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
SECOND QUARTER RESULTS
NASHVILLE, Tennessee July 25, 2002 -- Healthcare Realty Trust
Incorporated (NYSE:HR) today announced results for the second quarter that ended
June 30, 2002. Revenues for the second quarter totaled $48.3 million, compared
with the prior year's $49.5 million. Net income for the period was $22.3
million, or $0.50 per diluted common share, versus $19.4 million, or $0.44 per
diluted common share, for the second quarter of 2001. Diluted funds from
operations, comprised primarily of net income and depreciation from real estate,
totaled $27.7 million for the second quarter of 2002, compared with $26.3
million for the same period in 2001. Funds from operations, per diluted common
share, for the second quarter of 2002 was $0.67, compared with $0.65 for the
second quarter of 2001.
Revenues for the six months ended June 30, 2002 totaled $98.0 million
compared with the prior year's $97.7 million. Net income for the six-month
period was $42.1 million, or $0.94 per diluted common share, versus $40.0
million, or $0.91 per diluted common share, for the first six months of 2001.
Diluted funds from operations totaled $55.2 million for the first six months of
2002, compared with $52.9 million for the same period in 2001. Funds from
operations, per diluted common share, for the first six months of 2002 was
$1.33, compared with $1.31 for the first six months of 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 233 real estate properties or mortgages, totaling
approximately 11 million square feet. The Company provides property management
or asset management services to more than five 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 Second Quarter Results
Page 2
July 25, 2002
HEALTHCARE REALTY TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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2002 2001 2002 2001
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Revenues:
Master lease rental income $ 24,683 $ 25,025 $ 49,579 $ 50,112
Property operating income 18,909 17,590 38,001 34,040
Straight line rent 50 1,443 1,231 3,191
Mortgage interest income 3,538 4,507 7,322 9,046
Management fees 278 381 593 723
Interest and other income 852 549 1,237 612
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$ 48,310 $ 49,495 $ 97,963 $ 97,724
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Expenses:
General and administrative 2,726 2,758 5,234 4,793
Property operating expenses 7,399 6,672 14,862 12,863
Interest 8,499 10,414 17,438 20,199
Depreciation 10,357 10,168 20,880 20,280
Amortization 33 74 76 154
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$ 29,014 $ 30,086 $ 58,490 $ 58,289
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Net income before net gain (loss)
on sale of real estate properties $ 19,296 $ 19,409 $ 39,473 $ 39,435
Net gain (loss) on sale of real
estate properties 2,959 (36) 2,630 582
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Net income $ 22,255 $ 19,373 $ 42,103 $ 40,017
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Net income per common share - $ 0.51 $ 0.45 $ 0.96 $ 0.92
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Basic
Net income per common share - $ 0.50 $ 0.44 $ 0.94 $ 0.91
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Diluted
Funds from operations - Basic $ 27,654 $ 26,291 $ 55,231 $ 52,857
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Funds from operations - Diluted $ 27,654 $ 26,295 $ 55,231 $ 52,931
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Funds from operations
per common share - Basic $ 0.68 $ 0.66 $ 1.36 $ 1.33
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Funds from operations
per common share - Diluted $ 0.67 $ 0.65 $ 1.33 $ 1.31
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Weighted average common
shares outstanding - Basic 40,652,146 39,721,416 40,561,412 39,675,562
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Weighted average common
shares outstanding - Diluted 41,512,283 40,566,400 41,456,693 40,543,038
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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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