Healthcare Realty Trust reports total revenues of $76.4M for fourth quarter 2011

Healthcare Realty Trust Incorporated (NYSE: HR) today announced results for the fourth quarter ended December 31, 2011.  Normalized FFO for the three months ended December 31, 2011 totaled $0.33 per diluted common share.  Normalized FAD for the three months ended December 31, 2011 totaled $0.35 per diluted common share.  

For the three months ended December 31, 2011, revenues totaled $76.4 million, income from continuing operations totaled $1.6 million, and net income attributable to common stockholders totaled $2.9 million.

Salient highlights include:

• Healthcare Realty's stabilizing properties ("SIP") are 40% leased, up from 33% last quarter.  The Company expects leasing at its SIP properties to exceed 50% by the middle part of the year and continue improving through year-end.  One fully-leased development, consolidated into CIP, was funded with a construction loan from the Company that was repaid in January.  Excluding this development, the properties in CIP are 37% leased, up from 27% last quarter and well-positioned to exceed 50% prior to completion.  Including the developments that the Company is funding through construction loans, which are all 100%-leased properties, Healthcare Realty's overall development portfolio, excluding the CIP property whose loan was repaid, is now 55% leased.
• Healthcare Realty invested $43.7 million during the fourth quarter of 2011, including $18.3 million in two property acquisitions, $10.0 million in three existing construction mortgages, and $15.4 million in five properties under construction.
• For the twelve months of 2011, Healthcare Realty invested $331.6 million, including $150.3 million in acquisitions, $40.0 million in mortgages, $61.9 million in construction mortgages, and $79.4 million in properties under construction.
• Occupancy in the same facility portfolio was 91%, and the occupancy of new investments made during the year, which are not included in the same facility portfolio, was 97%.  
• Same facility NOI increased 4.1% from the third to fourth quarters of 2011.  The multi-tenanted same facility NOI increased 3.5% in the fourth quarter from a year ago, and the overall same facility portfolio NOI increased 2.2% over the same time period.
• The weighted average increase in lease rates for the Company's multi-tenanted properties remained strong in the fourth quarter.  Contractual rates for in-place leases were up 3.1% and rate increases on newly executed leases ("cash leasing spreads") averaged 2.5%, continuing a steady upward trend.
• The percentage of Healthcare Realty's medical office properties that are on or adjacent to hospital campuses increased to 74% in the fourth quarter of 2011, compared to 66% a year ago.
• A dividend of $0.30 per share was declared for the fourth quarter of 2011, which is 85.7% of normalized FAD.