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EXHIBIT 99.1
[HEALTHCARE REALTY TRUST LOGO]
NEWS RELEASE
Contact: Timothy G. Wallace, Executive Vice President and
Chief Financial Officer, (615) 269-8175
HEALTHCARE REALTY TRUST ANNOUNCES RECENT FINANCING
TRANSACTIONS AND PLANS
NASHVILLE, Tennessee January 5, 2001 -- Healthcare Realty Trust
Incorporated (HR: NYSE) today announced the following recent financing
transactions and plans.
The Company's revolving credit facility has been expanded to $300
million. UBS Warburg has joined the existing bank group, led by Bank of America,
by committing to fund $35 million under the terms of the credit facility. The
outstanding balance of the facility is currently $265 million. The Company has
also placed mortgages totaling $14.2 million, funded by a commercial bank, on
four properties related to a prospective sale of those properties.
The Company has initiated approximately $80 million in new secured debt
financings. It is expected that the secured financings will have a ten-year,
fully amortizing term, at a spread over ten-year U.S. Treasury Bonds that would
today result in a coupon rate of 7.15% to 7.25% and should close by March 15,
2001. The existing term loan has been reduced to $25 million, extended to March
30, 2001 and will be repaid with the proceeds from the proposed secured debt
transactions or, earlier, from proceeds of asset sales, mortgage receivable
prepayments or operating cash flow. All excess proceeds will be used, initially,
to reduce the outstanding balance on the revolving credit facility.
Historically, the Company has limited the use of secured debt
financing. However, given the current favorable differential between the cost of
unsecured debt and secured debt, the Company is taking advantage of this
opportunity to access capital in the secured debt market. Upon closing of the
proposed financings, excluding the prospective sale of the four properties,
secured debt will represent approximately 8.8% of the Company's capital
structure.
Healthcare Realty Trust is a real estate investment trust that
integrates owning, managing and developing income-producing real estate
properties associated with the delivery of healthcare services throughout the
United States. The Company's portfolio is comprised of nine major facility
types, located in 32 states nationwide, and operated pursuant to contractual
arrangements with 67 healthcare providers. Since commencing operations in June
1993, the Company has invested or committed to invest approximately $1.7 billion
in 269 real estate properties or mortgages, totaling approximately twelve
million square feet. The Company provides property management or asset
management services to approximately ten million square feet nationwide.
In addition to the historical information contained within, the matters
discussed in this press release may contain forward-looking statements that
involve risks and uncertainties. These risks are discussed in a 10-K filed with
the SEC by Healthcare Realty Trust for the year ended December 31, 1999.
Forward-looking statements represent the Company's judgment as of the date of
this release.
The Company disclaims any obligation to update forward-looking material.
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