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8-K - FORM 8-K - HEALTHCARE REALTY TRUST INC | g26100e8vk.htm |
EX-99.1 - EX-99.1 - HEALTHCARE REALTY TRUST INC | g26100exv99w1.htm |
Exhibit 99.2
SUPPLEMENTAL INFORMATION
Three Months Ended December 31, 2010
Dollars in thousands, except per share data
Furnished as of February 22, 2011
(Unaudited)
Three Months Ended December 31, 2010
Dollars in thousands, except per share data
Furnished as of February 22, 2011
(Unaudited)
Copies of this report may be obtained at www.healthcarerealty.com or by contacting Gabrielle M. Andrés at 615.269.8471 or gandres@healthcarerealty.com.
In addition to the historical information contained within, the matters discussed in this report may contain forward-looking statements that involve estimates,
assumptions, risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including
its Annual Report on Form 10-K for the year ended December 31,
2010 under the heading Risk Factors, and as updated in its Quarterly Reports on Form 10-Q filed
thereafter. Forward-looking statements represent the Companys judgment as of the date of this report. The Company disclaims any obligation to update these estimates,
assumptions and other forward-looking material.
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 1 of 8
TABLE
OF CONTENTS
Schedule 1 - Corporate Information |
3 | |||
Schedule 2 - Consolidated Balance Sheets |
4 | |||
Schedule 3 - Investment Progression |
5 | |||
Schedule 4 - Investment by Type and Geographic Location |
6 | |||
Schedule 5 - Development Properties |
7 | |||
Schedule 6 - Lease Maturity Schedule |
7 | |||
Schedule 7 - Square Feet Owned and/or Managed |
8 |
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 2 of 8
(1) 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: communications@healthcarerealty.com
Healthcare Realty Services Incorporated
3310 West End Avenue, Suite 700
Nashville, TN 37203
Phone: 615.269.8175
Fax: 615.269.8461
E-mail: communications@healthcarerealty.com
B) Stock Exchange, Symbol and CUSIP Number:
Security Description | Stock Exchange | Symbol | CUSIP Number | |||
Common Stock | NYSE | HR | 421946104 | |||
Senior Notes due 2011 | OTC | HR | 421946AF4 | |||
Senior Notes due 2014 | OTC | HR | 421946AF1 | |||
Senior Notes due 2017 | OTC | HR | 42225BAA44 | |||
Senior Notes due 2021 | OTC | HR | 421946AG9 |
C) Web Site: www.healthcarerealty.com
D) Executive Officers:
David R. Emery, Chairman of the Board and Chief Executive Officer
John M. Bryant, Jr., Executive Vice President and General Counsel
Scott W. Holmes, Executive Vice President and Chief Financial Officer
B. Douglas Whitman, II, Executive Vice President Corporate Finance
Todd J. Meredith, Executive Vice President Investments
John M. Bryant, Jr., Executive Vice President and General Counsel
Scott W. Holmes, Executive Vice President and Chief Financial Officer
B. Douglas Whitman, II, Executive Vice President Corporate Finance
Todd J. Meredith, Executive Vice President Investments
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, Graduate Programs in Health Administration, University of Colorado
C. Raymond Fernandez, M.D., Retired Chief Executive Officer, Piedmont Clinic
Batey M. Gresham, Jr., A.I.A., Founder, Gresham Smith & Partners
Edwin B. Morris III, Managing Director, Morris & Morse Company, Inc.
J. Knox Singleton, President and Chief Executive Officer, Inova Health Systems
Bruce D. Sullivan, Retired Audit Partner, Ernst & Young LLP
Dan S. Wilford, Retired President and Chief Executive Officer, Memorial Hermann Healthcare System
Roger O. West, Former General Counsel, Healthcare Realty Trust Incorporated
Errol L. Biggs, Ph.D., Director, Graduate Programs in Health Administration, University of Colorado
C. Raymond Fernandez, M.D., Retired Chief Executive Officer, Piedmont Clinic
Batey M. Gresham, Jr., A.I.A., Founder, Gresham Smith & Partners
Edwin B. Morris III, Managing Director, Morris & Morse Company, Inc.
J. Knox Singleton, President and Chief Executive Officer, Inova Health Systems
Bruce D. Sullivan, Retired Audit Partner, Ernst & Young LLP
Dan S. Wilford, Retired President and Chief Executive Officer, Memorial Hermann Healthcare System
Roger O. West, Former General Counsel, Healthcare Realty Trust Incorporated
F) Professional Services:
Independent Registered Public Accounting Firm
BDO USA, LLP
414 Union Street, Suite 1800
Nashville, TN 37219
BDO USA, LLP
414 Union Street, Suite 1800
Nashville, TN 37219
Transfer Agent
Wells Fargo N.A.
Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
Wells Fargo N.A.
Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
G) Dividend Reinvestment Plan:
Through the Companys transfer agent, Wells Fargo, named shareholders of record can re-invest
dividends in shares at a 5% discount and may also purchase up to $60 thousand of HR common stock
per calendar year without a service or sales charge. For information, write Wells Fargo
Shareowner Services, P.O. Box 64854, St. Paul, MN 55164-0856, or call 1.800.468.9716. Information
may also be obtained at the transfer agents website, www.shareowneronline.com.
H) Direct Deposit of Dividends:
Direct deposit of dividends is offered as a convenience to shareholders of record. For
information, write Wells Fargo Shareowner Services, P.O. Box 64854, St. Paul, MN 55164-0856, or
call 1.800.468.9716. Information may also be obtained at the transfer agents website,
www.shareowneronline.com.
I) Investor Relations:
Healthcare Realty Trust Incorporated
3310 West End Avenue, Suite 700
Nashville, TN 37203
Attention: Gabrielle M. Andrés
Phone: 615.269.8471
Fax: 615.983.8569
E-mail: gandres@healthcarerealty.com
3310 West End Avenue, Suite 700
Nashville, TN 37203
Attention: Gabrielle M. Andrés
Phone: 615.269.8471
Fax: 615.983.8569
E-mail: gandres@healthcarerealty.com
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 3 of 8
(2) CONSOLIDATED BALANCE SHEETS
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS |
||||||||
Real estate properties: |
||||||||
Land |
$ | 163,020 | $ | 135,495 | ||||
Buildings, improvements, and lease intangibles |
2,310,404 | 1,977,264 | ||||||
Personal property |
17,919 | 17,509 | ||||||
Construction in progress |
80,262 | 95,059 | ||||||
2,571,605 | 2,225,327 | |||||||
Less accumulated depreciation |
(484,641 | ) | (433,634 | ) | ||||
Total real estate properties, net |
2,086,964 | 1,791,693 | ||||||
Cash and cash equivalents |
113,321 | 5,851 | ||||||
Mortgage notes receivable |
36,599 | 31,008 | ||||||
Assets held for sale and discontinued operations, net |
23,915 | 17,745 | ||||||
Other assets, net |
96,510 | 89,467 | ||||||
Total assets |
$ | 2,357,309 | $ | 1,935,764 | ||||
LIABILITIES AND EQUITY |
||||||||
Liabilities: |
||||||||
Notes and bonds payable |
$ | 1,407,855 | $ | 1,046,422 | ||||
Accounts payable and accrued liabilities |
62,652 | 55,043 | ||||||
Liabilities of discontinued operations |
423 | 251 | ||||||
Other liabilities |
43,639 | 43,900 | ||||||
Total liabilities |
1,514,569 | 1,145,616 | ||||||
Commitments and contingencies |
||||||||
Equity: |
||||||||
Preferred stock, $.01 par value; 50,000,000 shares authorized;
none issued and outstanding |
| | ||||||
Common stock, $.01 par value; 150,000,000 shares authorized;
66,071,424 and 60,614,931 shares issued and outstanding at
December 31, 2010 and December 31, 2009, respectively |
661 | 606 | ||||||
Additional paid-in capital |
1,641,379 | 1,520,893 | ||||||
Accumulated other comprehensive loss |
(5,269 | ) | (4,593 | ) | ||||
Cumulative net income attributable to common stockholders |
796,165 | 787,965 | ||||||
Cumulative dividends |
(1,593,926 | ) | (1,518,105 | ) | ||||
Total stockholders equity |
839,010 | 786,766 | ||||||
Noncontrolling interests |
3,730 | 3,382 | ||||||
Total equity |
842,740 | 790,148 | ||||||
Total liabilities and equity |
$ | 2,357,309 | $ | 1,935,764 | ||||
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 4 of 8
(3) INVESTMENT PROGRESSION (1)
A) Construction in Progress
Three | Twelve | |||||||||||||||
Number of | Months Ended | Number of | Months Ended | |||||||||||||
Properties | December 31, 2010 | Properties | December 31, 2010 | |||||||||||||
Balance at beginning of period |
3 | $ | 58,070 | 2 | $ | 95,059 | ||||||||||
Fundings on projects in existence at
the beginning of the period |
| 19,692 | | 46,308 | ||||||||||||
New projects started during the period |
| | 2 | 14,493 | ||||||||||||
Completions |
| | (1 | ) | (78,098 | ) | ||||||||||
Land Held for Development Acquired (2) |
| 2,500 | | 2,500 | ||||||||||||
Balance at end of period |
3 | $ | 80,262 | 3 | $ | 80,262 | ||||||||||
B) Real Estate Properties
Three | Twelve | |||||||||||||||
Number of | Months Ended | Number of | Months Ended | |||||||||||||
Properties | December 31, 2010 | Properties | December 31, 2010 | |||||||||||||
Balance at beginning of period |
199 | $ | 2,339,148 | 197 | $ | 2,130,268 | ||||||||||
Acquisitions (2) |
5 | 156,528 | 14 | 308,887 | ||||||||||||
Additions/Improvements |
| 12,561 | | 28,650 | ||||||||||||
Completions (CIP) |
| | 1 | 78,098 | ||||||||||||
Assets classified as held for sale
during the period (3) |
(6 | ) | (16,894 | ) | (11 | ) | (42,950 | ) | ||||||||
Dispositions |
| | (3 | ) | (11,610 | ) | ||||||||||
Balance at end of period |
198 | $ | 2,491,343 | 198 | $ | 2,491,343 | ||||||||||
C) Mortgage Notes Receivable
Three | Twelve | |||||||||||||||
Number of | Months Ended | Number of | Months Ended | |||||||||||||
Investments | December 31, 2010 | Investments | December 31, 2010 | |||||||||||||
Balance at beginning of period |
6 | $ | 27,134 | 4 | $ | 31,008 | ||||||||||
Fundings of new mortgages (4) |
2 | 4,077 | 7 | 24,440 | ||||||||||||
Fundings on mortgages in existence at
the beginning of the period |
| 7,191 | | | ||||||||||||
Repayments (4) |
(1 | ) | (1,871 | ) | (3 | ) | (9,075 | ) | ||||||||
Principal reduction due to acquisition |
| | (1 | ) | (9,900 | ) | ||||||||||
Scheduled principal payments |
| (2 | ) | | (27 | ) | ||||||||||
Amortization of loan origination fee |
| 70 | | 153 | ||||||||||||
Balance at end of period |
7 | $ | 36,599 | 7 | $ | 36,599 | ||||||||||
(1) | Balances exclude investments in unconsolidated joint ventures and assets classified as held for sale. | |
(2) | During the fourth quarter of 2010, the Company acquired three medical office buildings, two undeveloped parcels of land and a surgical facility in Texas and a medical office building in Colorado. | |
(3) | During the fourth quarter of 2010, the Company reclassified six skilled nursing properties in Michigan and Indiana to held for sale upon notification from the operator of its intent to exercise its option to purchase the properties. The Company expects the properties to be sold in the third quarter of 2011. | |
(4) | During the fourth quarter of 2010, the Company fully funded one mortgage note receivable and partially funded a construction mortgage note receivable, both of which are secured by medical office buildings in Iowa. Also, during the fourth quarter of 2010, one mortgage note receivable, secured by medical office buildings located in Texas, was repaid. |
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 5 of 8
(4) INVESTMENT BY TYPE AND GEOGRAPHIC LOCATION (1)
Medical | Physician | Specialty | Surgical | Inpatient | ||||||||||||||||||||||||||||||||||||
Office | Clinics | Outpatient | Facilities | Rehab | Other | Development Properties (3) | % of | |||||||||||||||||||||||||||||||||
(MOB) | (PC) | (SOP) | (SF) | (IRF) (2) | (OTH) | Stabilization | CIP | Total | Total | |||||||||||||||||||||||||||||||
Master Leases | ||||||||||||||||||||||||||||||||||||||||
1 Alabama |
$ | 2,698 | $ | 17,721 | $ | 9,493 | $ | 29,912 | 1.1 | % | ||||||||||||||||||||||||||||||
2 Arizona |
16,012 | 16,012 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
3 California |
$ | 8,363 | 12,688 | 21,051 | 0.8 | % | ||||||||||||||||||||||||||||||||||
4 Florida |
$ | 17,454 | 28,700 | 11,703 | 57,857 | 2.2 | % | |||||||||||||||||||||||||||||||||
5 Georgia |
2,683 | $ | 3,133 | 5,816 | 0.2 | % | ||||||||||||||||||||||||||||||||||
6 Illinois |
11,939 | 1,570 | 13,509 | 0.5 | % | |||||||||||||||||||||||||||||||||||
7 Iowa |
24,200 | 1,866 | 2,154 | 28,220 | 1.1 | % | ||||||||||||||||||||||||||||||||||
8 Indiana |
21,597 | 43,406 | 65,003 | 2.5 | % | |||||||||||||||||||||||||||||||||||
9 Massachusetts |
12,081 | 12,081 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
10 Missouri |
5,208 | 5,208 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
11 Pennsylvania |
113,867 | 113,867 | 4.4 | % | ||||||||||||||||||||||||||||||||||||
12 Tennessee |
7,874 | 7,874 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
13 Texas |
17,314 | 19,336 | 36,650 | 1.4 | % | |||||||||||||||||||||||||||||||||||
14 Virginia |
7,020 | 30,919 | 1,671 | 39,610 | 1.5 | % | ||||||||||||||||||||||||||||||||||
15 Washington |
39,629 | 39,629 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
Master Leases | $ | 100,242 | $ | 106,209 | $ | 4,852 | $ | 70,631 | $ | 178,639 | $ | 31,726 | $ | | $ | | $ | 492,299 | 18.8 | % | ||||||||||||||||||||
(4) Normalized same facility NOI growth for Master Leases (4Q2010 vs. 4Q2009): | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
Operating Properties |
||||||||||||||||||||||||||||||||||||||||
1 Alabama |
15,356 | 2,405 | 17,761 | 0.7 | % | |||||||||||||||||||||||||||||||||||
2 Arizona |
32,515 | 1,960 | $ | 38,660 | 73,135 | 2.8 | % | |||||||||||||||||||||||||||||||||
3 California |
97,496 | 5,924 | 103,420 | 4.0 | % | |||||||||||||||||||||||||||||||||||
4 Colorado |
49,344 | 23,363 | $ | 14,493 | 87,200 | 3.3 | % | |||||||||||||||||||||||||||||||||
5 District of Columbia |
31,842 | 31,842 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
6 Florida |
119,205 | 21,708 | 140,913 | 5.4 | % | |||||||||||||||||||||||||||||||||||
7 Georgia |
7,822 | 7,822 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
8 Hawaii |
24,772 | 81,641 | 106,413 | 4.1 | % | |||||||||||||||||||||||||||||||||||
9 Illinois |
24,008 | 25,594 | 49,602 | 1.9 | % | |||||||||||||||||||||||||||||||||||
10 Indiana |
77,914 | 77,914 | 3.0 | % | ||||||||||||||||||||||||||||||||||||
11 Iowa |
59,421 | 59,421 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
12 Kansas |
13,996 | 13,996 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
13 Louisiana |
11,814 | 11,814 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
14 Maryland |
9,813 | 9,813 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
15 Michigan |
23,979 | 23,979 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
16 Mississippi |
8,379 | 8,379 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
17 Missouri |
37,550 | 37,550 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
18 Nevada |
8,082 | 3,801 | 11,883 | 0.4 | % | |||||||||||||||||||||||||||||||||||
19 North Carolina |
142,964 | 142,964 | 5.5 | % | ||||||||||||||||||||||||||||||||||||
20 Ohio |
14,500 | 14,500 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
21 Oregon |
20,577 | 20,577 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
22 Pennsylvania |
10,798 | 10,798 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
23 South Carolina |
10,953 | 10,953 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
24 Tennessee |
166,033 | 166,033 | 6.4 | % | ||||||||||||||||||||||||||||||||||||
25 Texas |
505,441 | 19,942 | 117,499 | 84,575 | 727,457 | 27.9 | % | |||||||||||||||||||||||||||||||||
26 Virginia |
2,433 | 10,141 | 12,574 | 0.5 | % | |||||||||||||||||||||||||||||||||||
27 Washington |
19,884 | 44,997 | 64,881 | 2.5 | % | |||||||||||||||||||||||||||||||||||
Operating Properties |
$ | 1,544,458 | $ | 46,015 | $ | 2,433 | $ | 127,224 | $ | | $ | 10,141 | $ | 253,833 | $ | 59,490 | $ | 2,043,594 | 78.3 | % | ||||||||||||||||||||
(4) Normalized same facility NOI growth for Operating Properties (4Q2010 vs. 4Q2009): | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
Land Held for Development |
20,772 | 20,772 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Corporate Property |
14,940 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
Total Equity Investments |
$ | 1,644,700 | $ | 152,224 | $ | 7,285 | $ | 197,855 | $ | 178,639 | $ | 41,867 | $ | 253,833 | $ | 80,262 | $ | 2,571,605 | 98.5 | % | ||||||||||||||||||||
Average Age of Facility (years) |
18 | 22 | 11 | 19 | 22 | 27 | 19 | |||||||||||||||||||||||||||||||||
4Q 2010 Economic Occupancy (5) |
86 | % | 83 | % | 100 | % | 88 | % | 95 | % | 80 | % | 23 | % | 82 | % | ||||||||||||||||||||||||
4Q 2010 Stabilized Occupancy (5) |
86 | % | 83 | % | 100 | % | 88 | % | 95 | % | 80 | % | 87 | % | ||||||||||||||||||||||||||
Mortgage Investments |
10,934 | 14,920 | 10,745 | 36,599 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Mortgage Investments |
$ | 10,934 | $ | 14,920 | $ | | $ | 10,745 | $ | | $ | | $ | | $ | | $ | 36,599 | 1.4 | % | ||||||||||||||||||||
Unconsolidated Joint Ventures |
||||||||||||||||||||||||||||||||||||||||
Utah |
1,266 | 1,266 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Joint Venture Investments |
$ | | $ | | $ | | $ | | $ | | $ | 1,266 | $ | | $ | | $ | 1,266 | 0.1 | % | ||||||||||||||||||||
Total Investments |
$ | 1,655,634 | $ | 167,144 | $ | 7,285 | $ | 208,600 | $ | 178,639 | $ | 43,133 | $ | 253,833 | $ | 80,262 | $ | 2,609,470 | 100.0 | % | ||||||||||||||||||||
Percent of $ Invested |
63.8 | % | 6.4 | % | 0.3 | % | 8.0 | % | 6.9 | % | 1.7 | % | 9.8 | % | 3.1 | % | 100.0 | % | ||||||||||||||||||||||
Number of Investments |
138 | 28 | 3 | 11 | 11 | 6 | 9 | 3 | 209 | |||||||||||||||||||||||||||||||
(1) | Excludes assets held for sale. | |
(2) | The Companys inpatient rehabilitation facilities (IRF) have EBITDARM coverages of approximately 2.75 to 3.50 times. | |
(3) | Development properties are all MOBs. Properties in Stabilization generated an aggregate net operating loss of approximately $0.6 million for the three months ended December 31, 2010. The Properties in Stabilization are estimated to have a weighted average remaining lease-up period of eight quarters. | |
(4) | The same facility portfolio includes those properties that were in operation for the full quarter and for the full corresponding quarter of the prior year. The normalized same facility NOI growth rate in the portfolio is not representative of the entire portfolio. Normalized means adjusted for items that would otherwise prohibit a meaningful comparison of NOI for the two periods. Approximately 85% of the Companys owned real estate portfolio is included in the calculation of the same facility NOI growth. | |
(5) | The economic and stabilized occupancies assume that properties under a Property Operating Agreement or Master Lease Agreement have 100% economic occupancy. The average underlying tenant occupancy of the eight properties under Property Operating Agreements was approximately 62%. The economic occupancy includes and the stabilized occupancy excludes the nine development properties currently in Stabilization. The properties in Stabilization are currently 31% leased. The difference between occupied and leased is that occupied refers to tenants currently occuppying the space and leased refers to tenants that have signed leases but have not taken occupancy due to finalizing the buildout of their suite. |
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 6 of 8
(5) DEVELOPMENT PROPERTIES (1)
CONSTRUCTION
IN PROGRESS
Estimated | CIP at | Estimated | Estimated | |||||||||||||||||||||||||
Completion | Property | Approximate | December 31, | Remaining | Total | |||||||||||||||||||||||
State | Date | Type | Properties | Square Feet | 2010 | Fundings | Investment | |||||||||||||||||||||
Under construction: |
||||||||||||||||||||||||||||
Washington |
3Q 2011 | MOB | 1 | 206,000 | $ | 44,997 | $ | 47,203 | $ | 92,200 | ||||||||||||||||||
Colorado |
3Q 2011 | MOB | 2 | 199,000 | 14,493 | 40,407 | 54,900 | |||||||||||||||||||||
Land held for development: |
||||||||||||||||||||||||||||
Texas |
20,772 | |||||||||||||||||||||||||||
3 | 405,000 | $ | 80,262 | $ | 87,610 | $ | 147,100 | |||||||||||||||||||||
(1) | Properties currently under construction are estimated to reach stabilized occupancy over a period of two to three years following completion. |
STABILIZATION
IN PROGRESS
Date | Investment at | Estimated | Estimated | |||||||||||||||||||||||||||||||||
Number of | Transferred | Property | Square | December 31, | Total | 4Q 2010 | Stabilization | |||||||||||||||||||||||||||||
State | Properties | from CIP | Type | Feet | 2010 | Investment | NOI | Leased | Date | |||||||||||||||||||||||||||
Texas |
1 | 1Q 2008 | MOB | 140,221 | $ | 23,814 | $ | 24,900 | $ | 345 | 65% | 2Q 2011 | ||||||||||||||||||||||||
Colorado |
2 | 3Q 2008 | MOB | 161,099 | 23,363 | 27,400 | (266 | ) | 43% | 4Q 2011 | ||||||||||||||||||||||||||
Arizona |
2 | 4Q 2008 | MOB | 179,963 | 38,660 | 42,700 | (247 | ) | 17% | 1Q 2012 | ||||||||||||||||||||||||||
Texas |
1 | 3Q 2009 | MOB | 129,879 | 32,540 | 33,000 | 48 | 38% | 2Q 2012 | |||||||||||||||||||||||||||
Illinois |
1 | 4Q 2009 | MOB | 95,436 | 25,594 | 26,400 | (171 | ) | 15% | 3Q 2012 | ||||||||||||||||||||||||||
Texas |
1 | 4Q 2009 | MOB | 116,838 | 28,221 | 29,300 | (100 | ) | 23% | 4Q 2012 | ||||||||||||||||||||||||||
Hawaii |
1 | 3Q 2010 | MOB | 127,268 | 81,641 | 86,000 | (229 | ) | 11% | 4Q 2013 | ||||||||||||||||||||||||||
950,704 | $ | 253,833 | $ | 269,700 | $ | (620 | ) | |||||||||||||||||||||||||||||
(6) LEASE MATURITY SCHEDULE (1)
Annualized | Average | |||||||||||||||
Minimum | Number of | Percentage | Square Feet | |||||||||||||
Rents (2) | Leases | of Revenues | Per Lease | |||||||||||||
2011 |
$ | 29,986 | 326 | 13.3 | % | 3,604 | ||||||||||
2012 |
29,675 | 294 | 13.2 | % | 4,133 | |||||||||||
2013 |
33,358 | 268 | 14.8 | % | 4,823 | |||||||||||
2014 |
35,395 | 287 | 15.7 | % | 5,144 | |||||||||||
2015 |
19,020 | 192 | 8.5 | % | 4,720 | |||||||||||
2016 |
11,272 | 61 | 5.0 | % | 7,129 | |||||||||||
2017 |
17,844 | 68 | 7.9 | % | 13,598 | |||||||||||
2018 |
11,567 | 78 | 5.1 | % | 7,412 | |||||||||||
2019 |
5,541 | 28 | 2.5 | % | 6,846 | |||||||||||
2020 |
7,937 | 30 | 3.5 | % | 12,061 | |||||||||||
Thereafter |
23,475 | 56 | 10.5 | % | 17,394 |
(1) | Mortgage notes receivable, investment in unconsolidated joint ventures and assets classified as held for sale are excluded. | |
(2) | Represents the annualized minimum rents on leases in-place, excluding the impact of potential lease renewals, future step-ups in rent, or sponsor support payments under financial support agreements and straight-line rent. |
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 7 of 8
(7) SQUARE FEET OWNED AND/OR MANAGED (1)
A) By Geographic Location
Number of Properties | Owned (2) | Third Party | ||||||||||||||||||||||||||||||||||||||||||
Third | Managed (3) | Development Properties | Not | Property | ||||||||||||||||||||||||||||||||||||||||
Owned | Party | Total | Internal | Third Party | Stabilization (3) | CIP | Managed | Management | Total | Percent | ||||||||||||||||||||||||||||||||||
1 Texas |
51 | 51 | 2,931,740 | 458,339 | 386,938 | 181,526 | 3,958,543 | 29.1 | % | |||||||||||||||||||||||||||||||||||
2 Tennessee |
15 | 5 | 20 | 1,242,564 | 75,000 | 251,394 | 1,568,958 | 11.5 | % | |||||||||||||||||||||||||||||||||||
3 Florida |
22 | 22 | 714,092 | 33,628 | 324,131 | 1,071,851 | 7.9 | % | ||||||||||||||||||||||||||||||||||||
4 North Carolina |
14 | 14 | 724,291 | 724,291 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||
5 California |
10 | 10 | 458,955 | 93,000 | 551,955 | 4.2 | % | |||||||||||||||||||||||||||||||||||||
6 Colorado |
7 | 7 | 192,280 | 161,099 | 199,000 | 552,379 | 4.2 | % | ||||||||||||||||||||||||||||||||||||
7 Indiana |
5 | 5 | 382,695 | 175,999 | 558,694 | 4.1 | % | |||||||||||||||||||||||||||||||||||||
8 Pennsylvania |
7 | 7 | 63,914 | 437,601 | 501,515 | 3.7 | % | |||||||||||||||||||||||||||||||||||||
9 Arizona |
10 | 1 | 11 | 202,082 | 179,963 | 51,903 | 59,106 | 493,054 | 3.6 | % | ||||||||||||||||||||||||||||||||||
10 Virginia |
8 | 8 | 136,427 | 339,777 | 476,204 | 3.5 | % | |||||||||||||||||||||||||||||||||||||
11 Washington |
5 | 5 | 73,548 | 206,000 | 159,071 | 438,619 | 3.2 | % | ||||||||||||||||||||||||||||||||||||
12 Iowa |
9 | 9 | 265,063 | 104,117 | 369,180 | 2.7 | % | |||||||||||||||||||||||||||||||||||||
13 Illinois |
4 | 4 | 142,955 | 95,436 | 115,100 | 353,491 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
14 Alabama |
6 | 6 | 120,192 | 224,794 | 344,986 | 2.6 | % | |||||||||||||||||||||||||||||||||||||
15 Hawaii |
3 | 3 | 173,502 | 127,268 | 300,770 | 2.2 | % | |||||||||||||||||||||||||||||||||||||
16 Michigan |
3 | 3 | 199,749 | 199,749 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||
17 Missouri |
5 | 5 | 177,039 | 13,478 | 190,517 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
18 District of Columbia |
2 | 2 | 182,836 | 182,836 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
19 Louisiana |
2 | 2 | 136,155 | 136,155 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
20 Mississippi |
1 | 1 | 2 | 58,036 | 40,192 | 98,228 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
21 Massachusetts |
2 | 2 | 100,742 | 100,742 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
22 Georgia |
3 | 3 | 58,030 | 20,749 | 78,779 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
23 Ohio |
1 | 1 | 73,331 | 73,331 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
24 Kansas |
1 | 1 | 70,908 | 70,908 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
25 Oregon |
1 | 1 | 62,246 | 62,246 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
26 Maryland |
1 | 1 | 58,903 | 58,903 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
27 Nevada |
2 | 2 | 16,878 | 31,026 | 47,904 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
28 South Carolina |
1 | 1 | 39,801 | 39,801 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
Total
Properties / Square Feet |
201 | 7 | 208 | 7,906,511 | 1,574,694 | 950,704 | 405,000 | 2,416,988 | 350,692 | 13,604,589 | 100.0 | % | ||||||||||||||||||||||||||||||||
B) By Facility Type
Owned | Third Party | |||||||||||||||||||||||||||||||||||
Managed (3) | Stabilization | Construction | Not | Total | Property | |||||||||||||||||||||||||||||||
Internal | Third Party | in Progress (3) | in Progress | Managed | Owned | Management | Total | Percent | ||||||||||||||||||||||||||||
Medical Office |
7,398,544 | 1,282,022 | 950,704 | 405,000 | 548,163 | 10,584,433 | 350,692 | 10,935,125 | 80.4 | % | ||||||||||||||||||||||||||
Physician Clinics |
295,970 | 601,814 | 897,784 | 897,784 | 6.6 | % | ||||||||||||||||||||||||||||||
Inpatient Rehab |
735,072 | 735,072 | 735,072 | 5.4 | % | |||||||||||||||||||||||||||||||
Surgical Facilities |
211,997 | 156,245 | 225,592 | 593,834 | 593,834 | 4.4 | % | |||||||||||||||||||||||||||||
Other |
126,427 | 283,694 | 410,121 | 410,121 | 3.0 | % | ||||||||||||||||||||||||||||||
Specialty Outpatient |
10,000 | 22,653 | 32,653 | 32,653 | 0.2 | % | ||||||||||||||||||||||||||||||
Total Square Feet |
7,906,511 | 1,574,694 | 950,704 | 405,000 | 2,416,988 | 13,253,897 | 350,692 | 13,604,589 | 100.0 | % | ||||||||||||||||||||||||||
Percent of Total Square Footage |
58.1 | % | 11.6 | % | 7.0 | % | 3.0 | % | 17.8 | % | 97.5 | % | 2.5 | % | 100.0 | % | ||||||||||||||||||||
Total Number of Properties |
121 | 22 | 9 | 3 | 46 | 201 | 7 | 208 | ||||||||||||||||||||||||||||
C) By Occupancy
% of Total | ||||||||||||||||||||||||||||||||
Medical | Physician | Surgical | Specialty | Inpatient | Square | |||||||||||||||||||||||||||
Occupants Greater than 1% | Office | Clinics | Facilities | Outpatient | Rehab | Other | Total | Feet | ||||||||||||||||||||||||
1 Baylor Health Care System |
781,178 | 73,501 | 156,245 | 1,010,924 | 7.7 | % | ||||||||||||||||||||||||||
2 HealthSouth |
695,286 | 695,286 | 5.2 | % | ||||||||||||||||||||||||||||
3 Carolinas Healthcare System |
565,612 | 565,612 | 4.3 | % | ||||||||||||||||||||||||||||
4 HCA |
107,129 | 235,600 | 20,938 | 16,400 | 380,067 | 2.9 | % | |||||||||||||||||||||||||
5 Ascension Health Care System |
200,169 | 200,169 | 1.5 | % | ||||||||||||||||||||||||||||
6 OrthoIndy |
58,474 | 117,525 | 175,999 | 1.3 | % | |||||||||||||||||||||||||||
All Other Occupants Less than 1% |
8,930,345 | 530,209 | 299,126 | 32,653 | 39,786 | 393,721 | 10,225,840 | 77.1 | % | |||||||||||||||||||||||
Total Square Feet |
10,584,433 | 897,784 | 593,834 | 32,653 | 735,072 | 410,121 | 13,253,897 | 100.0 | % | |||||||||||||||||||||||
(1) | Mortgage notes, investment in joint ventures and assets classified as held for sale are excluded. | |
(2) | Approximately 66% of the portfolio are located on or adjacent to a hospital campus. | |
(3) | The owned and managed portfolio, excluding third party managed properties, consists of 1,433 leases with an average of 3,995 square feet per lease. |
Healthcare Realty Trust Incorporated
Supplemental Information
Three Months Ended December 31, 2010
Supplemental Information
Three Months Ended December 31, 2010
Page 8 of 8