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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 17, 1998
________________________
HEALTHCARE REALTY TRUST INCORPORATED
(Exact name of Registrant as specified in its charter)
Maryland 1-11852 62 - 1507028
(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification
Incorporation) Number)
3310 West End Avenue
Suite 700
Nashville, Tennessee 37203
(Address of principal executive offices)
(615) 269-8175
(Registrant's telephone number, including area code)
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Item 5. Other Events and Information
The Financial Accounting Standards Board ("FASB") has issued Statement No.
128, "Earnings Per Share," which is effective for financial statements for
periods ended after December 15, 1997. FASB Statement No. 128 requires the
restatement of prior period earnings per share and requires the disclosure of
additional supplemental information detailing the calculation of earnings per
share. A copy of the restatement of prior period earnings per share is filed as
Exhibits 99.15.1 - 99.15.5 hereto, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
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<CAPTION>
( c ) The following exhibits are filed herewith:
Exhibit Number Description
<S> <C>
99.15.1 Selected financial data from the 1996 Annual Report on Form 10-K of Healthcare Realty Trust Incorporated,
restated to reflect the adoption of FASB Statement No. 128.
99.15.2 Selected quarterly financial data from footnote 13 to the consolidated financial statements filed as part
of the 1996 Annual Report on Form 10-K of Healthcare Realty Trust Incorporated, restated to reflect the
adoption of FASB Statement No. 128.
99.15.3 Additional FASB Statement No. 128 disclosures for Healthcare Realty Trust Incorporated for the years ended
December 31, 1996, 1995 and 1994.
99.15.4 Earnings per share information for each of the first three quarters of 1997 for Healthcare Realty Trust
Incorporated, restated to reflect the adoption of FASB Statement No. 128.
99.15.5 Additional FASB Statement No. 128 disclosures for Healthcare Realty Trust Incorporated for each of the
first three quarters of 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HEALTHCARE REALTY TRUST INCORPORATED
By: /s/ ROGER O. WEST
Roger O. West
Executive Vice President
and General Counsel
Date: February 17, 1998
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<CAPTION>
EXHIBIT INDEX
Exhibit Number Description
<S> <C>
99.15.1 Selected financial data from the 1996 Annual Report on Form 10-K of Healthcare Realty
Trust Incorporated, restated to reflect the adoption of FASB Statement No. 128.
99.15.2 Selected quarterly financial data from footnote 13 to the consolidated financial
statements filed as part of the 1996 Annual Report on Form 10-K of Healthcare Realty Trust
Incorporated, restated to reflect the adoption of FASB Statement No. 128.
99.15.3 Additional FASB Statement No. 128 disclosures for Healthcare Realty Trust Incorporated for
the years ended December 31, 1996, 1995 and 1994.
99.15.4 Earnings per share information for each of the first three quarters of 1997 for Healthcare
Realty Trust Incorporated, restated to reflect the adoption of FASB Statement No. 128.
99.15.5 Additional FASB Statement No. 128 disclosures for Healthcare Realty Trust Incorporated for
each of the first three quarters of 1997.
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<CAPTION>
Exhibit 99.15.1
RESTATED SELECTED FINANCIAL INFORMATION
The table below contains selected financial data from the 1996 Annual Report on Form 10-K of Healthcare Realty Trust
Incorporated, restated to reflect the adoption of FASB Statement No. 128 (Dollars in thousands, except per share data).
June 3, 1993
(commencement
of operations)
through
December 31,
1996 1995 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Statement of Income Data:
Total revenues $ 38,574 $ 33,361 $ 24,226 $ 7,135
Interest expense $ 7,344 $ 5,083 $ 1,116 $ 314
Net income $ 19,732 $ 18,258 $ 15,716 $ 3,950
Net income per share - Basic $ 1.52 $ 1.41 $ 1.33 $ 0.64
Net income per share - Diluted $ 1.49 $ 1.41 $ 1.33 $ 0.63
Weighted average shares outstanding - 13,014,286 12,931,082 11,806,864 6,185,600
Basic
Weighted average shares outstanding - 13,261,291 12,970,326 11,859,714 6,237,053
Diluted
Balance Sheet Data (as of the end of the period):
Real estate properties, net $ 416,034 $ 318,480 $ 280,767 $ 133,393
Total Assets $ 427,505 $ 336,778 $ 283,190 $ 134,070
Notes and bonds payable $ 168,618 $ 92,970 $ 40,375 $ 21,000
Total stockholders' equity $ 245,964 $ 234,448 $ 236,340 $ 108,190
Other Data:
Funds from operations $ 28,036 $ 25,490 $ 20,919 $ 5,774
Funds from operations per share - Basic $ 2.15 $ 1.97 $ 1.77 $ 0.93
Funds from operations per share - Diluted $ 2.11 $ 1.97 $ 1.76 $ 0.93
Dividends declared and paid per share $ 1.91 $ 1.83 $ 1.75 $ 0.55
</TABLE>
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<CAPTION>
Exhibit 99.15.2
RESTATED SELECTED FINANCIAL INFORMATION
The table below contains selected quarterly financial data from footnote 13 to the consolidated financial
statements filed as part of the 1996 Annual Report on Form 10-K of Healthcare Realty Trust Incorporated,
restated to reflect the adoption of FASB Statement No. 128 (Dollars in thousands, except per share data).
Quarter Ended
March 31 June 30 September 30 December 31
-------- ------- ------------ -----------
<S> <C> <C> <C> <C>
1996
Total revenue $ 8,983 $ 9,136 $ 9,509 $ 10,947
Net income $ 4,758 $ 4,952 $ 4,914 $ 5,107
Funds from operations $ 6,736 $ 6,930 $ 6,937 $ 7,434
Net income per share - Basic $ 0.37 $ 0.38 $ 0.38 $ 0.38
Net income per share - Diluted $ 0.36 $ 0.38 $ 0.37 $ 0.38
Funds from operations per share - Basic $ 0.52 $ 0.54 $ 0.54 $ 0.56
Funds from operations per share - Diluted $ 0.51 $ 0.52 $ 0.53 $ 0.55
1995
Total revenue $ 7,894 $ 7,978 $ 8,377 $ 9,112
Net income $ 4,505 $ 4,519 $ 4,526 $ 4,707
Funds from operations $ 6,308 $ 6,340 $ 6,414 $ 6,429
Net income per share - Basic $ 0.35 $ 0.35 $ 0.35 $ 0.36
Net income per share - Diluted $ 0.35 $ 0.35 $ 0.35 $ 0.36
Funds from operations per share - Basic $ 0.49 $ 0.49 $ 0.50 $ 0.50
Funds from operations per share - Diluted $ 0.49 $ 0.49 $ 0.49 $ 0.49
</TABLE>
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<CAPTION>
Exhibit 99.15.3
ADDITIONAL FASB STATEMENT NO. 128 DISCLOSURE FOR 1996, 1995 AND 1994
The table below contains the additional FASB Statement No. 128 disclosures for Healthcare Realty Trust Incorporated for the years
ended December 31, 1996, 1995, and 1994.
Year Year Year
Ended Ended Ended
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994
--------------- --------------- ---------------
<S> <C> <C> <C>
Basic EPS
- ---------
Average Shares Outstanding 13,254,233 12,967,132 11,830,197
Actual Restricted Stock Shares (239,947) (36,050) (23,333)
-------- ------- -------
Denominator 13,014,286 12,931,082 11,806,864
=============== ================ ================
Numerator $19,731,623 $18,257,616 $15,715,588
=============== ================ ================
Per share amount $1.52 $1.41 $1.33
=============== ================ ================
Diluted EPS
- -----------
Denominator for Basic EPS 13,014,286 12,931,082 11,806,864
Restricted Shares - Treasury 205,097 23,772 28,815
Dilution For ESOP 13,981 2,447 0
Dilution For Warrants 27,927 13,025 24,035
--------------- ---------------- ----------------
Denominator 13,261,291 12,970,326 11,859,714
=============== ================ ================
Numerator $19,731,623 $18,257,616 $15,715,588
=============== ================ ================
Per share amount $1.49 $1.41 $1.33
=============== ================ ================
</TABLE>
<TABLE>
<CAPTION>
Exhibit 99.15.4
Restated Earnings Per Share For Each of the First Three Quarters of 1997 and 1996
The table below contains the earnings per share information for each of the first three quarters of 1997 and 1996 for Healthcare
Realty Trust Incorporated, restated to reflect the adoption of FASB Statement No. 128.
Weighted Average
Funds From Denominator for
Earnings Operations Basic Earnings
Per Share Per Share Per Share
--------- --------- ---------
<S> <C> <C> <C>
BASIC
-----
First Quarter Form 10-Q
Three Months Ended March 31, 1997 $0.39 $0.56 16,214,654
Three Months Ended March 31, 1996 $0.37 $0.52 12,838,415
Second Quarter Form 10-Q
Three Months Ended June 30, 1997 $0.43 $0.58 18,861,744
Three Months Ended June 30, 1996 $0.38 $0.54 12,951,833
Six Months Ended June 30, 1997 $0.83 $1.14 17,545,512
Six Months Ended June 30, 1996 $0.75 $1.06 12,895,124
Third Quarter Form 10-Q
Three Months Ended September 39, 1997 $0.44 $0.59 18,883,433
Three Months Ended September 30, 1996 $0.38 $0.54 12,958,606
Nine Months Ended September 30, 1997 $1.27 $1.73 17,995,710
Nine Months Ended September 30, 1996 $1.13 $1.60 12,915,742
Denominator for
Earnings Funds From Diluted Earnings
Per Share Operations Per Share
DILUTED
-------
First Quarter Form 10-Q
Three Months Ended March 31, 1997 $0.38 $0.55 16,596,862
Three Months Ended March 31, 1996 $0.36 $0.51 13,100,270
Second Quarter Form 10-Q
Three Months Ended June 30, 1997 $0.42 $0.57 19,237,001
Three Months Ended June 30, 1996 $0.38 $0.52 13,204,845
Six Months Ended June 30, 1997 $0.81 $1.11 17,920,397
Six Months Ended June 30, 1996 $0.74 $1.04 13,148,287
Third Quarter Form 10-Q
Three Months Ended September 30, 1997 $0.43 $0.58 19,234,675
Three Months Ended September 30, 1996 $0.37 $0.53 13,203,463
Nine Months Ended September 30, 1997 $1.24 $1.69 18,357,406
Nine Months Ended September 30, 1996 $1.11 $1.57 13,161,146
</TABLE>
<TABLE>
<CAPTION>
Exhibit 99.15.5
Additional FASB Statement No. 128 Disclosures for Each of the First Three Quarters of 1997
The table below contains the additional FASB Statement No. 128 disclosures for Healthcare Realty Trust
Incorporated for each of the first three quarters of 1997 and 1996.
Three Months Three Months
FIRST QUARTER FORM 10-Q Ended Ended
March 31, 1997 March 31,1996
-------------- -------------
<S> <C> <C> <C> <C>
Basic EPS
- ---------
Average Shares Outstanding 16,596,267 13,077,312
Actual Restricted Stock Shares (381,613) (238,897)
-------- --------
Denominator 16,214,654 12,838,415
============= ==============
Numerator $6,338,354 $4,758,183
============= ==============
Per share amount $0.39 $0.37
============= ==============
Diluted EPS
- -----------
Denominator for Basic EPS 16,214,654 12,838,415
Restricted Shares - Treasury 300,468 227,250
Dilution For ESOP 33,821 12,479
Dilution For Warrants 47,919 22,126
------------- --------------
Denominator 16,596,862 13,100,270
============= ==============
Numerator $6,338,354 $4,758,183
============= ==============
Per share amount $0.38 $0.36
============= ==============
Three Months Three Months Six Months Six Months
SECOND QUARTER FORM 10-Q Ended Ended Ended Ended
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------- -------------- ------------- -------------
Basic EPS
- ---------
Average Shares Outstanding 19,243,357 13,190,730 17,927,125 13,134,021
Actual Restricted Stock Shares (381,613) (238,897) (381,613) (238,897)
--------- --------- --------- ---------
Denominator 18,861,744 12,951,833 17,545,512 12,895,124
============= ============= ============ ===========
Numerator $8,169,605 $4,952,468 $14,507,959 $9,710,651
============= ============= ============ ===========
Per share amount $0.43 $0.38 $0.83 $0.75
============= ============= ============ ===========
Diluted EPS
- -----------
Denominator for Basic EPS 18,861,744 12,951,833 17,545,512 12,895,124
Restricted Shares - Treasury 308,359 215,959 300,699 217,319
Dilution For ESOP 24,828 12,842 29,192 12,675
Dilution For Warrants 42,070 24,211 44,994 23,169
------------- -------------- ------------ -----------
Denominator 19,237,001 13,204,845 17,920,397 13,148,287
============= ============= ============ ===========
Numerator $8,169,605 $4,952,468 $14,507,959 $9,710,651
============= ============= ============ ===========
Per share amount $0.42 $0.38 $0.81 $0.74
============= ============= ============ ===========
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(continued on next page)
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<CAPTION>
Exhibit 99.15.5 (continued)
Three Months Three Months Nine Months Nine Months
THIRD QUARTER FORM 10-Q Ended Ended Ended Ended
Sept.30, 1997 Sept.30, 1996 Sept.30, 1997 Sept.30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C>
Basic EPS
- ---------
Average Shares Outstanding 19,266,066 13,198,553 18,378,343 13,155,689
Actual Restricted Stock Shares (382,633) (239,947) (382,633) (239,947)
------------ ------------ ------------ -----------
Denominator 18,883,433 12,958,606 17,995,710 12,915,742
============ ============ ============ ===========
Numerator $8,327,817 $4,913,700 $22,835,776 $14,624,351
============ ============ ============ ===========
Per share amount $0.44 $0.38 $1.27 $1.13
============ ============ ============ ===========
Diluted EPS
- -----------
Denominator for Basic EPS 18,883,433 12,958,606 17,995,710 12,915,742
Restricted Shares - Treasury 278,645 205,369 287,693 208,304
Dilution For ESOP 22,017 12,814 27,147 12,763
Dilution For Warrants 50,580 26,674 46,856 24,337
------------ ------------ ------------ -----------
Denominator 19,234,675 13,203,463 18,357,406 13,161,146
============ ============ ============ ===========
Numerator $8,327,817 $4,913,700 $22,835,776 $14,624,351
============ ============ ============ ===========
Per share amount $0.43 $0.37 $1.24 $1.11
============ ============ ============ ===========
</TABLE>
