EXHIBIT 99.2
[HEALTHCARE REALTY TRUST LOGO]
NEWS RELEASE
Contact: Timothy G. Wallace, Executive Vice President and
Chief Financial Officer (615) 269-8175
HEALTHCARE REALTY TRUST ANNOUNCES
THIRD QUARTER RESULTS
NASHVILLE, Tennessee October 24, 2002 -- Healthcare Realty Trust
Incorporated (NYSE:HR) today announced results for the third quarter that ended
September 30, 2002. Revenues for the third quarter totaled $49.8 million,
compared with the prior year's $47.8 million. Net income for the period was
$20.5 million, or $0.44 per diluted common share, versus $19.7 million, or
$0.45 per diluted common share, for the third quarter of 2001. Diluted funds
from operations, comprised primarily of net income and depreciation from real
estate, totaled $27.7 million for the third quarter of 2002, compared with
$27.0 million for the same period in 2001. Funds from operations, per diluted
common share, for the third quarter of 2002 was $0.67, compared with $0.67 for
the third quarter of 2001.
Revenues for the nine months ended September 30, 2002 totaled $147.8
million compared with the prior year's $145.5 million. Net income for the
nine-month period was $62.6 million, or $1.38 per diluted common share, versus
$59.7 million, or $1.36 per diluted common share, for the first nine months of
2001. Diluted funds from operations totaled $82.9 million for the first nine
months of 2002, compared with $79.8 million for the same period in 2001. Funds
from operations, per diluted common share, for the first nine months of 2002
was $2.00, compared with $1.98 for the first nine months of 2001.
The Company also announced its Board of Directors has authorized the
repurchase of up to one million shares of its common stock at such times and
upon such terms as management may determine.
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 223 real estate properties or mortgages, totaling
approximately 11 million square feet. The Company provides property 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.
-MORE-
HR Reports Third Quarter Results
Page 2
October 24, 2002
HEALTHCARE REALTY TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- ----------------------------
2002 2001 2002 2001
----------- ----------- ----------- -----------
Revenues:
Master lease rental income $ 25,276 $ 24,941 $ 74,855 $ 75,053
Property operating income 19,626 15,783 57,627 49,822
Straight line rent 1,017 1,289 2,248 4,480
Mortgage interest income 3,292 4,669 10,614 13,714
Management fees 257 396 850 1,120
Interest and other income 350 740 1,587 1,353
----------- ----------- ----------- -----------
$ 49,818 $ 47,818 $ 147,781 $ 145,542
----------- ----------- ----------- -----------
Expenses:
General and administrative 3,140 2,772 8,374 7,565
Property operating expenses 7,486 6,288 22,348 19,151
Interest 8,529 9,161 25,966 29,360
Depreciation 10,386 10,216 31,267 30,496
Amortization 29 74 105 229
----------- ----------- ----------- -----------
$ 29,570 $ 28,511 $ 88,060 $ 86,801
----------- ----------- ----------- -----------
Net income before net gain (loss)
on sale of real estate properties $ 20,248 $ 19,307 $ 59,721 $ 58,741
Net gain (loss) on sale of real
estate properties 242 416 2,872 999
----------- ----------- ----------- -----------
Net income $ 20,490 $ 19,723 $ 62,593 $ 59,740
=========== =========== =========== ===========
Net income per common share - $ 0.45 $ 0.45 $ 1.40 $ 1.38
Basic =========== =========== =========== ===========
Net income per common share - $ 0.44 $ 0.45 $ 1.38 $ 1.36
Diluted =========== =========== =========== ===========
Funds from operations - Basic $ 27,661 $ 26,968 $ 82,892 $ 79,825
=========== =========== =========== ===========
Funds from operations - Diluted $ 27,661 $ 26,968 $ 82,892 $ 79,825
=========== =========== =========== ===========
Funds from operations
per common share - Basic $ 0.68 $ 0.68 $ 2.04 $ 2.01
=========== =========== =========== ===========
Funds from operations
per common share - Diluted $ 0.67 $ 0.67 $ 2.00 $ 1.98
=========== =========== =========== ===========
Weighted average common
shares outstanding - Basic 40,682,210 39,891,254 40,601,065 39,748,243
=========== =========== =========== ===========
Weighted average common
shares outstanding - Diluted 41,487,797 40,512,989 41,450,671 40,404,491
=========== =========== =========== ===========
Healthcare Realty Trust maintains a website: www.healthcarerealty.com to
provide general corporate, investor and financial information.
-END-