EXHIBIT 99.3
[HEALTHCARE REALTY TRUST LOGO]
SUPPLEMENTAL DATA REPORT
THREE MONTHS ENDED DECEMBER 31, 2004
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA, UNLESS OTHERWISE DISCLOSED
UPDATED AS OF JANUARY 27, 2005
1) RECONCILIATION OF FUNDS FROM OPERATIONS (1) - UNAUDITED
FOR THE THREE MONTHS FOR THE TWELVE MONTHS
ENDED DECEMBER 31, ENDED DECEMBER 31,
------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
NET INCOME (2) $ 16,053 $ 16,856 $ 63,428 $ 70,507
NET LOSS ON SALE OF REAL ESTATE PROPERTIES 0 441 0 1,109
REAL ESTATE DEPRECIATION AND AMORTIZATION 15,808 11,741 54,818 42,370
----------- ----------- ----------- -----------
TOTAL ADJUSTMENTS 15,808 12,182 54,818 43,479
----------- ----------- ----------- -----------
FUNDS FROM OPERATIONS - BASIC AND DILUTED $ 31,861 $ 29,038 $ 118,246 $ 113,986
=========== =========== =========== ===========
FUNDS FROM OPERATIONS PER COMMON SHARE - BASIC $ 0.69 $ 0.70 $ 2.71 $ 2.77
=========== =========== =========== ===========
FUNDS FROM OPERATIONS PER COMMON SHARE - DILUTED $ 0.67 $ 0.69 $ 2.65 $ 2.73
=========== =========== =========== ===========
WTD AVERAGE COMMON SHARES OUTSTANDING - BASIC 46,377,130 41,693,382 43,650,455 41,129,282
=========== =========== =========== ===========
WTD AVERAGE COMMON SHARES OUTSTANDING - DILUTED 47,353,076 42,276,811 44,572,367 41,780,088
=========== =========== =========== ===========
IMPAIRMENTS (2) $ 606 $ -- $ 1,210 $ --
=========== =========== =========== ===========
PER SHARE IMPACT OF IMPAIRMENTS ON DILUTED FUNDS FROM OPERATIONS $ 0.02 $ -- $ 0.03 $ --
=========== =========== =========== ===========
(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"). NAREIT defines FFO as the most commonly accepted
and reported measure of a REIT's operating performance equal to "net
income (computed in accordance with generally accepted accounting
principles), excluding gains (or losses) from sales of property plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures."
Management believes FFO and FFO per share to be important supplemental
measures of a REIT's performance because they provide an understanding of
the operating performance of the Company's properties without giving
effect to significant non-cash items, primarily depreciation of real
estate. Management uses FFO and FFO per share to compare and evaluate its
own operating results from period to period, and to monitor the operating
results of the Company's peers in the REIT industry. The Company reports
FFO and FFO per share because these measures are observed by management to
also be the predominant measures used by the REIT industry and by industry
analysts to evaluate REITs; furthermore, because FFO per share is
consistently and regularly reported, discussed and compared by research
analysts in their notes and publications about REITs; and finally, because
research analysts publish their earnings estimates and consensus estimates
for healthcare REITs only in terms of fully-diluted FFO per share and not
in terms of net income or earnings per share. For these reasons,
management has deemed it appropriate to disclose and discuss FFO and FFO
per share.
However, FFO does not represent cash generated from operating activities
determined in accordance with accounting principles generally accepted in
the United States ("GAAP") and is not necessarily indicative of cash
available to fund cash needs. FFO should not be considered 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.
(2) During the third quarter of 2004, the Company concluded that certain
amendments related to retirement provisions in the employment agreements
of certain officers that were effective as of January 1, 2000 impacted the
measurement dates and amortization periods related to the restricted stock
of those officers. In the third quarter of 2004, the Company adjusted its
non-cash amortization of the restricted stock for these officers resulting
in a $2.4 million adjustment. See footnote 2 to the Company's income
statement. Net income includes non-cash deferred compensation of $885
thousand and $686 thousand, respectively, for the three months ended
December 31, 2004 and 2003, and $5.9 million (including the $2.4 million
adjustment) and $2.8 million, respectively, for the twelve months ended
December 31, 2004 and 2003. Further, net income for the three and twelve
months ended December 31, 2004 includes impairment charges of $606
thousand and $1.2 million, respectively, related to the disposition of
real estate assets including the non-cash write-off of straight line rent
receivables.
- --------------------------------------------------------------------------------
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 and Twelve Months Ended December 31, 2004 Page 1 of 13
2) CONSOLIDATED BALANCE SHEETS
ASSETS (Unaudited) (1)
DEC. 31, 2004 DEC. 31, 2003
------------- -------------
Real estate properties (2):
Land $ 137,470 $ 132,193
Buildings, improvements and lease intangibles 1,671,240 1,338,084
Personal property 15,887 14,416
Construction in progress 18,907 13,198
------------- -------------
1,843,504 1,497,891
Less accumulated depreciation (270,926) (220,855)
------------- -------------
Total real estate properties, net 1,572,578 1,277,036
Cash and cash equivalents 2,015 3,840
Mortgage notes receivable 40,321 91,835
Assets held for sale (3) 61,246 62,973
Other assets, net 107,869 90,026
------------- -------------
Total assets $ 1,784,029 $ 1,525,710
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes and bonds payable $ 719,264 $ 590,281
Accounts payable and accrued liabilities 26,134 15,649
Other liabilities 21,653 17,502
------------- -------------
Total liabilities 767,051 623,432
------------- -------------
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, 2004 -- 47,701,108; 2003 -- 42,823,916 477 428
Additional paid-in capital 1,218,136 1,054,465
Deferred compensation (15,144) (18,396)
Cumulative net income 579,087 515,659
Cumulative dividends (765,578) (649,878)
------------- -------------
Total stockholders' equity 1,016,978 902,278
------------- -------------
Total liabilities and stockholders' equity $ 1,784,029 $ 1,525,710
============= =============
(1) The balance sheet at December 31, 2003 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 33.6 years. (see schedule 5)
(3) In accordance with SFAS No. 144, "Accounting for Impairment or Disposal of
Long-Lived Assets," the Company reported ten senior living assets as held for
sale and included them in discontinued operations on the Company's income
statement. In January, the lessee exercised its option to purchase nine of the
ten properties. The Company anticipates the lessee will exercise its option to
purchase the one remaining property. Assets held for sale include a gross
investment of $74.8 million and accumulated depreciation of $13.6 million and
$11.9 million for the twelve months ended December 31, 2004 and 2003,
respectively.
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 2 of 13
3) CONSOLIDATED STATEMENTS OF INCOME (1)
FOR THE THREE MONTHS FOR THE TWELVE MONTHS
ENDED DECEMBER 31, ENDED DECEMBER 31,
---------------------------- ----------------------------
2004 2003 2004 2003
------------ ------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited)
REVENUES
Master lease rental income $ 22,185 $ 20,926 $ 84,942 $ 80,329
Property operating income 33,153 20,248 111,016 73,077
Straight line rent 789 521 1,592 2,419
Mortgage interest income 1,180 2,763 8,766 10,441
Other operating income 5,635 4,316 20,835 17,978
---------------------------- ----------------------------
62,942 48,774 227,151 184,244
EXPENSES
General and administrative 3,514 2,887 12,822 11,121
Adjustment to amortization of deferred compensation (2) -- -- 2,440 --
Property operating expenses 17,892 9,752 56,659 34,544
Interest 10,911 8,964 43,380 34,602
Depreciation 12,486 10,241 46,050 39,844
Amortization 3,152 1,275 8,155 1,315
---------------------------- ----------------------------
47,955 33,119 169,506 121,426
---------------------------- ----------------------------
INCOME FROM CONTINUING OPERATIONS 14,987 15,655 57,645 62,818
DISCONTINUED OPERATIONS
Operating income from Discontinued Operations 1,672 1,642 6,993 8,798
Gain (loss) on sale of real estate properties and impairments(2) (606) (441) (1,210) (1,109)
---------------------------- ----------------------------
1,066 1,201 5,783 7,689
---------------------------- ----------------------------
NET INCOME (3) $ 16,053 $ 16,856 $ 63,428 $ 70,507
============================ ============================
BASIC EARNINGS PER COMMON SHARE:
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE $ 0.32 $ 0.38 $ 1.32 $ 1.53
============================ ============================
DISCONTINUED OPERATIONS PER COMMON SHARE $ 0.03 $ 0.02 $ 0.13 $ 0.18
============================ ============================
NET INCOME PER COMMON SHARE $ 0.35 $ 0.40 $ 1.45 $ 1.71
============================ ============================
DILUTED EARNINGS PER COMMON SHARE:
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE $ 0.32 $ 0.37 $ 1.29 $ 1.50
============================ ============================
DISCONTINUED OPERATIONS PER COMMON SHARE $ 0.02 $ 0.03 $ 0.13 $ 0.19
============================ ============================
NET INCOME PER COMMON SHARE $ 0.34 $ 0.40 $ 1.42 $ 1.69
============================ ============================
WTD AVERAGE COMMON SHARES OUTSTANDING - BASIC 46,377,130 41,693,382 43,650,455 41,129,282
============================ ============================
WTD AVERAGE COMMON SHARES OUTSTANDING - DILUTED 47,353,076 42,276,811 44,572,367 41,780,088
============================ ============================
(1) The income statements do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements.
In 2004, the Company reclassified the lease guaranty amounts related
to properties having property operating agreements from "property
operating income" to "other operating income" (previously "interest
and other income") on the Company's income statement. The lease
guaranty amounts totaled $3.5 million and $3.6 million,
respectively, for the three months ended December 31, 2004 and 2003
and totaled $15.7 million and $13.9 million, respectively, for the
twelve months ended December 31, 2004 and 2003.
The Company also reclassified the amortization of its at-market
lease intangible assets, recorded as part of the allocation of the
purchase price of real estate assets acquired, from property
operating income and depreciation expense to amortization expense.
The amortization expense for these at-market lease intangibles for
the three months ended December 31, 2004 and 2003 totaled $3.1
million and $1.3 million, respectively, and totaled $8.1 million and
$1.3 million, respectively, for the twelve months ended December 31,
2004 and 2003.
(2) In the third quarter of 2004, management concluded that certain
amendments related to retirement provisions in the employment
agreements of certain officers that were effective as of January 1,
2000 impacted the measurement dates and amortization periods related
to restricted stock reserved for or released, subject to vesting
provisions, to those officers. The Company concluded that the
non-cash amortization of restricted stock for those officers for the
years 2000 through 2003 was understated in total by approximately
$2.3 million and was understated by approximately $121,000 for the
nine months ended September 30, 2004. Further, the Company concluded
that the deferred compensation balance on the balance sheet was
overstated by $7.3 million and the additional paid in capital
balance was overstated by $4.9 million at September 30, 2004 due to
the change in the measurement dates and the understatement of
amortization expense.
The adjustments related to prior period financial statements are
not, in the opinion of management, material to the consolidated
financial statements for each of the prior years or current year
financial statements. Therefore, the Company adjusted the deferred
compensation balance, additional paid in capital balance, and
related amortization expense in its Consolidated Financial
Statements for the year ended December 31, 2004. There was no impact
to total stockholder's equity as a result of these adjustments.
The Company recorded asset impairment charges for the three and
twelve months ended December 31, 2004 of $606 thousand and $1.2
million, respectively, related to the disposition of real
estate assets including the non-cash write-off of straight line
rent receivables.
(3) The decline in net income in the three and twelve months ended
December 31, 2004 is largely related to the application of Financial
Accounting Standards Board ("FASB") Statement No. 141 in accounting
for the acquisition of approximately $299 million in real estate
operations during 2004. FASB Statement No. 141 requires that the
purchase price of these real estate operations be allocated between
the land, the physical building as if the building was vacant when
acquired, the lease intangible assets, the goodwill, and the
customer relationship assets acquired. The purchase price allocated
to the lease intangible assets is amortized over the remaining lease
term, typically one to five years, compared to the estimated
depreciable life of the building of 39 years. The majority of the
lease intangible amortization is charged to amortization expense
and, because it is accelerated, has reduced net income more
significantly for the current year than prior years due to the
increased volume of acquisitions.
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 3 of 13
3) CONSOLIDATED STATEMENTS OF INCOME (CONT.)
RECONCILIATION OF NET INCOME TO TAXABLE INCOME (UNAUDITED)
FOR THE THREE MONTHS FOR THE TWELVE MONTHS
ENDED DECEMBER 31, ENDED DECEMBER 31,
----------------------- -----------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------
NET INCOME $ 16,053 $ 16,856 $ 63,428 $ 70,507
DEPRECIATION AND AMORTIZATION 5,127 2,700 12,366 7,814
GAIN OR LOSS ON DISPOSITION OF DEPRECIABLE ASSETS 1,182 (318) 668 83
STRAIGHT LINE RENT (726) (552) (1,570) (2,634)
OTHER 370 (5,371) 10,279 (15,322)
----------------------- -----------------------
5,953 (3,541) 21,743 (10,059)
----------------------- -----------------------
TAXABLE INCOME (1) $ 22,006 $ 13,315 $ 85,171 $ 60,448
======================= =======================
(1) 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 and Twelve Months Ended December 31, 2004 Page 4 of 13
4) INVESTMENT PROGRESSION
A) CONSTRUCTION IN PROGRESS
FOR THE THREE FOR THE TWELVE
NUMBER OF MONTHS ENDED NUMBER OF MONTHS ENDED
PROPERTIES 12/31/04 PROPERTIES 12/31/04
-------------------------- ---------------------------
Balance at beginning of period 3 $ 38,709 2 $ 13,198
Fundings on projects in existence at
the beginning of the period 0 7,502 0 31,213
New Projects started during the period 0 0 2 9,057
Completions (2) (1) (27,304) (2) (34,561)
-------------------------- ---------------------------
Balance at end of period 2 $ 18,907 2 $ 18,907
========================== ===========================
B) REAL ESTATE PROPERTIES (1)
FOR THE THREE FOR THE TWELVE
NUMBER OF MONTHS ENDED NUMBER OF MONTHS ENDED
PROPERTIES 12/31/04 PROPERTIES 12/31/04
-------------------------- ---------------------------
Balance at beginning of period 242 $1,867,946 202 $1,559,574
Acquisitions (2) 1 1,939 41 299,384
Additions/Improvements 0 9,972 0 20,590
Completions (CIP) (2) 1 27,304 2 34,561
Sales (2) (1) (7,683) (2) (14,631)
-------------------------- ---------------------------
Balance at end of period 243 $1,899,478 243 $1,899,478
========================== ===========================
C) MORTGAGE NOTES RECEIVABLE
FOR THE THREE FOR THE TWELVE
NUMBER OF MONTHS ENDED NUMBER OF MONTHS ENDED
PROPERTIES 12/31/04 PROPERTIES 12/31/04
-------------------------- ---------------------------
Balance at beginning of period 10 $60,765 14 $91,835
Funding of Mortgages 0 0 1 1,260
Repayments (2) (2) (20,341) (7) (52,639)
Amortization 0 3 0 427
Scheduled Principal Payments 0 (106) 0 (562)
-------------------------- ---------------------------
Balance at end of period 8 $40,321 8 $40,321
========================== ===========================
(1) Includes assets held for sale
(2) On November 4, 2004, a certificate of substantial completion was issued on
an ancillary hospital facility in Plano, Texas. On December 6, 2004, a
physician's clinic in Florida with a $7.7 million gross investment was sold.
Also, during the quarter a $18.8 million mortgage note receivable on an
independent living facility in Florida was repaid in full and a $1.6 million
mortgage note receivable on a skilled nursing facility in Michigan was converted
into full equity ownership.
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 5 of 13
5) INVESTMENT BY TYPE AND GEOGRAPHIC LOCATION (1)
INPATIENT FACILITIES
---------------------------------------------------------------
MEDICAL OFFICE/ ASSISTED SKILLED INPATIENT INDEPENDENT OTHER
OUTPATIENT LIVING NURSING REHAB LIVING INPATIENT % OF
FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES TOTAL TOTAL
--------------- ---------- ---------- ---------- ----------- ---------- ---------- -------
MASTER LEASES
1 Alabama $ 55,560 $ 4,395 $ 17,722 $ 77,677 3.97%
2 Arizona 5,253 $ 2,874 8,127 0.41%
3 Arkansas 3,055 3,055 0.16%
4 California 25,834 $12,688 38,522 1.97%
5 Colorado 4,967 21,441 26,408 1.35%
6 Connecticut 12,189 12,189 0.62%
7 Florida 100,061 26,719 10,206 11,703 148,689 7.59%
8 Georgia 4,278 6,025 10,303 0.53%
9 Illinois 13,425 13,425 0.69%
10 Indiana 3,790 3,790 0.19%
11 Kansas 7,593 7,593 0.39%
12 Massachusetts 12,034 12,034 0.61%
13 Michigan 24,027 13,859 37,886 1.93%
14 Mississippi 4,498 3,498 7,996 0.41%
15 Missouri 20,941 6,250 11,139 38,330 1.96%
16 Nevada 3,801 3,801 0.19%
17 New Jersey 19,047 19,047 0.97%
18 North Carolina 3,982 3,982 0.20%
19 Ohio 4,612 4,612 0.24%
20 Oklahoma 13,341 13,341 0.68%
21 Pennsylvania 32,179 21,765 113,867 167,811 8.57%
22 Tennessee 7,962 3,899 14,545 26,406 1.35%
23 Texas 67,152 28,895 19,466 13,203 $43,680 6,022 178,418 9.11%
24 Virginia 27,102 17,675 37,234 82,011 4.19%
--------------------------------------------------------------------------------------------------------
TOTAL MASTER LEASES $350,956 $174,332 $187,421 $156,495 $43,680 $32,569 $945,453 48.27%
--------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY NOI GROWTH FOR MASTER LEASES (4Q2004 VS. 4Q2003): 2.1%
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING PROPERTIES
1 Arizona $ 26,545 $26,545 1.36%
2 California 95,656 95,656 4.88%
3 District of Columbia 28,530 28,530 1.46%
4 Florida 104,748 104,748 5.35%
5 Georgia 9,949 9,949 0.51%
6 Hawaii 27,184 27,184 1.39%
7 Illinois 18,301 18,301 0.93%
8 Kansas 11,773 11,773 0.60%
9 Louisiana 11,654 11,654 0.59%
10 Maryland 13,966 13,966 0.71%
11 Michigan 21,158 21,158 1.08%
12 Mississippi 8,527 8,527 0.44%
13 Missouri 18,219 18,219 0.93%
14 Nevada 52,848 52,848 2.70%
15 Pennsylvania 23,303 23,303 1.19%
16 Tennessee 156,973 156,973 8.01%
17 Texas 266,653 266,653 13.61%
18 Virginia 47,561 47,561 2.43%
19 Wyoming 19,005 19,005 0.97%
--------------------------------------------------------------------------------------------------------
TOTAL OPER.
PROPERTIES $962,553 $ -- $ -- $ -- $ -- $ -- $962,553 49.14%
--------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY NOI GROWTH FOR OPERATING PROPERTIES (4Q2004 VS. 4Q2003): 3.8%
- -----------------------------------------------------------------------------------------------------------------------------------
Corporate Property 10,379 0.53%
--------------------------------------------------------------------------------------------------------
TOTAL EQUITY
INVESTMENTS $1,313,509 $174,332 $187,421 $156,495 $43,680 $32,569 $1,918,385 97.94%
--------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Wtd Avg
Depreciable Life (yrs): 33.9 32.4 34.6 34.8 31.6 34.6 33.6
Wtd Avg Period
Held (yrs): 6.3 5.5 7.3 6.2 6.2 7.6 5.9
- -----------------------------------------------------------------------------------------------------------------------------------
MORTGAGES
1 Arizona $ 4,582 $ 4,582 0.23%
2 California 4,821 4,821 0.25%
3 Florida $ 1,260 11,228 12,488 0.64%
4 Oregon 2,698 2,698 0.14%
5 South Carolina 2,846 2,846 0.15%
6 Tennessee $ 12,886 12,886 0.66%
---------------------------------------------------------------------------------------------------------
TOTAL MTG.
INVESTMENTS $ 1,260 $ 26,175 $ 12,886 $ -- $ -- $ -- $ 40,321 2.06%
--------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SAME FACILITY NOI GROWTH FOR MORTGAGES (4Q2004 VS. 4Q2003): 1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS $1,314,769 $200,507 $200,307 $156,495 $43,680 $ 32,569 $1,958,706 100.00%
========================================================================================================
PERCENT OF
$ INVESTED 67.47% 10.29% 10.28% 8.03% 2.24% 1.67% 100.00%
========================================================================================================
NUMBER OF
INVESTMENTS 165 36 36 9 4 3 253
========================================================================================================
NUMBER OF BEDS 2,688 3,615 766 550 374 7,993
======================================================================================
(1) Includes assets held for sale
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 6 of 13
6) SQUARE FEET OWNED AND/OR MANAGED
A) BY GEOGRAPHIC LOCATION
Number of Properties Owned
-------------------------- ---------------------------------- Third Party
Third Mort- Not Construction Property Mort-
Owned Party gages Total Managed In Progress Managed Management gages Total Percent
-------------------------- ---------------------------------- -----------------------------------------
1 Texas 51 51 987,629 110,645 2,155,869 3,254,143 23.16%
2 Tennessee 22 5 1 28 184,313 1,260,030 277,145 160,132 1,881,620 13.39%
3 Florida 33 3 36 799,791 635,490 130,160 1,565,441 11.14%
4 Virginia 24 1 25 527,705 472,388 111,998 1,112,091 7.92%
5 Pennsylvania 20 20 722,053 117,996 840,049 5.98%
6 California 12 1 13 184,913 458,465 50,000 693,378 4.94%
7 Michigan 12 12 364,635 198,909 563,544 4.01%
8 Alabama 10 10 507,530 507,530 3.61%
9 Connecticut 1 30 31 59,387 383,811 443,198 3.15%
10 Missouri 10 10 201,167 106,146 307,313 2.19%
11 Arizona 8 1 9 74,507 160,780 50,500 285,787 2.03%
12 Hawaii 3 3 144,000 138,450 282,450 2.01%
13 Colorado 3 3 277,083 277,083 1.97%
14 Illinois 3 3 115,100 141,765 256,865 1.83%
15 Nevada 3 3 16,878 225,456 242,334 1.72%
16 District of Columbia 2 2 182,836 182,836 1.30%
17 Mississippi 3 2 5 25,000 94,987 49,254 169,241 1.20%
18 Wyoming 1 1 139,647 139,647 0.99%
19 Georgia 5 5 65,741 73,504 139,245 0.99%
20 Oklahoma 5 5 139,216 139,216 0.99%
21 Louisiana 2 2 129,770 129,770 0.92%
22 Kansas 2 2 57,035 70,908 127,943 0.91%
23 New Jersey 2 2 110,844 110,844 0.79%
24 Massachusetts 2 2 92,742 92,742 0.66%
25 Maryland 2 2 90,893 90,893 0.65%
26 Oregon 1 1 80,429 80,429 0.57%
27 North Carolina 1 1 33,181 33,181 0.24%
28 Ohio 1 1 33,181 33,181 0.24%
29 Indiana 1 1 29,500 29,500 0.21%
30 South Carolina 1 1 23,000 23,000 0.16%
31 Arkansas 1 1 11,963 11,963 0.09%
32 New York 1 1 1,926 1,926 0.01%
-------------------------- -----------------------------------------------------------------------------
TOTAL PROPERTIES /
SQUARE FEET 245 39 8 292 5,621,094 254,645 6,854,289 824,134 494,221 14,048,383 100.00%
=========================================================================================================
B) BY FACILITY TYPE
Owned
---------------------------------------------- Third Party
Not Construction Total Property
Managed In Progress Managed Owned Management Mortgages Total Percent
---------------------------------------------- -------------------------------------------
Medical Office/Outpatient Facilities 1,997,155 254,645 6,854,289 9,106,089 824,134 22,500 9,952,723 70.85%
Skilled Nursing Facilities 1,400,856 1,400,856 160,132 1,560,988 11.11%
Assisted Living Facilities 1,054,617 1,054,617 311,589 1,366,206 9.73%
Inpatient Rehab Hospitals 643,383 643,383 643,383 4.58%
Independent Living Facilities 308,742 308,742 308,742 2.20%
Other Inpatient Facilities 216,341 216,341 216,341 1.54%
---------------------------------------------- -------------------------------------------
TOTAL SQUARE FEET 5,621,094 254,645 6,854,289 12,730,028 824,134 494,221 14,048,383 100.00%
===========================================================================================
PERCENT OF TOTAL SQUARE FOOTAGE 40.01% 1.81% 48.79% 90.62% 5.87% 3.52% 100.00%
===========================================================================================
TOTAL NUMBER OF PROPERTIES 137 2 106 245 39 8 292
===========================================================================================
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 7 of 13
7) SQUARE FOOTAGE BY OWNERSHIP TYPE
A) OCCUPANTS GREATER THAN 1% (1)
INPATIENT FACILITIES
MEDICAL ----------------------------------------------------------- % OF
OFFICE/ ASSISTED SKILLED INPATIENT INDEPENDENT OTHER TOTAL(2)
OUTPATIENT LIVING NURSING REHAB LIVING INPATIENT SQUARE
FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES TOTAL FEET
---------- ---------------------------------------------------------------------------------
1 Healthsouth 105,176 643,383 748,559 5.66%
2 Baylor Health Systems 568,072 568,072 4.30%
3 Life Care Centers of America 51,319 512,060 563,379 4.26%
4 Emeritus Corporation 502,119 502,119 3.80%
5 Senior Lifestyles 308,742 308,742 2.33%
6 Summerville Senior Living 292,231 292,231 2.21%
7 Lewis-Gale Clinic LLC 291,818 291,818 2.21%
8 Formation Capital 151,172 151,172 1.14%
9 Ascension Nashville 150,612 150,612 1.14%
10 Melbourne Internal Medicine Assocs 140,125 140,125 1.06%
All Other Occupants: 7,850,286 208,948 737,624 -- -- 216,341 9,013,199 68.16%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 9,106,089 1,054,617 1,400,856 643,383 308,742 216,341 12,730,028 96.26%
- ------------------------------------------------------------------------------------------------------------------------------------
B) MORTGAGEES GREATER THAN 1%
INPATIENT FACILITIES
MEDICAL ----------------------------------------------------------- % OF
OFFICE/ ASSISTED SKILLED INPATIENT INDEPENDENT OTHER TOTAL(2)
OUTPATIENT LIVING NURSING REHAB LIVING INPATIENT SQUARE
FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES FACILITIES TOTAL FEET
---------- ---------------------------------------------------------------------------------
No occupants greather than 1% -- 0.00%
All Other Mortgagees: 22,500 311,589 160,132 -- -- -- 494,221 3.74%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 22,500 311,589 160,132 -- -- -- 494,221 3.74%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Medical Office/Outpatient Facilities consists of approximately 2,400
occupants with an average square footage of approximately 3,900 feet per each,
while Inpatient Facilities consists of 18 occupants with an average square
footage of approximately 201,000 feet per each.
(2) Based on Total Square Footage of Owned Properties and Mortgages.
8) 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)
--------------------------------------------------------------------
2005 5 354 21,723 10.59% 0.03
2006 3 184 15,547 7.67% 0.06
2007 7 183 16,698 8.23% 0.17
2008 14 101 16,118 7.95% 0.39
2009 27 169 35,228 17.37% 0.77
2010 16 24 13,235 6.53% 0.57
2011 10 27 25,295 12.47% 0.55
2012 9 9 9,355 4.61% 0.44
2013 28 20 24,900 12.28% 1.45
2014 4 22 6,456 3.18% 0.12
2015 8 2 4,462 2.20% 0.37
After 2015 5 4 14,016 6.91% 1.60
--------------------------------------------------------------------
TOTAL 136 1,099 $ 203,033 100.00% 6.52
====================================================================
NUMBER OF PROPERTIES REPRESENTED:243
B) MORTGAGES
WEIGHTED
AVERAGE
ESTIMATED PERCENT OF REMAINING
NUMBER OF ANNUALIZED ANNUALIZED MORTGAGE
MORTGAGES NET REVENUE NET REVENUE TERM (YEARS)
----------------------------------------------------
2005 3 831 20.57% 0.09
2006 1 533 13.20% 0.11
2007 0 -- 0.00% 0.00
2008 2 875 21.66% 0.31
2009 1 559 13.84% 0.30
2010 0 -- 0.00% 0.00
2011 0 -- 0.00% 0.00
2012 0 -- 0.00% 0.00
2013 1 1,241 30.73% 1.40
2014 0 -- 0.00% 0.00
2015 0 -- 0.00% 0.00
After 2015 0 -- 0.00% 7.46
----------------------------------------------------
TOTAL 8 $4,039 100.00% 9.66
====================================================
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 8 of 13
9) CONSTRUCTION IN PROGRESS - AS OF DECEMBER 31, 2004
Investment Remaining Total
Operator Properties Balance Commitment Real Estate (1)
------------------------------- ------------------------------------------------------
Baylor Medical Center at Irving 1 $12,579 $11,321 $23,900
Hawaii MOB (2) 1 6,328 40,672 47,000
------------------------------------------------------
TOTAL (3) 2 $18,907 $51,993 $70,900
======================================================
Percentage of construction in progress to total investment portfolio: 0.97%
=========
(1) Projected Timing of Conversion to Revenue Producing Assets:
2005
--------------------------------------------------------------------
QTR 1 QTR 2 QTR 3 QTR 4 Total
--------------------------------------------------------------------
$0 $0 $23,900 $0 $23,900
=====================================================================
(2) During the second quarter of 2004, the Company acquired land in
Honolulu. The site is currently under preparation, and the building
is in the design phase.
(3) During the three and twelve months ended December 31, 2004, the
Company capitalized interest in the amount of $1.3 million and $2.3
million respectively.
10) DIVIDEND HISTORY (DOLLARS NOT ROUNDED TO THOUSANDS)
A) COMMON STOCK
Increase
From Prior
Operating Period Payment Date Amount Quarter Annualized
------------------------------------------------------------------------------------
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
Second Quarter 2003 Sept. 4, 2003 0.620 0.005 2.48
Third Quarter 2003 Dec. 4, 2003 0.625 0.005 2.50
Fourth Quarter 2003 Mar. 4, 2004 0.630 0.005 2.52
First Quarter 2004 June 3, 2004 0.635 0.005 2.54
Second Quarter 2004 Sept. 2, 2004 0.640 0.005 2.56
Third Quarter 2004 Dec. 2, 2004 0.645 0.005 2.58
Fourth Quarter 2004 Mar. 3, 2005 0.650 0.005 2.60
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 2004 CASH DISTRIBUTIONS
Cash Taxable Total
Distribution Ordinary Return of Capital
Per Share Dividend Capital Gain
--------------------------------------------------------
HR COMMON $ 2.550000 $1.957900 $ 0.592100 $ --
CUSIP # 421946104
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 9 of 13
11) LONG-TERM DEBT INFORMATION - AS OF DECEMBER 31, 2004
A) BREAKDOWN BETWEEN FIXED AND VARIABLE RATE DEBT:
Balance Effective Rate
---------------------------------------
Fixed Rate Debt:
Senior Notes due 2006 $ 49,700 9.49%
Senior Notes due 2011, net 310,623 7.218% See Note (C)
Senior Notes due 2014, net 298,584 5.190% See Note (F)
Mortgage Notes Payable 50,190 Range from 7.22% to 7.76% See Note (D)
Other Note Payable 1,167 7.53%
--------
710,264
--------
Variable Rate Debt:
Unsecured Credit Facility due 2006 9,000 1.10% over LIBOR See Note (E)
--------
9,000
--------
TOTAL $719,264
========
B) FUTURE MATURITIES:
2010
2005 2006 2007 2008 2,009 and After Total
----------------------------------------------------------------------------
Fixed Rate Debt:
Senior Notes due 2006 $ 20,300 $ 29,400 $ -- $ -- $ -- $ -- $ 49,700
Senior Notes due 2011, net 1,822 1,956 2,099 2,254 2,419 300,073 310,623
Senior Notes due 2014, net (124) (131) (138) (133) (152) 299,262 298,584
Mortgage Notes Payable 3,684 4,037 4,348 4,681 5,040 28,400 50,190
Other Note Payable 1,167 -- -- -- -- -- 1,167
Variable Rate Debt:
Unsecured Credit Facility due 2006 -- 9,000 -- -- -- -- 9,000
----------------------------------------------------------------------------
$ 26,849 $ 44,262 $6,309 $6,802 $7,307 $627,735 $ 719,264
============================================================================
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
4.12% 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 October 2003, the Company entered into a new three year $300
million senior unsecured revolving credit facility. The new facility
may be increased to $350 million at any time during the first 2
years of the facility term at the Company's request subject to the
availability of additional capital commitments and may be extended
for one additional year. The facility bears interest at LIBOR rates
plus 1.10%, payable quarterly, and matures in October 2006. In
addition, the Company pays a facility fee of 0.35% on the
commitment, and is subject to other terms and conditions customary
for transactions of this nature.
F) In March 2004, the Company sold at a discount $300 million principal
amount of 5.125% unsecured Senior Notes due April 2014. The notes
were priced to yield 5.19%. The proceeds from the offering were used
to repay in full the amount outstanding under the Company's
Unsecured Credit Facility due 2006, to repay maturing indebtedness
on the Company's 9.49% Senior Notes due 2006, and for general
corporate purposes.
G) CREDIT RATING:
Moody's Investors Service has assigned a "Baa3" credit rating to the
Company's Senior Notes due 2006, 2011, and 2014.
Standard & Poor's Investors Service has assigned a "BBB-" credit
rating to the Company's Senior Notes due 2006, 2011, and 2014.
Fitch Ratings has assigned a "BBB" credit rating to the Company's
Senior Notes due 2006, 2011, and 2014.
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 10 of 13
12) 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 FOR THE TWELVE MONTHS
ENDED DECEMBER 31, ENDED DECEMBER 31,
-------------------------- --------------------------
2004 2003 2004 2003
-------------------------- --------------------------
TOTAL COMMON SHARES OUTSTANDING 47,701,108 42,823,916 47,701,108 42,823,916
========================== ==========================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 47,690,534 42,812,706 44,959,132 42,248,606
Weighted Average Actual Restricted Stock Shares (1,313,404) (1,119,324) (1,308,677) (1,119,324)
-------------------------- --------------------------
DENOMINATOR SHARES FOR BASIC COMMON SHARE EPS AND FFO 46,377,130 41,693,382 43,650,455 41,129,282
Dilutive effect of restricted stock shares 925,110 533,977 867,671 600,179
Dilutive effect of employee stock purchase plan 50,836 49,452 54,241 50,627
-------------------------- --------------------------
DENOMINATOR SHARES FOR DILUTED COMMON SHARE EPS AND FFO 47,353,076 42,276,811 44,572,367 41,780,088
========================== ==========================
Note 1: As of December 31, 2004, HR had approximately 1,906 shareholders of
record.
Note 2: During the third quarter of 2004, the Company issued 4.6 million shares
of common stock at $36.30 per share ($34.57 per share net of discounts and
commissions) in an underwritten public offering and received approximately $159
million in net proceeds.
13) BENEFICIAL SECURITY OWNERSHIP BY MANAGEMENT AND DIRECTORS AS OF DECEMBER
31, 2004
OFFICERS OWNED RESTRICTED (1) TOTAL
- --------------------------------------------------------------------------------
David R. Emery 144,800(2) 813,680 958,480
Roger O. West 5,832 420,735 426,567
Scott W. Holmes 2,310 9,654 11,964
J. D. Carter Steele 3,723 9,277 13,000
John M. Bryant, Jr 854 4,087 4,941
Other Officers as a group 25,545 35,215 60,760
Directors as a group 49,572 3,150 52,722
---------------------------------------------
TOTAL 232,636 1,295,798 1,528,434
=============================================
(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) 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.
14) INSTITUTIONAL HOLDINGS AS OF SEPTEMBER 30, 2004
A) Institutional Shares Held: 26,721,252 (Source: Form 13F Filings)
===========
B) Number of Institutions: 187
===========
C) Percentage of Common Shares Outstanding: 56.04%
===========
15) BOOK VALUE PER COMMON SHARE
Total Stockholders' Equity $ 1,013,892
-----------
Total Common Shares Outstanding 47,701,108
-----------
Book Value Per Common Share $ 21.26
===========
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 11 of 13
16) 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:
Central Regional Office - Arizona
Eastern Regional Office - Georgia
Tennessee Regional Office - Tennessee
Texas Regional Office - Texas
Western Regional Office - California
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
Senior Notes due 2014 OTC HR 421946AF1
C) WEB SITE:
www.healthcarerealty.com
D) CORPORATE OFFICERS:
HEALTHCARE REALTY TRUST INCORPORATED
David R. Emery, Chairman of the Board and Chief Executive Officer
John M. Bryant, Jr., Senior 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
Fredrick M. Langreck, Senior Vice President / Treasurer
B. Douglas Whitman, Senior Vice President / Real Estate Investments
James M. Albright, Vice President / Asset Management
Donald L. Husi, Vice President / Senior Living Investments
Leigh Ann Stach, Vice President / Financial Reporting
Roger O. West, Vice President / Special Counsel
Brince R. Wilford, Vice President / Real Estate Investments
Stephen E. Cox, Jr., Associate Vice President / Operations Counsel
William R. Davis, Associate Vice President / Information Technology
Toni L. Ewing, Associate Vice President / Asset Administration
Julie A. Ferrell, Associate Vice President / Real Estate Investments
Todd J. Meredith, Associate Vice President / Real Estate Investments
Amy M. Poley, Associate Vice President / Real Estate Investments
Rita H. Todd, Corporate Secretary
HEALTHCARE REALTY SERVICES INCORPORATED
B. Bart Starr, Chairman of the Board
Anne C. Barbour, Vice President / Dallas Region
Thomas M. Carnell, Vice President / Design & Construction
Stephen E. Hull, Vice President / Management Services
Gilbert T. Irvin, Vice President / Operations
Revell M. Lester, Associate Vice President / Project Development
Services
Steve L. Standifer, Associate Vice President / Design & Construction
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)
Bruce D. Sullivan, retired audit partner, Ernst & Young LLP
(Accounting and Financial Reporting Executive)
Dan S. Wilford, retired President and Chief Executive Officer,
Memorial Hermann Healthcare System (Healthcare Provider
Executive)
Healthcare Realty Trust
Supplemental Data Report
Three and Twelve Months Ended December 31, 2004 Page 12 of 13
16) OTHER CORPORATE INFORMATION (CONT.)
F) PROFESSIONAL AFFILIATIONS:
INDEPENDENT PUBLIC AUDITORS
KPMG LLP
1900 Nashville City Center
511 Union Street
Nashville, TN 37219-1735
TRANSFER AGENT
EquiServe Shareholder Services P.O. Box 43010 Providence, RI
02940-3010 Phone: 781-575-3400
G) DIVIDEND REINVESTMENT PLAN:
Through the Company's transfer agent, EquiServe, named
stockholders of record can re-invest dividends in shares at a
5% discount without a service or sales charge. In addition, up
to $60 thousand of HR common stock may be purchased per
calendar year 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. John Sheehan (314) 955-5834
Advest, Inc. Robert Mains (518) 587-7250
Banc of America Securities LLC Gary Taylor (212) 847-5174
Friedman, Billings, Ramsey & Co. Paul Morgan (415) 874-3412
Legg Mason Wood Walker, Inc. Jerry Doctrow (410) 454-5142
Prudential Securities, Inc. Jim Sullivan (212) 778-2515
Wachovia Securities Stephen Swett (212) 909-0954
J) PROJECTED DATES FOR 2005 DIVIDEND AND EARNINGS PRESS RELEASES:
DIVIDEND EARNINGS
---------------- ---------------
First Quarter 2005 April 26, 2005 April 29, 2005
Second Quarter 2005 July 26, 2005 July 29, 2005
Third Quarter 2005 October 25, 2005 October 28, 2005
Fourth Quarter 2005 January 24, 2006 January 27, 2006
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, 2003. 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 and Twelve Months Ended December 31, 2004 Page 13 of 13