EXHIBIT 99.3
HEALTHCARE REALTY
TRUST
Supplemental Data Report
Three Months Ended March 31, 2003
Dollars in thousands, except per share data, unless otherwise disclosed
Updated as of April 24, 2003
1) RECONCILIATION OF FUNDS FROM OPERATIONS AND FUNDS AVAILABLE FOR
DISTRIBUTION (1) - UNAUDITED
FOR THE THREE MONTHS
ENDED MARCH 31,
---------------------------------
2003 2002
------------ ------------
NET INCOME $ 18,568 $ 19,848
NET (GAIN)/LOSS ON SALE OF REAL ESTATE PROPERTIES 0 329
PREFERRED STOCK DIVIDEND 0 (1,664)
REAL ESTATE DEPRECIATION 9,979 10,244
----------- -----------
TOTAL ADJUSTMENTS 9,979 8,909
----------- -----------
FUNDS FROM OPERATIONS - BASIC AND DILUTED $ 28,547 $ 28,757
============ ============
FUNDS FROM OPERATIONS PER COMMON SHARE - BASIC $ 0.70 $ 0.71
============ ============
FUNDS FROM OPERATIONS PER COMMON SHARE - DILUTED $ 0.69 $ 0.69
============ ============
FUNDS FROM OPERATIONS - DILUTED $ 28,547 $ 28,757
ELIMINATION OF THE RECOGNITION OF RENTAL REVENUES
ON A STRAIGHT LINE BASIS (665) (1,181)
DEFERRED COMPENSATION AMORTIZATION 692 680
DEPRECIATION OF NON-REAL ESTATE ASSETS 301 279
AMORTIZATION OF NON-REAL ESTATE ASSETS 13 43
----------- -----------
TOTAL ADJUSTMENTS 341 (179)
----------- -----------
FUNDS AVAILABLE FOR DISTRIBUTION $ 28,888 $ 28,578
============ ============
FUNDS AVAILABLE FOR DISTRIBUTION PER COMMON SHARE - BASIC $ 0.71 $ 0.71
============ ============
FUNDS AVAILABLE FOR DISTRIBUTION PER COMMON SHARE - DILUTED $ 0.69 $ 0.69
============ ============
WTD AVERAGE COMMON SHARES OUTSTANDING - BASIC 40,819,618 40,486,486
============ ============
WTD AVERAGE COMMON SHARES OUTSTANDING - DILUTED 41,615,403 41,434,098
============ ============
(1) Funds From Operations ("FFO") and FFO per share are operating
performance measures adopted by the National Association of Real Estate
Investment Trusts, Inc. ("NAREIT"). Beginning with the first quarter of
2003, the Company calculated and reported FFO and FFO per share in
accordance with NAREIT's April 2002 White Paper. NAREIT defines FFO as
"The most commonly accepted and reported measure of REIT operating
performance equal to a REIT's net income, excluding gains or losses
from sales of property and adding back real estate depreciation."
Funds Available for Distribution ("FAD") and FAD per share are also
operating performance measures adopted by NAREIT that measure a REIT's
ability to generate cash and distribute dividends to its shareholders.
NAREIT defines FAD as "In addition to subtracting from FFO normalized
recurring real estate expenditures and other non-cash items, FAD is
usually derived by also subtracting nonrecurring expenditures."
The Company considers FFO and FAD to be informative measures of REIT
performance commonly used in the REIT industry. However, neither FFO
nor FAD represents cash generated from operating activities determined
in accordance with accounting principles generally accepted in the
United States ("GAAP") and are not necessarily indicative of cash
available to fund cash needs. FFO and FAD should not be considered
alternatives to net income as an indicator of the Company's operating
performance or as alternatives to cash flow as a measure of liquidity.
- -------------------------------------------------------------------------------
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, 2003 PAGE 1 0F 13
2) CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS (Unaudited) (1)
MARCH 31, 2003 DEC. 31, 2002
-------------- -------------
Real estate properties (2):
Land $ 138,160 $ 135,791
Buildings and improvements 1,355,249 1,332,872
Personal property 5,865 5,730
Construction in progress 11,315 10,546
----------- -----------
1,510,589 1,484,939
Less accumulated depreciation (202,386) (192,293)
----------- -----------
Total real estate properties, net 1,308,203 1,292,646
Cash and cash equivalents 9,063 402
Mortgage notes receivable 90,425 102,792
Other assets, net 76,296 93,706
----------- -----------
Total assets $ 1,483,987 $ 1,489,546
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes and bonds payable $ 547,713 $ 545,063
Accounts payable and accrued liabilities 19,683 24,960
Other liabilities 14,293 11,324
----------- -----------
Total liabilities 581,689 581,347
----------- -----------
Commitments and contingencies 0 0
Stockholders' equity:
Preferred stock, $.01 par value; 50,000,000 shares authorized;
issued and outstanding, none 0 0
Common stock, $.01 par value; 150,000,000 shares authorized;
issued and outstanding, 2003-- 42,023,529; 2002-- 41,823,564 420 418
Additional paid-in capital 1,029,767 1,024,467
Deferred compensation (20,400) (16,251)
Cumulative net income 463,720 445,152
Cumulative dividends (571,209) (545,587)
----------- -----------
Total stockholders' equity 902,298 908,199
----------- -----------
Total liabilities and stockholders' equity $ 1,483,987 $ 1,489,546
=========== ===========
(1) The balance sheet at December 31, 2002 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, 2003 PAGE 2 OF 13
3) CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS
ENDED MARCH 31,
--------------------------------
2003 2002
------------ ------------
(Unaudited) (Unaudited)
REVENUES
Master lease rental income $ 22,905 $ 24,896
Property operating income 19,809 19,092
Straight line rent 665 1,181
Mortgage interest income 2,681 3,784
Management fees 272 314
Interest and other income 1,308 386
------------ ------------
47,640 49,653
EXPENSES
General and administrative 2,669 2,508
Property operating expenses 7,664 7,463
Interest 8,446 8,939
Depreciation 10,280 10,523
Amortization 13 43
------------ ------------
29,072 29,476
------------ ------------
NET INCOME BEFORE NET GAIN (LOSS) ON SALE OF
REAL ESTATE PROPERTIES 18,568 20,177
Net gain (loss) on sale of real estate properties 0 (329)
------------ ------------
NET INCOME $ 18,568 $ 19,848
============ ============
NET INCOME PER COMMON SHARE - BASIC $ 0.45 $ 0.45
============ ============
NET INCOME PER COMMON SHARE - DILUTED $ 0.45 $ 0.44
============ ============
COMMON SHARES OUTSTANDING - BASIC 40,819,618 40,486,486
============ ============
COMMON SHARES OUTSTANDING - DILUTED 41,615,403 41,434,098
============ ============
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 MARCH 31,
-------- --------
2003 2002
-------- --------
NET INCOME $ 18,568 $ 19,848
DEPRECIATION AND AMORTIZATION (1) 10,293 10,566
DEPRECIATION AND AMORTIZATION (2) (8,597) (8,318)
GAIN OR LOSS ON DISPOSITION OF DEPRECIABLE ASSETS 2 584
STRAIGHT LINE RENT (665) (1,181)
OTHER 974 (1,503)
-------- --------
2,007 148
-------- --------
TAXABLE INCOME (3) $ 20,575 $ 19,996
======== ========
(1) Per Statement of Income
(2) Tax basis
(3) Before REIT dividend paid deduction
NOTE: The differences between financial statement net income and REIT
taxable income arise from income and expenses included in net income
that are nontaxable or nondeductible, respectively, for federal income
tax purposes, or that are taxable or deductible, respectively, in
another period or periods due to timing differences between the
methods of accounting appropriate under generally accepted accounting
principles and those required for federal income tax purposes. Such
differences for the Company include those listed above in detail and
other differences, which are attributable to deferred rents, reserves
for doubtful accounts and other contingencies, prepaid expenses,
deferred compensation, nondeductible expenses, nontaxable income,
purchase accounting differences arising from tax-free reorganizations,
and other differences between GAAP and federal income tax accounting
methods.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 3 OF 13
4) INVESTMENT PROGRESSION
A) CONSTRUCTION IN PROGRESS
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/03
---------- -------------
Balance at beginning of period 3 $ 10,546
Fundings on projects in existence at
the beginning of the period 0 769
New Projects started during the period 0 0
Completions 0 0
--- --------
Balance at end of period 3 $ 11,315
=== ========
B) REAL ESTATE PROPERTIES
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/03
---------- -------------
Balance at beginning of period 195 $ 1,474,393
Acquisitions (1) 3 22,576
Additions/Improvements 0 2,305
Completions (CIP) 0 0
Sales 0 0
--- -----------
Balance at end of period 198 $ 1,499,274
=== ===========
C) MORTGAGE NOTES RECEIVABLE
FOR THE THREE
NUMBER OF MONTHS ENDED
PROPERTIES 03/31/03
---------- -------------
Balance at beginning of period 23 $ 102,792
Funding of Mortgages 0 60
Repayments (1) (5) (12,011)
Purchase Price Adjustment Amortization 0 (228)
Scheduled Principal Payments 0 (188)
--- ---------
Balance at end of period 18 $ 90,425
=== =========
(1) During the first quarter of 2003, the Company acquired two medical
office buildings in Louisiana totaling $10.8 million and a physician clinic in
Florida for $11.8 million. Also, mortgage notes receivable were repaid on four
assisted living facilities, in Arizona, Texas and Tennessee totaling $2.7
million and on one physician clinic in Florida for $9.3 million.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 4 OF 13
5) INVESTMENT BY TYPE AND GEOGRAPHIC LOCATION
OUTPATIENT FACILITIES INPATIENT FACILITIES
-------------------------------------------------- --------------------------------------
Comp. Other In- Other
Ambu- Out- Assisted Skilled patient In-
Ancillary latory Medical patient Living Nursing Rehab patient
Hospital Physician Care Office Facili- Facili- Facili- Facili- Facili- % of
Facilities Clinics Centers Buildings ties(1) ties ties ties ties(2) Total Total
-------------------------------------------------- ---------------------------------------------------------
OPERATING
PROPERTIES
1 Arizona $ 3,612 $13,484 $ 17,096 1.07%
2 California 48,074 32,417 80,491 5.03%
3 Florida 30,877 $ 22,194 55,253 $ 8,479 116,803 7.30%
4 Georgia 6,942 6,942 0.43%
5 Kansas 10,993 10,993 0.69%
6 Louisiana 10,792 10,792 0.67%
7 Mississippi 6,639 $ 4,305 10,944 0.68%
8 Missouri 5,644 12,308 17,952 1.12%
9 Nevada 44,962 44,962 2.81%
10 Pennsylvania 15,002 4,960 $ 2,904 22,866 1.43%
11 Tennessee 55,795 8,860 12,239 76,894 4.80%
12 Texas 25,047 27,871 52,918 3.31%
13 Virginia 29,557 3,289 12,473 45,319 2.83%
14 Wyoming 18,731 18,731 1.17%
-------------------------------------------------- ---------------------------------------------------------
TOTAL OPER.
PROPERTIES 296,231 44,947 113,462 71,854 4,305 0 0 0 2,904 533,703 33.34%
-------------------------------------------------- ---------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY
NOI GROWTH FOR
OPERATING
PROPERTIES: 2.5%
- -----------------------------------------------------------------------------------------------------------------------------------
MASTER LEASES
1 Alabama $ 43,917 $11,488 $ 4,370 $17,722 $ 77,497 4.84%
2 Arizona 5,274 $ 2,874 8,148 0.51%
3 Arkansas 3,055 3,055 0.19%
4 California 29,291 $ 8,363 1,046 $12,688 51,388 3.21%
5 Colorado 4,967 21,441 26,408 1.65%
6 Connecticut 12,189 12,189 0.76%
7 Florida 39,807 45,858 $ 3,271 $ 1,448 9,555 21,869 10,206 11,703 143,717 8.98%
8 Georgia 5,427 1,595 10,078 17,100 1.07%
9 Illinois 11,939 1,486 13,425 0.84%
10 Indiana 3,640 3,640 0.23%
11 Kansas 7,593 7,593 0.47%
12 Massachusetts 19,839 19,839 1.24%
13 Michigan 12,715 13,859 26,574 1.66%
14 Mississippi 3,474 3,474 0.22%
15 Missouri 16,370 4,570 6,250 11,139 38,329 2.39%
16 Nevada 7,034 3,801 10,835 0.68%
17 New Jersey 19,047 19,047 1.19%
18 North Carolina 3,904 3,904 0.24%
19 Ohio 4,490 4,490 0.28%
20 Oklahoma 13,341 13,341 0.83%
21 Pennsylvania 31,070 21,075 113,867 166,012 10.37%
22 Tennessee 3,139 2,611 7,492 8,335 21,577 1.35%
23 Texas 39,695 17,314 22,222 1,976 72,574 19,466 13,203 6,023 192,473 12.02%
24 Virginia 22,994 1,941 2,166 17,397 37,218 81,716 5.10%
25 Wyoming 6,990 6,990 0.44%
-------------------------------------------------- ---------------------------------------------------------
TOTAL MASTER
LEASES 191,151 111,351 41,863 5,365 38,762 226,161 169,043 156,495 32,570 972,761 60.76%
-------------------------------------------------- ---------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY
NOI GROWTH FOR
MASTER LEASES: 2.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Corporate
Property 4,125 0.26%
-------------------------------------------------------------------------------------------------------------
TOTAL EQUITY
INVESTMENTS $487,382 $156,298 $155,325 $77,219 $43,067 $226,161 $169,043 $156,495 $35,474 $1,510,589 94.35%
================================================== =========================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Wtd Avg
Depreciable
Life (yrs): 36.3 33.2 33.1 35.4 35.4 32.3 35.2 34.8 34.6 34.5
Wtd Avg Period
Held (yrs): 6.1 5.4 5.4 5.2 6.1 3.9 6.1 4.5 5.9 5.4
- -----------------------------------------------------------------------------------------------------------------------------------
MORTGAGES
1 Arizona $ 4,666 $17,022 $ 21,688 1.35%
2 California 12,687 7,661 20,348 1.27%
3 Florida 11,636 11,636 0.73%
4 Georgia 1,114 1,114 0.07%
5 Idaho 4,750 4,750 0.30%
6 Michigan $10,801 10,801 0.67%
7 Ohio 1,558 584 2,142 0.13%
8 Oregon 2,803 2,803 0.18%
9 South Carolina 2,959 2,959 0.18%
10 Tennessee 11,606 11,606 0.72%
11 Texas $ 578 578 0.04%
-------------------------------------------------------------------------------------------------------------
TOTAL MTG.
INVESTMENTS $ -- $ 578 $ -- $ -- $ -- $ 42,173 $ 22,991 $ -- $24,683 $ 90,425 5.65%
================================================== =========================================================
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY
NOI GROWTH FOR
MORTGAGES: 1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL
INVESTMENTS $487,382 $156,876 $155,325 $77,219 $43,067 $268,334 $192,034 $156,495 $60,157 $1,601,014 100.00%
================================================== ===========================================================
PERCENT OF
$ INVESTED 30.521% 9.824% 9.727% 4.836% 2.697% 16.804% 12.026% 9.800% 3.767% 100.00%
================================================== ===========================================================
NUMBER OF
PROPERTIES 54 29 13 14 12 46 36 9 6 219
================================================== =========================================================
NUMBER OF BEDS 3,909 3,667 759 488 8,823
================================================== =========================================================
(1) 3 facility types <2% each.
(2) 4 facility types <2% each.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 5 OF 13
6) INVESTMENT BY OPERATOR/SIGNIFICANT TENANT
Number Number Total
of (1) of Number
Real Real Mortgage Mortgage of (1)
Estate Estate Proper- Invest- Proper- Total Commit-
Properties Investment ties ment ties Investment ments Total Percent
------------------------------------------------------------------------------------------
Public or Investment Grade Operators/
Significant Tenants
- -------------------------------------
1 Healthsouth 27 $276,552 27 $276,552 $276,552 17.17%
2 HCA 27 230,486 27 230,486 $428 230,914 14.33%
3 Tenet Healthcare Corporation 12 100,693 1 $7,661 13 108,354 108,354 6.73%
4 Baptist Memorial Hospital 5 52,325 5 52,325 52,325 3.25%
5 Integrated Health 3 37,133 3 37,133 9,691 46,824 2.91%
6 Methodist 4 26,485 4 26,485 26,485 1.64%
7 Triad 4 24,694 4 24,694 24,694 1.53%
8 MedCath 1 3,612 1 17,022 2 20,634 20,634 1.28%
9 Ephrata Community Hospital 3 19,962 3 19,962 19,962 1.24%
10 Ramsay 2 19,881 2 19,881 19,881 1.23%
11 United Medical Center 1 18,731 1 18,731 18,731 1.16%
12 KS Management Services 1 17,314 1 17,314 17,314 1.08%
13-24 12 Operators With Less than 1% Each 15 92,929 1 7,698 16 100,627 -- 100,627 6.25%
---------------------------------------------------------------------------------------
108 933,896 3 32,381 111 966,277 10,119 976,396 60.60%
---------------------------------------------------------------------------------------
Other Operators/Significant Tenants
- -----------------------------------
25 Life Care Centers 12 $82,998 2 $9,259 14 $92,257 $92,257 5.73%
26 Balanced Care 14 64,985 14 64,985 64,985 4.03%
27 Summerville 5 53,105 5 53,105 53,105 3.30%
28 Lewis-Gale Clinic, LLC 8 45,319 8 45,319 45,319 2.81%
29 Senior Lifestyles 4 43,680 4 43,680 43,680 2.71%
30 HRT Multi-tenant 4 39,281 4 39,281 39,281 2.44%
31 Kerlan Jobe Orthopedic 1 32,417 1 32,417 32,417 2.01%
32 Emeritus 4 28,895 4 28,895 28,895 1.79%
33 Melbourne Internal Medicine 4 28,554 4 28,554 28,554 1.77%
34 Wellington 5 19,389 5 19,389 19,389 1.20%
35 Centennial 6 16,355 6 16,355 16,355 1.02%
36-60 25 Operators With Less than 1% Each 32 133,945 13 48,785 45 182,730 -- 182,730 11.34%
----------------------------------------------------------------------------------------
93 572,568 15 58,044 108 630,612 -- 630,612 39.14%
----------------------------------------------------------------------------------------
Corporate Property 4,125 4,125 4,125 0.26%
----------------------------------------------------------------------------------------
201 $1,510,589 18 $90,425 219 $1,601,014 10,119 $1,611,133 100.00%
========================================================================================
(1) Includes construction in progress.
7) SQUARE FEET OWNED AND/OR MANAGED BY GEOGRAPHIC LOCATION
Number of Properties Owned
-------------------------- ---------------------------------- Third Part
Third Mort- Not Construction Property
Owned Party gages Total Managed In Progress Managed Management Mortgages Total Percent
-------------------------- -----------------------------------------------------------------------------------
1 Alabama 10 10 507,530 507,530 3.97%
2 Arizona 4 2 6 74,507 75,621 60,078 210,206 1.64%
3 Arkansas 1 1 11,963 11,963 0.09%
4 California 12 1 3 16 256,144 370,556 29,504 402,786 1,058,990 8.27%
5 Colorado 3 3 225,764 225,764 1.76%
6 Connecticut 1 26 27 59,387 258,915 318,302 2.49%
7 Florida 35 73 2 110 771,896 34,716 639,016 1,461,480 107,660 3,014,768 23.55%
8 Georgia 5 1 6 138,599 60,198 40,000 238,797 1.87%
9 Idaho 1 1 29,118 29,118 0.23%
10 Illinois 2 2 115,100 115,100 0.90%
11 Indiana 1 1 29,500 29,500 0.23%
12 Kansas 2 2 57,035 70,627 127,662 1.00%
13 Louisiana 2 2 119,532 119,532 0.93%
14 Massachusetts 3 3 141,027 141,027 1.10%
15 Michigan 6 2 8 235,227 129,408 364,635 2.85%
16 Mississippi 3 3 6 25,000 97,385 78,091 200,476 1.57%
17 Missouri 10 10 201,167 120,930 322,097 2.52%
18 Nevada 3 3 43,579 191,598 235,177 1.84%
19 New Jersey 2 2 110,844 110,844 0.87%
20 North Carolina 1 1 33,181 33,181 0.26%
21 Ohio 1 2 3 33,181 124,411 157,592 1.23%
22 Oklahoma 5 5 139,216 139,216 1.09%
23 Oregon 1 1 80,429 80,429 0.63%
24 Pennsylvania 20 20 722,053 120,907 842,960 6.59%
25 South Carolina 1 1 23,000 23,000 0.18%
26 Tennessee 16 5 2 23 161,366 60,000 499,238 291,244 142,191 1,154,039 9.02%
27 Texas 27 1 28 1,097,527 538,265 41,515 1,677,307 13.10%
28 Virginia 24 1 25 527,705 461,904 111,998 1,101,607 8.61%
29 Wyoming 2 2 29,851 178,672 208,523 1.63%
-------------------------- -----------------------------------------------------------------------------------
Total Square Feet 5,748,349 94,716 3,544,449 2,231,232 1,180,596 12,799,342 100.00%
===================================================================================
Total Properties 201 109 18 328
==========================
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 6 OF 13
8) SQUARE FEET OWNED AND/OR MANAGED BY FACILITY TYPE
Owned
---------------------------------- Third Party
Not Construction Property
Managed In Progress Managed Management Mortgages Total Percent
------------------------------------ ----------------------------------------------
Ancillary Hospital Facility 1,163,704 1,977,057 3,140,761 24.54%
Medical Office Buildings 42,932 60,000 623,231 2,201,728 2,927,891 22.88%
Assisted Living Facilities 1,418,210 734,493 2,152,703 16.82%
Skilled Nursing Facilities 1,186,751 306,010 1,492,761 11.66%
Physician's Clinics 707,733 233,165 41,515 982,413 7.68%
Comprehensive Ambulatory Care Centers 115,857 34,716 674,045 824,618 6.44%
Inpatient Rehab Hospitals 643,383 643,383 5.03%
Other Outpatient Facilities 253,438 36,951 290,389 2.27%
Other Inpatient Facilities 216,341 29,504 98,578 344,423 2.69%
------------------------------------ ----------------------------------------------
TOTAL SQUARE FEET 5,748,349 94,716 3,544,449 2,231,232 1,180,596 12,799,342 100.00%
==================================== ==============================================
PERCENT OF TOTAL SQUARE FOOTAGE 44.91% 0.74% 27.69% 17.43% 9.22% 100.00%
==================================== =====================================
TOTAL NUMBER OF PROPERTIES 140 3 58 109 18 328
==================================== =====================================
9) SQUARE FEET OWNED AND/OR MANAGED BY OPERATOR/SIGNIFICANT TENANT
Owned
--------------------------------- Third Party
Not Construction Property
Managed In Progress Managed Management Mortgages Total Percent
---------------------------------- -------------------------------------------
PUBLIC OR INVESTMENT GRADE OPERATOR/
SIGNIFICANT TENANT
- ------------------------------------
1 HCA 622,220 34,716 746,850 1,403,657 2,807,443 21.93%
2 Healthsouth 1,124,390 154,374 1,278,764 9.99%
3 Baptist Memorial Hospital 60,000 365,699 369,335 795,034 6.21%
4 Tenet Healthcare Corporation 258,485 347,739 61,227 89,000 756,451 5.91%
5 Brookdale Communities 263,786 263,786 2.06%
6 Stamford Health Systems 258,915 258,915 2.02%
7 Methodist 221,375 221,375 1.73%
8 United Medical Center 178,672 178,672 1.40%
9 Integrated Health 153,660 153,660 1.20%
10 Ramsay 153,341 153,341 1.20%
11 Triad 129,442 129,442 1.01%
12 Labcorp of America 129,294 129,294 1.01%
13-27 15 Operators with Square Feet Less Than 1% 423,583 -- 403,679 -- 9,578 836,840 6.54%
---------------------------------- ---------------------------------------------
TOTAL 2,994,415 94,716 2,539,295 2,093,134 362,364 8,083,924 63.16%
---------------------------------- ---------------------------------------------
OTHER OPERATOR/SIGNIFICANT TENANT
- ---------------------------------
28 Life Care Centers of America 620,527 131,813 752,340 5.88%
29 Lewis-Gale Clinic, LLC 461,904 461,904 3.61%
30 Balanced Care 400,370 400,370 3.13%
31 Senior Lifestyles 308,742 308,742 2.41%
32 Summerville 292,231 292,231 2.28%
33 HRT Multi-tenant 218,001 218,001 1.70%
34 Emeritus 209,747 209,747 1.64%
35 Centennial Healthcare 151,172 151,172 1.18%
36 Melbourne Internal Medicine 140,125 140,125 1.09%
37 HSI 139,216 139,216 1.09%
38 Wellington 130,790 130,790 1.02%
39 Prestige Care 129,618 129,618 1.01%
40-63 24 Operators with Square Feet Less Than 1% 361,014 -- 325,249 138,098 556,801 1,381,162 10.79%
---------------------------------- ---------------------------------------------
TOTAL 2,753,934 -- 1,005,154 138,098 818,232 4,715,418 36.84%
---------------------------------- ---------------------------------------------
TOTAL SQUARE FEET 5,748,349 94,716 3,544,449 2,231,232 1,180,596 12,799,342 100.00%
================================== =============================================
10) ASSISTED LIVING FACILITY OCCUPANCY
ALF Revenue
For the Three % of ALF
Number of Months Ended Revenue to
Occupancy Facilities 03/31/03 Total Revenue
---------------------------------------------------------------------
0% to 24.9% 0 $ 0 0.0%
25% to 49.9% 0 0 0.0%
50% to 69.9% 5 573 1.2%
70% to 84.9% 10 1,298 2.7%
85% to 100.0% 31 4,723 9.9%
--------------------------------------------
46 $6,594 13.8%
============================================
NOTE: Occupancy rates are generally as of December 31, 2002 and revenues are for
the three months ended March 31, 2003.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 7 OF 13
11) LEASE/MORTGAGE MATURITY SCHEDULE
A) LEASES
Weighted
Number of Average
Operating Estimated Percent of Remaining
Number of Property Annualized Annualized Lease
Master Leases Leases Net Revenue Net Revenue Term (Years)
-------------------------------------------------------------------------------------
2003 6 37 $ 6,144 3.86% 0.02
2004 10 48 10,368 6.51% 0.08
2005 3 87 7,838 4.92% 0.11
2006 3 68 6,837 4.29% 0.14
2007 10 33 7,652 4.81% 0.22
2008 20 22 19,858 12.47% 0.68
2009 24 9 23,533 14.78% 1.00
2010 10 7 7,463 4.69% 0.43
2011 10 18 20,837 13.09% 0.82
2012 18 4 14,774 9.28% 0.98
2013 15 2 18,740 11.77% 1.09
2014 1 6 1,865 1.17% 0.05
2015 5 0 2,307 1.45% 0.04
After 2015 5 10 11,008 6.91% 1.48
----------------------------------------------------------------------------------
TOTAL 140 351 $159,224 100.00% 7.14
==================================================================================
NUMBER OF PROPERTIES REPRESENTED: 201
B) MORTGAGES
Weighted
Average
Estimated Percent of Remaining
Number of Annualized Annualized Mortgage
Mortgages Net Revenue Net Revenue Term (Years)
----------------------------------------------------------------
2003 6 $ 2,053 20.11% 0.02
2004 1 1,631 15.98% 0.30
2005 3 771 7.55% 0.25
2006 1 512 5.02% 0.19
2007 1 1,073 10.51% 0.40
2008 3 1,750 17.14% 0.89
2009 2 1,460 14.30% 0.93
2010 0 -- 0.00% 0.00
2011 0 -- 0.00% 0.00
2012 0 -- 0.00% 0.00
2013 1 959 9.39% 0.74
2014 0 -- 0.00% 0.00
After 2014 0 -- 0.00% 0.00
--------------------------------------------------------------
TOTAL 18 $10,209 100.00% 3.72
==============================================================
12) CONSTRUCTION IN PROGRESS - AS OF MARCH 31, 2003
Investment Remaining Total
Operator Properties Balance Commitment Real Estate (1)
------------------------------ -----------------------------------------------------------
Baptist Collierville 1 $ 1,229 $ 9,691 $ 10,920
Conemaugh Health Systems 1 2,904 -- 2,904
Expansion of existing property 1 7,182 428 7,610
----------------------------------------------------------
TOTAL 3 $ 11,315 $ 10,119 $ 21,434
==========================================================
Percentage of construction in progress to total investment portfolio: 0.71%
=========
(1) Projected Timing of Conversion to Revenue Producing Assets:
2003 2004
----------------------------------------------------------------
QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 Total
-----------------------------------------------------------------------------
$0 $10,514 $0 $0 $0 $10,920 $21,434
=============================================================================
(2) During the three months ending March 31, 2003, the Company capitalized
interest in the amount of $161,396.85.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 8 OF 13
13) LONG-TERM DEBT INFORMATION - AS OF MARCH 31, 2003
A) BREAKDOWN BETWEEN FIXED AND VARIABLE RATE DEBT:
Balance Effective Rate
---------------------------------------
Fixed Rate Debt:
Senior Notes due 2006 $ 70,000 9.49%
Senior Notes due 2011, net 314,334 8.202% See Note (C)
Mortgage Notes Payable 71,462 Range from 7.22% to 7.76% See Note (D)
Other Note Payable 2,917 7.53%
----------
458,713
----------
Variable Rate Debt:
Unsecured Credit Facility due 2004 89,000 1.15% over LIBOR See Note (E)
----------
89,000
----------
TOTAL $ 547,713
==========
B) FUTURE MATURITIES:
2008
2003 2004 2005 2006 2007 and After Total
------------------------------------------------------------------------------
Fixed Rate Debt:
Senior Notes due 2006 $ -- $ 20,300 $20,300 $29,400 $ -- $ -- $ 70,000
Senior Notes due 2011, net 1,193 1,697 1,822 1,956 2,099 305,567 314,334
Mortgage Notes Payable 2,668 18,832 3,748 4,037 4,348 37,829 71,462
Other Note Payable 584 1,166 1,167 -- -- -- 2,917
Variable Rate Debt:
Unsecured Credit Facility due 2004 -- 89,000 -- -- -- -- 89,000
------------------------------------------------------------------------------
$ 4,445 $130,995 $27,037 $35,393 $ 6,447 $343,396 $547,713
==============================================================================
C) In May 2001, the Company sold at a discount $300 million
principal amount of unsecured 8.25% Senior Notes due May 2011.
The notes were priced to yield 8.202%. In June 2001, the
Company entered into interest rate swap agreements totaling
$125 million to offset changes in the fair value of $125
million of the notes. The Company paid interest at the
equivalent rate of 1.99% over six month LIBOR. In March 2003,
these interest rate swap agreements were terminated and new
swaps were entered into under terms identical to those of the
old swaps except that the equivalent rate is now 4.12% over
six month LIBOR. The Company received cash equal to the fair
value of the terminated swaps of $18.4 million. The fair value
of the terminated swaps are combined with the principal
balance of the senior notes on the balance sheet. The fair
value gain of $18.4 million will be amortized against interest
expense over the remaining term of the notes offsetting the
increase in the spread over LIBOR. The fair value of the swaps
entered into in March 2003 are also combined with the
principal balance of the senior notes on the balance sheet.
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 wholly 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, 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 2006 and 2011.
Standard & Poor's Investors Service has assigned a "BBB-"
credit rating to the Company's Senior Notes due 2006 and 2011.
Fitch Ratings has assigned a "BBB" credit rating to the
Company's Senior Notes due 2006 and 2011.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 9 OF 13
14) DIVIDEND HISTORY (DOLLARS NOT ROUNDED TO THOUSANDS)
A) COMMON STOCK
Increase
From Prior
Operating Period Payment Date Amount Quarter Annualized
----------------------------------------------------------------------------------------------------
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 Mar. 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 Mar. 6, 2002 0.590 0.005 2.36
First Quarter 2002 June 6, 2002 0.595 0.005 2.38
Second Quarter 2002 Sept. 5, 2002 0.600 0.005 2.40
Third Quarter 2002 Dec. 5, 2002 0.605 0.005 2.42
Fourth Quarter 2002 Mar. 6, 2003 0.610 0.005 2.44
First Quarter 2003 June 5, 2003 0.615 0.005 2.46
B) PREFERRED STOCK
On September 30, 2002, the Company redeemed all of the
3,000,000 shares of Preferred Stock then outstanding, pursuant
to the terms of issuance, at the redemption price of $25.00
per share. Prior to the redemption, the Company made quarterly
cash distributions on the Preferred Stock at an annualized
rate of $2.22 per share. Healthcare Realty Trust Incorporated
is authorized to issue 50,000,000 shares of Preferred Stock.
C) INFORMATION REGARDING TAXABLE STATUS OF 2002 CASH
DISTRIBUTIONS
Cash Taxable Total
Distribution Ordinary Return of Capital
Per Share Dividend Capital Gain
--------------------------------------------------------------
HR COMMON $ 2.390000 $ 1.996949 $ 0.054659 $ 0.338392
CUSIP # 421946104
HR 8.875% SERIES A PREFERRED $ 1.853030 $ 1.597600 $ -- $ 0.255430
CUSIP # 421946203
Note: While the taxability of 2003 dividends cannot be determined
until late January 2004, the Company is not aware of any activities
that would cause a substantial change in the taxability of the total
2003 dividend. Therefore, the taxability of the total 2003 dividend
should approximate the taxability of the dividends paid March 6, June
6, September 5, and December 5, 2002.
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 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, FFO and FAD per share
amounts:
FOR THE THREE MONTHS
ENDED MARCH 31,
----------------------------------
2003 2002
----------------------------------
TOTAL COMMON SHARES OUTSTANDING 42,023,529 41,904,924
==================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 41,941,672 41,728,649
Actual Restricted Stock Shares (1,122,054) (1,242,163)
----------------------------------
DENOMINATOR SHARES FOR BASIC COMMON SHARE EPS, FFO AND FAD 40,819,618 40,486,486
Restricted Shares - Treasury 732,226 814,875
Dilution for Employee Stock Purchase Plan 63,559 132,737
----------------------------------
DENOMINATOR SHARES FOR DILUTED COMMON SHARE EPS, FFO AND FFD 41,615,403 41,434,098
==================================
Note 1: As of March 31, 2003, HR had approximately 1,761 shareholders of record.
16) BENEFICIAL SECURITY OWNERSHIP BY MANAGEMENT AND DIRECTORS AS OF MARCH
31, 2003
OFFICERS Owned Restricted (1) Reserved (2) Options Total
-------------------------------------------------------------------------------------------------------------
David R. Emery 144,800(3) 701,180 112,500 0 958,480
Roger O. West 5,832 365,735 55,000 0 426,567
Scott W. Holmes 1,418 4,398 0 0 5,816
J.D. Carter Steele 3,594 4,614 0 0 8,208
Other Officers as a group 21,273 43,277 0 0 64,550
Directors as a group 47,672 2,850 0 0 50,522
------------------------------------------------------------------------------
TOTAL 224,589 1,122,054 167,500 0 1,514,143
==============================================================================
(1) These shares are subject to long-term vesting requirements pursuant
to the terms of the 1993 Employees Stock Incentive Plan, the 2003
Employees Restricted 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, 2002
A) Institutional Shares Held: 20,077,438 (Source: Form 13F Filings)
============
B) Number of Institutions: 171
=============
C) Percentage of Common Shares Outstanding: 48.01%
=============
18) BOOK VALUE PER COMMON SHARE
Total Stockholders' Equity $ 902,298
Total Common Shares Outstanding 42,023,529
------------
Book Value Per Common Share $ 21.47
============
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 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
Mid-America Regional Office
Mid-Atlantic Regional Office
Southern California Regional Office
B) STOCK EXCHANGE, SYMBOL AND CUSIP NUMBER:
Security Description Stock Exchange Symbol CUSIP Number
----------------------------------------------------------------------------------
Common Stock New York Stock Exchange HR 421946104
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
Roger O. West, Executive Vice President and General Counsel
Scott W. Holmes, Senior Vice President and Chief Financial
Officer
J. D. Carter Steele, Senior Vice President and Chief
Operating Officer
Eric W. Fischer, Senior Vice President / Real Estate
Investments
Fredrick M. Langreck, Senior Vice President / Treasurer
John M. Bryant, Jr., Vice President/Assistant General Counsel
Donald L. Husi, Vice President / Senior Living Asset
Administration
Leigh Ann Stach, Vice President / Financial Reporting and
Controller
B. Douglas Whitman, Vice President / Real Estate Investments
Brince R. Wilford, Associate Vice President / Real Estate
Investments
Rita H. Todd, Corporate Secretary
HEALTHCARE REALTY SERVICES INCORPORATED
B. Bart Starr, Chairman of the Board
Thomas M. Carnell, Vice President / Design & Construction
Gilbert T. Irvin, Vice President / Operations
Anne C. Sanborn, 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, retired President and Chief Executive Officer,
Memorial Hermann Healthcare System (Healthcare Provider
Executive)
HEALTHCARE REALTY TRUST
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED MARCH 31, 2003 PAGE 12 OF 13
19) OTHER CORPORATE INFORMATION (CONT.)
F) PROFESSIONAL AFFILIATIONS:
INDEPENDENT PUBLIC AUDITORS
Ernst & Young LLP
Suntrust Center
424 Church Street, Suite 1100
Nashville, TN 37219
TRANSFER AGENT
EquiServe
P.O. Box 43010
Providence, RI 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, RI
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, RI
02940-3010, or call (781) 575-3400.
I) ANALYSTS PROVIDING RESEARCH COVERAGE ON HR:
A.G. Edwards & Sons, Inc. David AuBuchon (314) 955-5452
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 2003 DIVIDEND AND EARNINGS PRESS RELEASES:
DIVIDEND EARNINGS
---------------- ----------------
First Quarter 2003 April 22, 2003 April 25, 2003
Second Quarter 2003 July 22, 2003 July 25, 2003
Third Quarter 2003 October 28, 2003 October 31, 2003
Fourth Quarter 2003 January 27, 2004 January 30, 2004
NOTE: A conference call will be scheduled at 9:00 AM Central
Time 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, 2002. 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, 2003 PAGE 13 OF 13