,836 34,716 697,060 1,482,527 435,312 3,460,451 25.21%
2 Healthsouth 1,124,390 133,183 1,257,573 9.16%
3 Baptist Memorial
Hospital 363,024 383,678 746,702 5.44%
4 Tenet Healthcare
Corporation 258,485 366,733 31,723 89,000 745,941 5.44%
5 Balanced Care 400,370 400,370 2.92%
6 Brookdale
Communities 263,786 263,786 1.92%
7 Methodist 230,460 230,460 1.68%
8 Medpartners 164,941 164,941 1.20%
9 United Medical
Center 162,933 162,933 1.19%
10 Integrated Health 153,660 153,660 1.12%
11 Ramsay 153,341 153,341 1.12%
12-28 17 Operators with
Square Feet Less
Than 1% 629,558 70,000 537,777 - - 9,578 1,246,913 9.09%
---------------------------------------- -----------------------------------------------------------
TOTAL 3,695,581 104,716 2,491,170 1,897,928 435,312 362,364 8,987,071 65.48%
---------------------------------------- -----------------------------------------------------------
OTHER OPERATOR/
SIGNIFICANT TENANT
- ------------------
29 Life Care Centers
of America 620,527 131,813 752,340 5.48%
30 Lewis-Gale Clinic, LLC 464,593 464,593 3.39%
31 Senior Lifestyles 308,742 308,742 2.25%
32 Summerville 292,231 292,231 2.13%
33 Horizon Bay 244,831 244,831 1.78%
34 Centennial Healthcare 151,172 80,000 231,172 1.68%
35 Multi-tenant 221,110 221,110 1.61%
36 Hearthstone 192,198 192,198 1.40%
37 Melbourne Internal
Medicine 140,125 140,125 1.02%
38 HSI 139,216 139,216 1.01%
39-65 27 Operators with
Square Feet Less
Than 1% 502,404 - 242,635 138,098 - 867,763 1,750,900 12.76%
---------------------------------------- -----------------------------------------------------------
TOTAL 2,399,248 - 928,338 138,098 - 1,271,774 4,737,458 34.52%
---------------------------------------- -----------------------------------------------------------
TOTAL SQUARE FEET 6,094,829 104,716 3,419,508 2,036,026 435,312 1,634,138 13,724,529 100.00%
======================================== ===========================================================
10) ASSISTED LIVING FACILITY OCCUPANCY
ALF Revenue Percent
For the Three % of ALF
Number of Months Ended Revenue to
Occupancy Facilities 03/31/02 Total Revenue
-----------------------------------------------------------------------
0% to 24.9% - - 0.0%
25% to 49.9% - - 0.0%
50% to 69.9% 2 148 0.3%
70% to 84.9% 23 2,857 5.8%
85% to 100.0% 32 3,878 7.8%
-----------------------------------------------------
57 6,883 13.9%
=====================================================
NOTE: Occupancy rates are generally as of December 31, 2001 and revenues are for
the three months ended March 31, 2002.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 7 of 13
11) LEASE/MORTGAGE MATURITY SCHEDULE
A) LEASES
Weighted
Average
Estimated Percent of Remaining
Number of Annualized Annualized Lease
Properties Net Revenue Net Revenue Term (Years)
--------------------------------------------------
2002 3 1,155 0.66% 0.00
2003 3 2,884 1.65% 0.02
2004 11 7,136 4.08% 0.10
2005 6 2,145 1.23% 0.05
2006 3 1,806 1.03% 0.05
2007 11 6,065 3.47% 0.18
2008 27 20,440 11.68% 0.73
2009 26 20,379 11.65% 0.99
2010 11 8,167 4.67% 0.42
2011 21 20,598 11.77% 1.07
2012 21 14,072 8.04% 1.06
2013 19 16,434 9.39% 1.12
2014 4 2,926 1.67% 0.31
2015 6 4,880 2.79% 0.31
After 2015 13 13,779 7.88% 0.49
Multi-tenant 22 32,103 18.35% 0.92
--------------------------------------------------
TOTAL 207 $ 174,969 100.00% 7.82
==================================================
B) MORTGAGES
Weighted
Average
Estimated Percent of Remaining
Number of Annualized Annualized Mortgage
Mortgages Net Revenue Net Revenue Term (Years)
--------------------------------------------------
2002 7 2,034 16.24% 0.03
2003 4 535 4.27% 0.04
2004 7 2,330 18.61% 0.47
2005 3 666 5.32% 0.26
2006 1 502 4.01% 0.19
2007 1 1,054 8.42% 0.38
2008 3 1,754 14.01% 0.80
2009 3 1,882 15.03% 1.08
2010 1 956 7.63% 0.68
2011 0 -- 0.00% 0.00
2012 0 -- 0.00% 0.00
2013 1 810 6.47% 0.62
2014 0 -- 0.00% 0.00
2015 0 -- 0.00% 0.00
After 2015 0 -- 0.00% 0.00
--------------------------------------------------
TOTAL 31 $ 12,523 100.00% 4.55
==================================================
12) CONSTRUCTION IN PROGRESS
AS OF MARCH 31, 2002
--------------------------------------------------
REAL ESTATE INVESTMENTS
--------------------------------------------------
Investment Remaining Total
Operator Properties Balance Commitment Real Estate(1)
---------------------------- --------------------------------------------------
Ephrata Community Hospital 1 6,110 7,433 13,543
Conemaugh Health Systems 1 2,901 -- 2,901
Expansion of existing property 1 6,847 428 7,275
------------------------------------------------
TOTAL 3 $ 15,858 $ 7,861 $ 23,719
================================================
Percentage of construction in progress to total investment portfolio at March 31, 2002 0.98%
===========
(1) Projected Timing of Conversion to Revenue Producing Assets:
QTR 2, 2002 QTR 3, 2002 QTR 4, 2002 QTR 1, 2003 QTR 2, 2003 QTR 3, 2003 Total
-------------------------------------------------------------------------------------------
Real Estate Investments
with related Commitments $ -- $ -- $ 13,543 $ -- $ 10,176 $ -- $23,719
===========================================================================================
(2) During the three months ending March 31, 2002, the Company capitalized
interest in the amount of $306,091.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 8 of 13
13) LONG-TERM DEBT INFORMATION - AS OF MARCH 31, 2002
A) BREAKDOWN BETWEEN FIXED AND VARIABLE RATE DEBT:
Balance Effective Rate
--------- -----------------------
Fixed Rate Debt:
Senior Notes due 2002 $ 18,000 7.41%
Senior Notes due 2006 70,000 9.49%
Senior Notes due 2011, net 296,700 8.202% See Note (C)
Mortgage Notes Payable 74,836 Range from 7.22% to 7.7 See Note (D)
Other Note Payable 4,083 7.53%
---------
463,619
---------
Variable Rate Debt:
Unsecured Credit Facility due 2004 51,000 1.15% over LIBOR See Note (E)
---------
51,000
---------
TOTAL $ 514,619
=========
B) FUTURE MATURITIES:
2002 2003 2004 2005 2006 2007 and After Total
----------------------------------------------------------------------------------------
Fixed Rate Debt:
Senior Notes due 2002 $ 18,000 $ -- $ -- $ -- $ -- $ -- $ 18,000
Senior Notes due 2006 -- -- 20,300 20,300 29,400 -- 70,000
Senior Notes due 2011, net (77) (122) (132) (144) (142) 297,317 296,700
Mortgage Notes Payable 2,131 3,571 18,867 3,747 4,032 42,488 74,836
Other Note Payable 583 1,167 1,167 1,166 -- -- 4,083
Variable Rate Debt:
Unsecured Credit Facility
due 2004 -- -- 51,000 -- -- -- 51,000
----------------------------------------------------------------------------------------
$ 20,637 $ 4,616 $ 91,202 $ 25,069 $ 33,290 $ 339,805 $ 514,619
========================================================================================
C) In May 2001, the Company sold $300 million principal amount of
unsecured Senior Notes due May 2011. The notes were priced to yield
8.202%. The Company also entered into an interest rate swap agreement
with two banks on $125 million of these notes on which the Company will
effectively pay interest at the equivalent rate of 1.99% over six month
LIBOR. The rate is established each May 1 and November 1 for the
previous six month period. The fair value of the interest rate swap is
combined with the principal balance of the Senior Notes due 2011.
D) In April 2001, the Company entered into six Mortgage Notes Payable with
an aggregate principal balance of $35 million related to collateral
with a book value at March 31, 2001 of $78.2 million. These Mortgage
Notes Payable and related collateral are held by special purpose
entities whose sole members are solely owned subsidiaries of HR. These
Mortgage Notes Payable bear interest at 7.22%, are payable in monthly
installments of principal and interest and mature in May 2011.
E) In July 2001, the Company entered into a $150 million Unsecured Credit
Facility due 2004 with six banks. The Unsecured Credit Facility due
2004, which matures in July 2004, is priced at 1.15% over LIBOR and has
a 0.2% facility fee.
F) CREDIT RATING:
Moody's Investors Service has assigned a "Baa3" credit rating to the
Company's Senior Notes due 2002, 2006, and 2011, and a "Ba2" rating to
the Company's preferred stock.
Standard & Poor's Investors Service has assigned a "BBB-" credit rating
to the Company's Senior Notes due 2002, 2006, and 2011, and a "BB+"
rating to the Company's preferred stock.
Fitch Ratings has assigned a "BBB" credit rating to the Company's
Senior Notes due 2002, 2006, and 2011, and a "BBB-" rating to the
Company's preferred stock.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 9 of 13
14) DIVIDEND HISTORY
A) COMMON STOCK (DOLLARS NOT ROUNDED TO THOUSANDS)
Increase
From Prior
Operating Period Payment Date Amount Quarter Annualized
------------------------------------------------------------------------------------------- ----------------
First Quarter 1997 May 15, 1997 0.495 0.005 1.98
Second Quarter 1997 Aug. 15, 1997 0.500 0.005 2.00
Third Quarter 1997 Nov. 17, 1997 0.505 0.005 2.02
Fourth Quarter 1997 Feb. 16, 1998 0.510 0.005 2.04
First Quarter 1998 May 18, 1998 0.515 0.005 2.06
Second Quarter 1998 Aug. 17, 1998 0.520 0.005 2.08
Third Quarter 1998 Nov. 16, 1998 0.525 0.005 2.10
Fourth Quarter 1998 Feb. 15, 1999 0.530 0.005 2.12
First Quarter 1999 May 17, 1999 0.535 0.005 2.14
Second Quarter 1999 Aug. 16, 1999 0.540 0.005 2.16
Third Quarter 1999 Nov. 16, 1999 0.545 0.005 2.18
Fourth Quarter 1999 Feb. 16, 2000 0.550 0.005 2.20
First Quarter 2000 May 17, 2000 0.555 0.005 2.22
Second Quarter 2000 Aug. 16, 2000 0.560 0.005 2.24
Third Quarter 2000 Dec. 6, 2000 0.565 0.005 2.26
Fourth Quarter 2000 March 7, 2001 0.570 0.005 2.28
First Quarter 2001 June 7, 2001 0.575 0.005 2.30
Second Quarter 2001 Sept. 6, 2001 0.580 0.005 2.32
Third Quarter 2001 Dec. 6, 2001 0.585 0.005 2.34
Fourth Quarter 2001 March 6, 2002 0.590 0.005 2.36
First Quarter 2002 June 6, 2002 0.595 0.005 2.38
B) PREFERRED STOCK
Increase
From Prior
Operating Period Payment Date Amount Quarter Annualized
------------------------------------------------------------------------------------------- ----------------
September 1, 1998 - November 15, 1998 Nov. 26, 1998 0.46224 0.0 2.22
November 16, 1998 - February 15, 1999 Feb. 26, 1999 0.55469 0.0 2.22
February 16, 1999 - May 15, 1999 May 28, 1999 0.55469 0.0 2.22
May 16, 1999 - August 15, 1999 Aug. 27, 1999 0.55469 0.0 2.22
August 16, 1999 - November 15, 1999 Nov. 26, 1999 0.55469 0.0 2.22
November 16, 1999 - February 15, 2000 Feb. 29, 2000 0.55469 0.0 2.22
February 16, 2000 - May 15, 2000 May 31, 2000 0.55469 0.0 2.22
May 16, 2000 - August 15, 2000 Aug. 31, 2000 0.55469 0.0 2.22
August 16, 2000 - November 15, 2000 Nov. 30, 2000 0.55469 0.0 2.22
November 16, 2000 - February 15, 2001 Feb. 28, 2001 0.55469 0.0 2.22
February 16, 2001 - May 15, 2001 May 31, 2001 0.55469 0.0 2.22
May 16, 2001 - August 15, 2001 Aug. 31, 2001 0.55469 0.0 2.22
August 16, 2001 - November 15, 2001 Nov. 30, 2001 0.55469 0.0 2.22
November 16, 2001 - February 15, 2002 Feb. 28, 2002 0.55469 0.0 2.22
February 16, 2002 - May 15, 2002 May 31, 2002 0.55469 0.0 2.22
Healthcare Realty Trust Incorporated is authorized to issue 50,000,000
shares of Preferred Stock. 3,000,000 shares of 8 7/8% Series A Voting
Cumulative Preferred Stock, par value $.01 per share, are issued and
outstanding. Upon dissolution of the Company, the Preferred Stock is
senior to common stock with respect to dividend rights and rights upon
liquidation. Holders of Preferred Stock are entitled to receive
cumulative preferential cash dividends at the rate of 8 7/8% per annum
of the liquidation preference of $25.00 per share payable quarterly, in
arrears, on the last business day in February, May, August, and
November of each year.
On or after September 30, 2002, the Company, at its option, may redeem
the Preferred Stock, in whole or in part, at any time or from time to
time, at the redemption price of $25.00 per share. The holder of each
share of the Preferred Stock has one vote, together with the holders of
common stock on all matters on which stockholders may vote.
C) INFORMATION REGARDING TAXABLE STATUS OF 2001 CASH DISTRIBUTIONS
(DOLLARS NOT ROUNDED TO THOUSANDS)
Cash Taxable
Distribution Ordinary Return of
Per Share Dividend Capital
-------------------------------------
HR COMMON $ 2.310000 $ 1.954022 $0.355978
CUSIP # 421946104
HR 8.875% SERIES A PREFERRED $ 2.218760 $ 2.218760 $ --
CUSIP # 421946203
Note> While the taxability of 2002 dividends cannot be determined until
late January 2003, the Company is not aware of any activities that
would cause a substantial change in the taxability of the total 2002
dividend. Therefore, the taxability of the total 2002 dividend should
approximate the taxability of the dividends paid March 7, June 7,
September 6, and December 6, 2001.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 10 of 13
15) COMMON SHARES INFORMATION
The share amounts below set forth the computation of basic and diluted
shares (in accordance with FASB Statement No. 128) which will be used as
the denominator in the computation of EPS and FFO per share amounts:
FOR THE THREE MONTHS
ENDED MAR. 31,
-------------------------------
2002 2001
---------- -----------
TOTAL COMMON SHARES OUTSTANDING 41,904,924 40,557,368
========== ==========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 41,728,649 40,467,373
Actual Restricted Stock Shares (1,242,163) (838,697)
---------- ----------
DENOMINATOR SHARES FOR BASIC COMMON SHARE EPS AND FFO 40,486,486 39,628,676
Restricted Shares - Treasury 814,875 639,657
Dilution for Convertible Debentures 0 175,167
Dilution for Employee Stock Purchase Plan 132,737 96,920
---------- ----------
DENOMINATOR SHARES FOR DILUTED COMMON SHARE EPS AND FFO 41,434,098 40,540,420
========== ==========
Note: as of March 31, 2002, HR Had Approximately 1,703 Shareholders of
Record.
16) BENEFICIAL SECURITY OWNERSHIP BY MANAGEMENT AND DIRECTORS AS OF
MARCH 31, 2002
Owned Restricted(1) Reserved(2) Options Total
------- ------------- ----------- ------- ---------
OFFICERS
David R. Emery 144,800(3) 588,680 225,000 0 958,480
Timothy G. Wallace 34,356 308,959 110,000 0 453,315
Roger O. West 4,656 310,735 110,000 0 425,391
Other Officers as a group 27,039 31,089 0 0 58,128
Directors as a group 47,135 2,700 0 0 49,835
------- --------- ------- --- ---------
TOTAL 257,986 1,242,163 445,000 0 1,945,149
======= ========= ======= === =========
(1) These shares are subject to long-term vesting requirements pursuant to the
terms of the 1993 Employees Stock Incentive Plan and the HR Discretionary Bonus
Program.
(2) These shares are specifically reserved for performance-based awards under
the 1993 Employees Stock Incentive Plan. The issuance of "Reserved Stock" to
eligible employees is contingent upon the achievement of specific performance
criteria. When issued, these shares will be subject to long-term vesting
requirements pursuant to the terms of the 1993 Employees Stock Incentive Plan.
(3) Includes 143,352 shares owned by the Emery Family Limited Partnership and
1,448 shares owned by the Emery Family 1993 Irrevocable Trust. Mr. Emery is a
limited partner of the partnership and a beneficiary of the trust, but has no
voting or investment power with respect to the shares owned by such partnership
or trust.
17) INSTITUTIONAL HOLDINGS AS OF DECEMBER 31, 2001
A) Institutional Shares Held: 19,431,841 (Source: Form 13F Filings)
==========
B) Number of Institutions: 195
==========
C) Percentage of Common Shares Outstanding: 46.86%
==========
18) BOOK VALUE PER COMMON SHARE
Total Stockholders' Equity $ 1,006,314
Less: Preferred Stock Liquidation/Redemption Value 75,000
-----------
Total Common Stockholders' Equity $ 931,314
Total Common Shares Outstanding 41,904,924
===========
Book Value Per Common Share $ 22.22
===========
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 11 of 13
19) OTHER CORPORATE INFORMATION
A) CORPORATE HEADQUARTERS:
Healthcare Realty Trust Incorporated
Healthcare Realty Services Incorporated
3310 West End Avenue, Suite 700
Nashville, TN 37203
Phone: 615-269-8175
Fax: 615-269-8461
E-mail: hrinfo@healthcarerealty.com
OTHER OFFICES:
East Florida Regional Office
West Florida Regional Office
Mid-America Regional Office
Mid-Atlantic Regional Office
Southern California Regional Office
Texas/Southwest Regional Office
B) STOCK EXCHANGE, SYMBOL AND CUSIP NUMBER:
Security Description Stock Exchange Symbol CUSIP Number
-------------------- -------------- ------ ------------
Common Stock New York Stock Exchange HR 421946104
8.875% Series A Preferred Stock New York Stock Exchange HR.A 421946203
Senior Notes due 2011 OTC HR 421946AE4
C) WEB SITE:
www.healthcarerealty.com
D) CORPORATE OFFICERS:
HEALTHCARE REALTY TRUST INCORPORATED
David R. Emery, Chairman of the Board and Chief
Executive Officer
Timothy G. Wallace, Executive Vice President and Chief
Financial Officer
Roger O. West, Executive Vice President and General
Counsel
Michael W. Crisler, Senior Vice President/ Technology
Scott W. Holmes, Senior Vice President / Financial
Reporting
Fredrick M. Langreck, Senior Vice President / Treasurer
J. D. Carter Steele, Senior Vice President / Asset
Administration
John M. Bryant, Jr., Vice President/Assistant General
Counsel
Eric W. Fischer, Vice President / Real Estate Investments
Keith A. Harville, Vice President / Real Estate
Investments
Donald L. Husi, Vice President / Senior Living Asset
Administration
Leigh Ann Stach, Vice President / Financial Reporting and
Controller
B. Douglas Whitman, Associate Vice President / Real Estate
Investments
Rita H. Todd, Corporate Secretary
HEALTHCARE REALTY SERVICES INCORPORATED
B. Bart Starr, Chairman of the Board
Roland H. Hart, President
Thomas M. Carnell, Vice President / Design & Construction
Gilbert T. Irvin, Vice President / Operations
Anne C. Sanborn, Associate Vice President / Project
Development Services
E) BOARD OF DIRECTORS:
David R. Emery, Chairman of the Board and Chief Executive
Officer, Healthcare Realty Trust Incorporated
Errol L. Biggs, Ph.D., Director - Center for Health
Administration, University of Colorado (Healthcare
Academician)
C. Raymond Fernandez, M.D., Chief Executive Officer and
Chief Medical Officer, Piedmont Clinic (Physician)
Batey M. Gresham, Jr., A.I.A., Founder, Gresham Smith &
Partners (Healthcare Architect)
Marliese E. Mooney (Hospital Operations Consultant)
Edwin B. Morris III, Managing Director, Morris & Morse
(Real Estate Finance Executive)
J. Knox Singleton, Chief Executive Officer, INOVA Health
Systems (Healthcare Provider Executive)
Dan S. Wilford, President and Chief Executive Officer,
Memorial Hermann Healthcare System (Healthcare Provider
Executive)
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 12 of 13
F) PROFESSIONAL AFFILIATIONS:
INDEPENDENT PUBLIC AUDITORS
Ernst & Young LLP
Bank of America Plaza
414 Union Street, Suite 2100
Nashville, TN 37219-1779
TRANSFER AGENT
EquiServe
P.O. Box 43010
Providence, Rhode Island 02940-3010
Phone: 781-575-3400
G) DIVIDEND REINVESTMENT PLAN:
Through the Company's transfer agent, EquiServe, named
Shareholders of Record can re-invest dividends in shares at a 5%
discount without a service or sales charge. In addition, up to $5
thousand of HR common stock may be purchased per quarter through
the transfer agent without a service or sales charge to the
shareholder. For information, write EquiServe, Shareholder
Services, P.O. Box 43010, Providence, Rhode Island 02940-3010, or
call (781) 575-3400.
H) DIRECT DEPOSIT OF DIVIDENDS:
Direct deposit of dividends is offered as a convenience to
stockholders of record. For information, write EquiServe,
Shareholder Services, P.O. Box 43010, Providence, Rhode Island
02940-3010, or call (781) 575-3400.
I) ANALYSTS PROVIDING RESEARCH COVERAGE ON HR:
A.G. Edwards & Sons, Inc. Ann Melnick (314) 955-2947
Banc of America Securities Gary Taylor (212) 847-5174
Credit Suisse First Boston Corporation Larry Raiman (212) 538-2380
Legg Mason Wood Walker Inc. Jerry Doctrow (410) 454-5142
Prudential Securities, Inc. Jim Sullivan (212) 778-2515
UBS Warburg Howard Capek (212) 821-6369
Wachovia Securities, Inc. Stephen Swett (212) 909-0954
J) PROJECTED DATES FOR 2002 DIVIDEND AND EARNINGS PRESS RELEASES:
Dividend Earnings
-------- --------
First Quarter 2002 April 24, 2002 April 26, 2002
Second Quarter 2002 July 23, 2002 July 26, 2002
Third Quarter 2002 October 22, 2002 October 25, 2002
Fourth Quarter 2002 January 28, 2003 January 31, 2003
NOTE A conference call will be scheduled at 9:00 AM CDT the
morning of the earnings press release.
K) INVESTOR RELATIONS:
Healthcare Realty Trust Incorporated
3310 West End Avenue, Suite 700
Nashville, TN 37203
Attention: Bethany A. Mancini
Phone: 615-269-8175
Fax: 615-269-8461
E-mail: BMancini@healthcarerealty.com
In addition to the historical information contained within,
this enclosed information may contain forward-looking
statements that involve risks and uncertainties, including the
development of transactions that may materially differ from
the results of these projections. These risks are discussed in
a 10-K filed with the SEC by Healthcare Realty Trust
Incorporated for the year ended December 31, 2001. The 10-K is
available via the Company's web site or by calling Investor
Relations at (615) 269-8175. Forward-looking statements
represent the Company's judgment as of the date of the release
of this information. The Company disclaims any obligation to
update this forward-looking material.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2002 Page 13 of 13