Exhibit 99.2

4Q | 2011

Supplemental Information

FURNISHED AS OF FEBRUARY 22, 2012 (UNAUDITED)

 

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 1 of 15

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Table of Contents

 

	3			SCHEDULE 1 - Corporate Information
	5			SCHEDULE 2 - Consolidated Balance Sheets
	6			SCHEDULE 3 - Selected Balance Sheet Information
	7			SCHEDULE 4 - Investment Progression
	8			SCHEDULE 5 - Investment Activity
	9			SCHEDULE 6 - Investment by Type and Geographic Location
	10			SCHEDULE 7 - Square Feet Owned and/or Managed
	12			SCHEDULE 8 - Lease and Occupancy Information
	15			SCHEDULE 9 - Components of Net Asset Value

Copies of this report may be obtained at www.healthcarerealty.com or by contacting Investor Relations at 615.269.8175 or communications@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, 2011 under the heading “Risk Factors,” and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company’s 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 12/31/2011		Page 2 of 15

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SCHEDULE 1

Corporate Information

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. The Company had investments of approximately $2.9 billion in 209 real estate properties and mortgages as of December 31, 2011, excluding assets classified as held for sale and including an investment in one unconsolidated joint venture. The Company’s 201 owned real estate properties, excluding assets classified as held for sale, are located in 28 states and total approximately 13.7 million square feet. The Company provides property management services to approximately 10.3 million square feet nationwide.

A | Corporate Headquarters

Healthcare Realty Trust Incorporated

3310 West End Avenue, Suite 700

Nashville, Tennessee 37203

Phone: 615.269.8175

Fax: 615.269.8461

E-mail: communications@healthcarerealty.com

Website: www.healthcarerealty.com

B | 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

Todd J. Meredith - Executive Vice President - Investments

B. Douglas Whitman, II - Executive Vice President - Corporate Finance

C | 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. - Former Chief Executive Officer, Piedmont Clinic (Retired)

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 System

Bruce D. Sullivan - Former Audit Partner, Ernst & Young LLP (Retired)

Dan S. Wilford - Former President and Chief Executive Officer, Memorial Hermann Healthcare System (Retired)

Roger O. West - Former General Counsel, Healthcare Realty Trust Incorporated (Retired)

 

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 3 of 15

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SCHEDULE 1 (CONTINUED)

Corporate Information

 

D | Professional Services

Independent Registered Public Accounting Firm

BDO USA, LLP

414 Union Street, Suite 1800, Nashville, Tennessee 37219

Transfer Agent

Wells Fargo N.A., Shareowner Services

161 North Concord Exchange, South St. Paul, Minnesota 55075-1139

E | Stock Exchange, Symbol and CUSIP Number

 

SECURITY DESCRIPTION

STOCK EXCHANGE

SYMBOL

CUSIP NUMBER

Common Stock

NYSE

HR

421946104

Senior Notes due 2014

OTC

HR

421946AF1

Senior Notes due 2017

OTC

HR

42225BAA44

Senior Notes due 2021

OTC

HR

421946AG9

F | Dividend Reinvestment Plan

Through the Company’s transfer agent, Wells Fargo, named shareholders of record can re-invest dividends in shares at a 5% discount and may also purchase up to $60,000 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 agent’s website, www.shareowneronline.com.

G | 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 agent’s website, www.shareowneronline.com.

H | Dividends Declared

On January 31, 2012, the Company declared a dividend of $0.30 per share, payable on March 1, 2012 to stockholders of record on February 16, 2012.

I | Analyst Coverage

 

BMO Capital Markets Corp.		Morgan Keegan & Co.
Cowen & Co. LLC		RBC Capital Markets Corp
Davenport & Co. LLC		Robert W. Baird & Co.
Deutsche Bank Securities Inc.		Sandler O’Neil & Partners LP
J.J.B. Hilliard W.L. Lyons LLC		Stifel Nicolaus & Co
J.P. Morgan Securities LLC		UBS Investment Bank
JMP Securities LLC		Wells Fargo Securities LLC
KeyBanc Capital Markets Inc.

 

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 4 of 15

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SCHEDULE 2

Consolidated Balance Sheets ⁽¹⁾

(dollars in thousands, except for share data)

 

		12/31/2011				12/31/2010
Assets
REAL ESTATE PROPERTIES:
Land		$	162,843			$	163,020
Buildings, improvements, and lease intangibles			2,521,226				2,310,404
Personal property			18,221				17,919
Construction in progress			86,328				80,262
Total real estate properties			2,788,618				2,571,605
Less accumulated depreciation			(516,747	)			(484,641	)
Total real estate properties, net			2,271,871				2,086,964
Cash and cash equivalents			4,738				113,321
Mortgage notes receivable			97,381				36,599
Assets held for sale and discontinued operations, net			28,650				23,915
Other assets, net			118,382				96,510
Total assets		$	2,521,022			$	2,357,309
Liabilities and Equity
LIABILITIES:
Notes and bonds payable		$	1,393,537			$	1,407,855
Accounts payable and accrued liabilities			72,217				62,652
Liabilities of discontinued operations			518				423
Other liabilities			49,944				43,639
Total liabilities			1,516,216				1,514,569
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; 77,843,883 and 66,071,424 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively			779				661
Additional paid-in capital			1,894,604				1,641,379
Accumulated other comprehensive loss			(3,332	)			(5,269	)
Cumulative net income attributable to common stockholders			795,951				796,165
Cumulative dividends			(1,683,196	)			(1,593,926	)
Total stockholders’ equity			1,004,806				839,010
Noncontrolling interests			—				3,730
Total equity			1,004,806				842,740
Total liabilities and equity		$	2,521,022			$	2,357,309

 

(1)	The Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 5 of 15

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SCHEDULE 3

Selected Balance Sheet Information

(dollars in thousands)

 

		2011																2010
		Q4				Q3				Q2				Q1				Q4				Q3
Real estate properties, gross (1)		$	2,788,618			$	2,770,741			$	2,615,248			$	2,597,963			$	2,571,605			$	2,397,218
Real estate properties, net (1)			2,271,871				2,264,397				2,128,676				2,092,179				2,086,964				1,923,098
Construction in progress			86,328				155,489				104,741				98,590				80,262				58,070
Mortgage notes receivable			97,381				94,588				122,603				88,171				36,599				27,134
Assets held for sale and discontinued operations, net			28,650				16,519				16,485				16,694				23,915				17,592
Total assets			2,521,022				2,487,573				2,386,181				2,296,712				2,357,309				2,069,863
Notes and bonds payable (2)			1,393,537				1,349,882				1,251,629				1,293,086				1,407,855				1,138,200
Total equity			1,004,806				1,022,578				1,016,828				902,447				842,740				823,009

 

(1)	Includes construction in progress.

(2)	Summary of Indebtedness:

 

		Balance as of 12/31/2011				Months to Maturity				Effective Interest Rate
Senior Notes due 2014, net of discount		$	264,371				28				5.19	%
Senior Notes due 2017, net of discount			298,465				61				6.62	%
Senior Notes due 2021, net of discount			397,052				109				5.86	%
Total Senior Notes Outstanding			959,888				66				5.91	%
Unsecured credit facility due 2015			212,000				46				1.78	%
Mortgage notes payable, net			221,649				63				6.29	%
Total Outstanding Notes and Bonds Payable		$	1,393,537				63				5.38	%

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 6 of 15

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SCHEDULE 4

Investment Progression ⁽¹⁾

(dollars in thousands)

 

A		CONSTRUCTION IN PROGRESS		Number of Properties				Three Months Ended 12/31/2011				Number of Properties				Twelve Months Ended 12/31/2011
		Balance at beginning of period			5			$	155,489				3			$	80,262
		Fundings on projects in existence at the beginning of the period			—				15,442				—				71,605
		New projects started during the period			—				—				1				7,770
		Consolidation of construction in progress upon elimination of mortgage note receivable			—				—				1				21,939
		Completions (2)			(2	)			(88,974	)			(2	)			(99,619	)
		Conversion from mortgage notes receivable (3)			—				4,371				—				4,371
		Balance at end of period			3			$	86,328				3			$	86,328
B		REAL ESTATE PROPERTIES		Number of Properties				Three Months Ended 12/31/2011				Number of Properties				Twelve Months Ended 12/31/2011
		Balance at beginning of period			203			$	2,615,252				198			$	2,491,343
		Acquisitions (4)			2				18,257				7				150,304
		Land purchased on ground lease buildings			—				3,562				—				5,430
		Additions/Improvements			—				9,225				—				31,463
		Completions (CIP) (2)			2				88,974				2				99,619
		Assets reclassified as Held for Sale (5)			(7	)			(20,835	)			(7	)			(20,835	)
		Dispositions (6)			(2	)			(12,145	)			(3	)			(16,125	)
		Elimination of accumulated depreciation on fully depreciated intangible assets			—				—				—				(39,986	)
		Assets previously classified as held for sale reclassified to held for use			—				—				1				1,077
		Balance at end of period			198			$	2,702,290				198			$	2,702,290
C		MORTGAGE NOTES RECEIVABLE		Number of Investments				Three Months Ended 12/31/2011				Number of Investments				Twelve Months Ended 12/31/2011
		Balance at beginning of period			10			$	94,588				7			$	36,599
		Fundings of new mortgages			—				—				5				85,467
		Fundings on mortgages in existence at the beginning of the period			—				9,954				—				19,164
		Repayments (7)			(1	)			(2,312	)			(2	)			(17,232	)
		Conversion to Land Held for Development (3)			(2	)			(4,371	)			(2	)			(4,371	)
		Scheduled principal payments			—				(478	)			—				(491	)
		Elimination of mortgage note receivable upon consolidation			—				—				(1	)			(21,939	)
		Amortization of loan origination fee			—				—				—				184
		Balance at end of period			7			$	97,381				7			$	97,381

 

(1)	Balances exclude investments in one unconsolidated joint venture and properties classified as held for sale.

(2)	During the fourth quarter of 2011, the Company substantially completed development of a medical office building located in Washington and a medical office building located in Colorado.

(3)	During the fourth quarter of 2011, the Company received a deed in lieu of trust on two land parcels located in Iowa which secured two mortgage notes held by the Company.

(4)	During the fourth quarter of 2011, the Company acquired two medical office buildings located in Virginia.

(5)	During the fourth quarter of 2011, the Company classified seven medical office buildings located in Florida and Texas to held for sale.

(6)	During the fourth quarter of 2011, the Company sold two medical office buildings located in Massachusetts not previously classified as held for sale.

(7)	During the fourth quarter of 2011, one mortgage note receivable secured by a medical office building located in Missouri was repaid.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 7 of 15

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SCHEDULE 5

Investment Activity ⁽¹⁾

(dollars in thousands)

2011 Investment Activity

 

Location		Property Type				Investment Type				Closing				Estimated Completion				Total Amount Funded Through 12/31/2011				Estimated Remaining Fundings				Estimated Total Investment				Approximate Square Feet				Aggregate Leased %
Des Moines, IA			Other				Mortgage				1/3/2011				NA			$	40,000			$	—			$	40,000				152,300				94	%
Richmond, VA			MOB				Acquisition				6/30/2011				NA				31,901				—				31,901				142,015				91	%
Oklahoma City, OK			MOB				Constr. Mortg.	(2)			6/30/2011				2Q 2013				19,896				71,283				91,179				200,000				100	%
Springfield, MO			Inpatient				Constr. Mortg.	(2)			6/30/2011				2Q 2013				20,559				90,876				111,435				186,000				100	%
Richmond, VA			MOB				Acquisition				8/4/2011				NA				26,374				—				26,374				87,816				91	%
Richmond, VA			MOB				Acquisition				8/4/2011				NA				43,835				—				43,835				142,856				97	%
Richmond, VA			MOB				Acquisition				8/31/2011				NA				14,598				—				14,598				59,240				100	%
Richmond, VA			MOB				Acquisition				9/30/2011				NA				15,339				—				15,339				42,957				100	%
Richmond, VA			MOB				Acquisition				10/26/2011				NA				11,599				—				11,599				41,882				100	%
Richmond, VA			MOB				Acquisition				10/26/2011				NA				6,666				—				6,666				31,443				100	%
Total																		$	230,767			$	162,159			$	392,926				1,086,509				97	%

Historical Investment Activity

 

		Acquisitions  (3)				Mortgage Funding				Construction Mortgage Funding				Development Funding				Total
2008		$	315,665			$	—			$	36,970			$	74,085			$	426,720
2009			70,664				9,900				10,616				85,120				176,300
2010			301,600				3,700				20,740				63,301				389,341
2011			150,312				40,000				61,931				79,375				331,618
Total		$	838,241			$	53,600			$	130,257			$	301,881			$	1,323,979
% of Total			63	%			4	%			10	%			23	%			100	%

Development Properties

 

		Properties				Amount Funded 4Q 2011				Total Amount Funded Through 12/31/2011				Estimated Remaining Fundings				Estimated Total Investment				Approximate Square Feet				Aggregate Leased %				4Q 2011 Aggregate NOI ($000s)
Construction in progress			3			$	10,541			$	61,152			$	22,130			$	83,282				300,614				61	%		$	—
Mortgage construction loans			4				9,877				51,472				165,722				217,194				473,431				100	%			—
Stabilization in progress			10				12,671				333,370				26,288				359,658				1,095,284				40	%			(1,238	)
Land held for development (4)			—				NA				25,176				—				—				—				—				—
Total			17			$	33,089			$	471,170			$	214,140			$	660,134				1,869,329				59	%		$	(1,238	)

 

(1)	Represents real estate. Refer to Form 10-K Footnote 4 for more information on the Company’s acquisitions.

(2)	These construction mortgages are scheduled to be funded over 28 months, and HR has an obligation to purchase the properties upon substantial completion at a price equal to the amount outstanding under the mortgage notes.

(3)	Net of mortgage notes receivable payoffs upon acquisition.

(4)	Included in construction in progress on the Company’s Consolidated Balance Sheets.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 8 of 15

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SCHEDULE 6

Investment by Type and Geographic Location ⁽¹⁾

(dollars in thousands)

 

		MOB/Outpatient (83.8%)																Inpatient (13.0%)																Other (3.2%)
		Stabilized Properties				Development Properties								Mortgages				Rehab				Surgical				CIP				Mortgages				Other				Mortgages				Total				% of Total
						Stabilization				CIP
Texas		$	565,583			$	61,807			$	7,770			$	9,547			$	22,919			$	92,000			$	—			$	—			$	—			$	—			$	759,626				26.4	%
Virgina			190,611																																11,826								202,437				7.0	%
Florida			174,035												2,680				11,703																								188,418				6.6	%
Tennessee			160,547												3,230																				7,874								171,651				6.0	%
North Carolina			143,923																																								143,923				5.0	%
Indiana			99,493																				43,406																				142,899				5.0	%
Washington			59,529				72,693																																				132,222				4.6	%
Pennsylvania			10,798																119,296																								130,094				4.5	%
Iowa			86,519												1,469																								40,000				127,988				4.5	%
California			113,247																12,688																								125,935				4.4	%
Colorado			60,677				45,665				15,408																																121,750				4.2	%
Hawaii			23,127				87,563																																				110,690				3.9	%
Arizona			34,482				39,712												16,012																								90,206				3.1	%
Missouri			42,843																												20,559												63,402				2.2	%
Illinois			37,242				25,930																																				63,172				2.2	%
Alabama			20,952																17,722																9,536								48,210				1.7	%
South Dakota																											37,974																37,974				1.3	%
Washington, DC			29,656																																								29,656				1.0	%
Other (11 states)			135,999												19,896																												155,895				5.4	%
Sub-total		$	1,989,263			$	333,370			$	23,178			$	36,822			$	200,340			$	135,406			$	37,974			$	20,559			$	29,236			$	40,000			$	2,846,148				99.0	%
Land held for development											25,176																																25,176				0.9	%
Unconsolidated joint venture																																			1,266								1,266				0.1	%
Total Investments		$	1,989,263			$	333,370			$	48,354			$	36,822			$	200,340			$	135,406			$	37,974			$	20,559			$	30,502			$	40,000			$	2,872,590				100.0	%
Percent of $ Invested			69.2	%			11.6	%			1.7	%			1.3	%			7.0	%			4.7	%			1.3	%			0.7	%			1.1	%			1.4	%			100.0	%
Number of Investments			170				10				2				5				12				2				1				1				5				1				209

 

(1)	Excludes assets held for sale totaling $52.8 million and corporate property totaling $14.7 million.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 9 of 15

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SCHEDULE 7

Square Feet Owned and/or Managed ⁽¹⁾

By State

 

		Owned
		Number  of Properties
						Managed								Development Properties
						by HR				by Third Party				Stabilization				CIP				Master Leases				Total				Percent
Texas			48				2,941,286				302,094				246,717				96,433				337,771				3,924,301				28.6	%
Tennessee			16				1,260,260																75,000				1,335,260				9.8	%
Virginia			15				553,532				136,427												334,454				1,024,413				7.5	%
Florida			18				634,649				148,507												193,802				976,958				7.1	%
North Carolina			14				724,291																				724,291				5.3	%
Indiana			5								382,695												175,999				558,694				4.1	%
California			10				488,955																63,000				551,955				4.0	%
Colorado			7				192,280								257,192				90,579								540,051				4.0	%
Pennsylvania			7				63,914																437,601				501,515				3.7	%
Arizona			10				202,082								179,963								51,903				433,948				3.2	%
Washington			5				73,548								191,051								159,071				423,670				3.1	%
Iowa			9				265,063																104,117				369,180				2.7	%
Illinois			4				148,055								95,436								110,000				353,491				2.6	%
Alabama			6				120,192				129,294												95,500				344,986				2.5	%
Hawaii			3				173,502								124,925												298,427				2.2	%
Michigan			3				199,749																				199,749				1.5	%
Missouri			5				177,039																13,478				190,517				1.4	%
Washington, DC			2				182,836																				182,836				1.3	%
Louisiana			2								136,155																136,155				1.0	%
Other (9 states)			12				339,067				131,361								113,602				20,749				604,779				4.4	%
Total			201				8,740,300				1,366,533				1,095,284				300,614				2,172,445				13,675,176				100.0	%

By Market

 

		Square Feet				Percent						Square Feet				Percent
Dallas-Ft. Worth, TX			2,314,184				16.9	%		Des Moines, IA			369,180				2.7	%
Nashville, TN			812,608				5.9	%		Chicago, IL			353,491				2.6	%
Charlotte, NC			764,092				5.6	%		Tampa, FL			351,965				2.6	%
Houston, TX			729,712				5.3	%		Seattle-Bellevue, WA			332,109				2.4	%
San Antonio, TX			613,280				4.5	%		Honolulu, HI			298,427				2.2	%
Indianapolis, IN			558,694				4.1	%		Phoenix, AZ			288,511				2.1	%
Richmond, VA			558,209				4.1	%		Washington, DC			241,739				1.8	%
Los Angeles, CA			551,955				4.0	%		Miami, FL			215,980				1.6	%
Denver-Colorado Springs, CO			540,051				3.9	%		Austin, TX			206,125				1.5	%
Roanoke, VA			466,204				3.4	%		Other (30 Markets)			2,684,354				19.7	%
Memphis, TN			424,306				3.1	%		Total			13,675,176				100.0	%

 

(1)	Mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale are excluded.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 10 of 15

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SCHEDULE 7 (CONTINUED)

Square Feet Owned and/or Managed ⁽¹⁾

 

By Facility Type

 

		OWNED
		Managed by HR				Managed by Third Party				Stabilization in Progress				Construction in Progress				Master Leases				Total Owned				Percent  of Total Owned				Third Party Managed by HR				Total
Medical office/outpatient (2)			8,740,300				1,110,812				1,095,284				187,012				1,009,203				12,142,611				88.8	%			443,886				12,586,497
Inpatient Rehab															113,602				798,072				911,674				6.7	%							911,674
Inpatient Surgical																			273,770				273,770				2.0	%							273,770
Other							255,721												91,400				347,121				2.5	%							347,121
Total Square Feet			8,740,300				1,366,533				1,095,284				300,614				2,172,445				13,675,176				100	%			443,886				14,119,062
Percent of Total Square Footage			61.9	%			9.7	%			7.8	%			2.1	%			15.4	%			96.9	%							3.1	%			100.0	%
Total Number of Properties (1)			133				18				10				3				37				201								7				208

By Occupant

 

Occupants Greater than 1%		Medical Office/Outpatient				Inpatient Rehab				Inpatient Surgical				Other				Total				% of Total Sq. Feet
Baylor Health Care System			813,520								156,245								969,765				7.1	%
HealthSouth							647,560												647,560				4.7	%
Carolinas Healthcare System			591,845																591,845				4.3	%
HCA			404,495												16,400				420,895				3.1	%
Catholic Health Initiatives			280,805																280,805				2.1	%
Ascension Health Care System			200,471																200,471				1.5	%
Bon Secours			199,827																199,827				1.5	%
OrthoIndy			58,474								117,525								175,999				1.3	%
All Other Occupants Less than 1%			9,593,174				264,114				—				330,721				10,188,009				74.5	%
Total Square Feet			12,142,611				911,674				273,770				347,121				13,675,176				100.0	%

 

(1)	Mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale are excluded.

(2)	On/Off Campus (% of Square Feet)

 

		2011																2010
		4Q				3Q				2Q				1Q				4Q				3Q
On/adjacent			74	%			72	%			70	%			69	%			66	%			66	%
Off			26	%			28	%			30	%			31	%			34	%			34	%
			100	%			100	%			100	%			100	%			100	%			100	%

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 11 of 15

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SCHEDULE 8

Lease and Occupancy Information

(dollars in thousands)

Lease Maturity Schedule ⁽¹⁾

 

						Number of Leases
		Annualized Minimum Rents (2)				Multi-Tenanted Properties				Master Leased Properties				Percentage of Revenues				Total Sq. Ft.
2012		$	36,083				451				3				14.6	%			1,480,717
2013			37,555				306				4				15.3	%			1,399,989
2014			42,662				368				5				17.3	%			1,715,197
2015			24,531				224				—				10.0	%			1,028,778
2016			23,508				188				6				9.6	%			919,638
2017			17,540				69				5				7.1	%			819,114
2018			13,318				93				—				5.4	%			622,952
2019			6,107				30				1				2.5	%			214,214
2020			9,578				34				—				3.9	%			334,253
2021			7,353				32				3				3.0	%			352,011
Thereafter			27,751				44				10				11.3	%			1,114,539

 

 

 

(1)	Mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property 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.

(3)	The average lease size in the multi-tenant portfolio is 4,265 square feet.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 12 of 15

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SCHEDULE 8 (CONTINUED)

Lease and Occupancy Information

(dollars in thousands)

 

Weighted Average Increases in Lease Rates for Multiple-Tenant Properties: ^{(1) (2)}

 

		2011																2010
		4Q				3Q				2Q				1Q				4Q				3Q
Contractual increases for in-place leases (“annual bumps”)			3.1	%			3.2	%			3.1	%			3.1	%			3.1	%			3.2	%
Newly executed leases (“cash leasing spreads”)			2.5	%			2.3	%			1.7	%			1.7	%			1.0	%			1.8	%

Occupancy: ⁽¹⁾

 

						2011																2010
FACILITY TYPE		INVESTMENT AT 12/31/2011				4Q				3Q				2Q				1Q				4Q				3Q
Medical office/outpatient		$	1,989,263				86	%			86	%			86	%			86	%			86	%			86	%
Inpatient			151,418				100	%			100	%			96	%			96	%			96	%			96	%
Other			29,236				76	%			76	%			76	%			76	%			76	%			84	%
Stabilized Occupancy (3) (4)			2,363,796				87	%			87	%			87	%			86	%			87	%			87	%
Stabilization Occupancy (3) (4)			333,370				21	%			19	%			17	%			16	%			23	%			22	%

 

(1)	Mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale are excluded.

(2)	Represents historical rental rate increases and may not be indicative of future increases.

(3)

The stabilized occupancy assumes that properties under a Property Operating Agreement or Master Lease Agreement have 100% occupancy. The average underlying tenant occupancy of the six properties under Property Operating Agreements, as directed by the respective sponsor, was approximately 76%. The stabilized occupancy excludes the ten development properties currently in stabilization. The properties in Stabilization are currently 40% leased. The difference between occupied and leased reflects tenants that have signed leases but have not taken occupancy due to buildout of their suite.

(4)	The overall stabilized occupancy percentage may be affected from quarter to quarter when a property is re-categorized from the “stabilization” group to the “stabilized” group.

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 13 of 15

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SCHEDULE 8 (CONTINUED)

Lease and Occupancy Information

(dollars in thousands)

 

Same Store NOI ^{(1) (2) (3)}

 

																										SEQUENTIAL								YEAR-OVER-YEAR
		Number of Properties				Investment at 12/31/2011				Occupancy at 12/31/2011				4Q 2011 NOI				3Q 2011 NOI				4Q 2010 NOI				NOI				Percentage Change				NOI				Percentage Change
Multi-tenanted Properties			123			$	1,358,062				89	%		$	28,936			$	26,949			$	27,955			$	1,987				7.4	%		$	981				3.5	%
Master leased Properties			35				439,541				100	%			11,093				11,492				11,222				(399	)			-3.5	%			(129	)			-1.1	%
Total			158			$	1,797,603				91	%		$	40,029			$	38,441			$	39,177			$	1,588				4.1	%		$	852				2.2	%

 

(1)	Mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale are excluded.

(2)

Properties included in the same facility analysis represents 85% to 95% of total NOI. In order to provide meaningful comparisons, same facility NOI is adjusted for certain non-routine items and excludes properties that were recently acquired or disposed of, properties held for sale, and properties in stabilization or conversion that would distort the change in NOI of the core portfolio.

(3)	Reconciliation of net operating income (NOI):

 

		4Q 2011 NOI				3Q 2011 NOI				4Q 2010 NOI
Master lease income		$	13,073			$	13,563			$	12,758
Property operating income			58,962				57,005				50,121
Amounts included in other operating income: (a)
Rental lease guaranty income			1,257				1,841				1,950
Property operating expense			(28,791	)			(30,587	)			(26,037	)
Net operating income			44,501				41,822				38,792
NOI not included in same store			(4,472	)			(3,381	)			385
Same store NOI		$	40,029			$	38,441			$	39,177
(a) Other operating income reconciliation:
Rental lease guaranty income		$	1,257			$	1,841			$	1,950
Interest income			127				139				201
Other			132				87				91
Total Consolidated other operating income		$	1,516			$	2,067			$	2,242

 

Healthcare Realty Trust Incorporated Supplemental Information Three Months Ended 12/31/2011		Page 14 of 15

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SCHEDULE 9

Components of Net Asset Value

as of December 31, 2011, unless otherwise noted

(dollars in thousands)

 

							TOTAL SHARES OUTSTANDING 1												77,945,225
Asset Type		Same Store 4Q 11 NOI 2				Adjustments  3				Adjusted 4Q 11 NOI				Annualized Adjusted 4Q 11 NOI				% of Adjusted NOI
MOB / Outpatient		$	33,304			$	3,551			$	36,855			$	147,420				82	%
Inpatient rehab			4,825				(116	)			4,709				18,836				10	%
Inpatient surgical			1,167				1,744				2,911				11,644				6	%
Other			733				—				733				2,932				2	%
Subtotal		$	40,029			$	5,179			$	45,208			$	180,832				100	%

 

ADD: Development Properties and Mortgages
Construction in progress 4		$	86,328
Stabilization in progress 4			333,370
Mortgage notes receivable 4			97,381
Subtotal			517,079
ADD: Other Assets
Assets held for sale 5		$	28,650
Properties not in Same Store NOI 6			109,768
Cash and other assets 7			64,638
Subtotal			203,056
SUBTRACT: Debt
Unsecured credit facility 8		$	212,000
Senior notes 8			964,737
Mortgage notes payable 8			225,377
Other liabilities 9			98,345
Subtotal			1,500,459

 

1	Total shares outstanding as of January 31, 2012.

2	See Schedule 8 for details on same store NOI.

3	Same Store NOI is adjusted to reflect a full quarter of NOI from properties acquired during the prior five quarters, seasonal utilities, and master lease renewals.

4	Construction in progress, stabilization in progress, and mortgage notes receivable reflect gross book value.

5	Assets held for sale are excluded from Same Store NOI and reflect net book value.

6	Reflects net carrying amount of certain properties not included in Same Store NOI, which comprise 996,495 square feet and generated an immaterial NOI loss for 4Q 2011.

7

Includes cash of $4.7 million and other assets of $59.8 million that are expected to generate future cash or NOI and assets that are currently causing non-cash reductions to NOI. Other assets include prepaid assets of $45.0 million, above-market intangible assets (net) of $13.3 million, equity investment in an unconsolidated joint venture of $1.3 million, and notes receivable (net) of $0.2 million. See Footnote 7 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for a detail of other assets.

8	Outstanding principal balances as described in Footnote 9 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K.

9

Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $72.2 million, liabilities of discontinued operations of $0.5 million, pension plan liability of $15.4 million, security deposits of $4.4 million, market-rate lease intangibles of $5.2 million, and deferred operating expense reimbursements of $0.6 million. Excludes deferred revenue of $24.3 million.

 

Healthcare Realty Trust Incorporated Supplemental Information Three months ended 12/31/2011		Page 15 of 15