Healthcare Realty Trust Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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SIGNATURES
SIGNATURES AND SCHEDULES
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HEALTHCARE REALTY TRUST INCORPORATED | |
| By: | /s/ TODD J. MEREDITH |
| Todd J. Meredith | |
| President, Chief Executive Officer, and Director |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| SIGNATURE | TITLE | DATE |
|---|---|---|
| /s/ Todd J. Meredith | President, Chief Executive Officer and Director | February 16, 2024 |
| Todd J. Meredith | (Principal Executive Officer) | |
| /s/ J. Christopher Douglas | Executive Vice President and Chief Financial | February 16, 2024 |
| J. Christopher Douglas | Officer (Principal Financial Officer) | |
| /s/ Amanda L. Callaway | Senior Vice President and Chief Accounting | February 16, 2024 |
| Amanda L. Callaway | Officer (Principal Accounting Officer) | |
| /s/ John V. Abbott | Director | February 16, 2024 |
| John V. Abbott | ||
| /s/ Nancy H. Agee | Director | February 16, 2024 |
| Nancy H. Agee | ||
| /s/ W. Bradley Blair, II | Director | February 16, 2024 |
| W. Bradley Blair, II | ||
| /s/ Vicki U. Booth | Director | February 16, 2024 |
| Vicki U. Booth | ||
| /s/ Edward H. Braman | Director | February 16, 2024 |
| Edward H. Braman | ||
| /s/ Ajay Gupta | Director | February 16, 2024 |
| Ajay Gupta | ||
| /s/ James J. Kilroy | Director | February 16, 2024 |
| James J. Kilroy | ||
| /s/ Jay P. Leupp | Director | February 16, 2024 |
| Jay P. Leupp | ||
| /s/ Peter F. Lyle | Director | February 16, 2024 |
| Peter F. Lyle | ||
| /s/ Constance B. Moore | Director | February 16, 2024 |
| Constance B. Moore | ||
| /s/ John Knox Singleton | Director | February 16, 2024 |
| John Knox Singleton | ||
| /s/ Christann M. Vasquez | Director | February 16, 2024 |
| Christann M. Vasquez | ||
Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022 and 2021
| Dollars in thousands · ADDITIONS AND DEDUCTIONS | ||||||
|---|---|---|---|---|---|---|
| DESCRIPTION · BALANCE AT BEGINNING OF PERIOD · CHARGED/(CREDITED) TO COSTS AND EXPENSES · CHARGED TO OTHER ACCOUNTS · UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF · BALANCE AT END OF PERIOD | ||||||
| 2023 | Accounts receivable allowance | $3,954 | $5,119 | $— | $669 | $8,404 |
| 2022 | Accounts receivable allowance | $654 | $3,306 | $— | $6 | $3,954 |
| 2021 | Accounts receivable allowance | $604 | $72 | $— | $22 | $654 |
Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2023
| Dollars in thousands · LAND 1 · BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARKET · NUMBER OF PROP. · INITIAL INVESTMENT · COST CAPITALIZED subsequent to acquisition · TOTAL · INITIAL INVESTMENT · COST CAPITALIZED subsequent to acquisition · TOTAL · PERSONAL PROPERTY · 2, 3, 5 TOTAL PROPERTY · 1, 3 ACCUMULATED DEPRECIATION · 4 ENCUMBRANCES · 5 DATE ACQUIRED · DATE CONST. | ||||||||||||||
| Dallas, TX | 43 | $72,772 | $17,396 | $90,168 | $925,170 | $147,779 | $1,072,949 | $550 | $1,163,667 | $221,375 | $— | 2003-2022 | 1974-2021 | |
| Houston, TX | 31 | 63,942 | 13,018 | 76,960 | 642,626 | 32,557 | 675,183 | 57 | 752,200 | 97,793 | — | 2007-2022 | 1974-2018 | |
| Seattle, WA | 29 | 59,412 | 4,883 | 64,295 | 551,328 | 90,031 | 641,359 | 715 | 706,369 | 186,903 | — | 2008-2022 | 1977-2018 | |
| Denver, CO | 33 | 62,172 | 14,526 | 76,698 | 488,764 | 56,499 | 545,263 | 610 | 622,571 | 94,906 | — | 2007-2022 | 1942-2022 | |
| Charlotte, NC | 32 | 28,119 | 7,345 | 35,464 | 451,251 | 39,182 | 490,433 | 110 | 526,007 | 116,578 | — | 2008-2020 | 1961-2018 | |
| Phoenix, AZ | 35 | 12,205 | 8,057 | 20,262 | 447,753 | 26,436 | 474,189 | 425 | 494,876 | 59,449 | — | 2007-2017 | 1971-2008 | |
| Atlanta, GA | 27 | 40,227 | 8,868 | 49,095 | 429,729 | 15,587 | 445,316 | 100 | 494,511 | 79,569 | 5,572 | 2007-2022 | 1974-2014 | |
| Boston, MA | 17 | 117,857 | 9,590 | 127,447 | 336,670 | 4,255 | 340,925 | 14 | 468,386 | 37,569 | — | 2012-2016 | 1860-2011 | |
| Raleigh, NC | 28 | 44,530 | 12,090 | 56,620 | 393,245 | 15,098 | 408,343 | 9 | 464,972 | 38,879 | — | 2010-2022 | 1977-2020 | |
| Nashville, TN | 13 | 40,673 | 2,674 | 43,347 | 309,400 | 97,997 | 407,397 | 7,427 | 458,171 | 115,979 | 7,841 | 2004-2022 | 1976-2022 | |
| Los Angeles, CA | 20 | 68,225 | 3,861 | 72,086 | 305,221 | 71,590 | 376,811 | 453 | 449,350 | 145,875 | 28,870 | 1994-2022 | 1964-2008 | |
| Miami, FL | 19 | 47,092 | 6,902 | 53,994 | 325,814 | 35,543 | 361,357 | 178 | 415,529 | 74,470 | — | 1994-2021 | 1954-2021 | |
| Tampa, FL | 19 | 23,491 | 7,631 | 31,122 | 363,588 | 15,729 | 379,317 | 33 | 410,472 | 36,726 | — | 1994-2023 | 1975-2015 | |
| Indianapolis, IN | 36 | 45,914 | 8,985 | 54,899 | 308,044 | 10,542 | 318,586 | 13 | 373,498 | 42,273 | — | 2007-2019 | 1988-2013 | |
| Austin, TX | 13 | 22,178 | 4,885 | 27,063 | 261,585 | 31,211 | 292,796 | 142 | 320,001 | 55,891 | — | 2007-2022 | 1972-2015 | |
| New York, NY | 14 | 58,719 | 5,683 | 64,402 | 192,029 | 4,705 | 196,734 | — | 261,136 | 15,887 | — | 2014-2019 | 1920-2014 | |
| Chicago, IL | 6 | 11,250 | 2,554 | 13,804 | 212,170 | 17,314 | 229,484 | 81 | 243,369 | 39,671 | — | 2004-2019 | 1970-2017 | |
| Memphis, TN | 11 | 12,253 | 1,648 | 13,901 | 118,427 | 75,725 | 194,152 | 322 | 208,375 | 71,813 | — | 1999-2020 | 1982-2014 | |
| Honolulu, HI | 6 | 8,314 | 1,213 | 9,527 | 147,422 | 47,669 | 195,091 | 169 | 204,787 | 61,575 | — | 2003-2014 | 1975-2010 | |
| Hartford, CT | 30 | 24,167 | 5,214 | 29,381 | 159,178 | 1,383 | 160,561 | — | 189,942 | 15,883 | — | 2016-2019 | 1955-2017 | |
| Other (49 markets) | 194 | 272,785 | 61,795 | 334,580 | 3,308,020 | 211,205 | 3,519,225 | 1,310 | 3,855,115 | 618,702 | 28,251 | 1993-2023 | ||
| Total real estate | 656 | 1,136,297 | 208,818 | 1,345,115 | 10,677,434 | 1,048,037 | 11,725,471 | 12,718 | 13,083,304 | 2,227,766 | 70,534 | |||
| Land held for develop. | — | 59,871 | — | 59,871 | — | — | — | — | 59,871 | — | ||||
| Construction in Progress | — | — | — | — | 60,727 | — | 60,727 | — | 60,727 | — | — | |||
| Financing lease right-of-use assets | — | — | — | — | — | — | — | — | 82,209 | — | — | |||
| Investment in financing receivables, net | — | — | — | — | — | — | — | — | 122,602 | — | — | |||
| Total properties | 656 | 1,196,168 | $208,818 | $1,404,986 | $10,738,161 | $1,048,037 | $11,786,198 | $12,718 | $13,408,713 | $2,227,766 | $70,534 | |||
1 Includesone asset held for sale as of December 31, 2023 with gross real estate investments of approximately $9.6 million.
2 Total properties as of December 31, 2023 have an estimated aggregate total cost of $12.6 billion for federal income tax purposes.
3 Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 49.0 years, lease intangibles over 1.0 to 99.0 years, personal property over 3.0 to 20.0 years, and land improvements over 2.0 to 39.0 years.
4 Includes unamortized premium of $0.3 million and unaccreted discount of $0.2 million and debt issuance costs of $0.3 million as of December 31, 2023.
5 Includes merger of Healthcare Trust of America, Inc. buildings, acquired in 2022.
6 Rollforward of Total Property and Accumulated Depreciation, including assets held for sale, for the year ended December 31, 2023, 2022 and 2021 follows:
| YEAR ENDED DEC. 31, 2023 · YEAR ENDED DEC. 31, 2022 · YEAR ENDED DEC. 31, 2021 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars in thousands · TOTAL PROPERTY · ACCUMULATED DEPRECIATION · TOTAL PROPERTY · ACCUMULATED DEPRECIATION · TOTAL PROPERTY · ACCUMULATED DEPRECIATION | |||||||||||
| Beginning balance | $14,076,475 | $1,645,271 | $5,104,942 | $1,338,743 | $4,670,226 | $1,249,679 | |||||
| Additions during the period | |||||||||||
| Real estate acquired | 54,024 | 2,322 | 9,780,070 | 241,285 | 374,912 | 7,668 | |||||
| Other improvements | 28,521 | 668,069 | 219,783 | 205,703 | 103,035 | 191,875 | |||||
| Land held for development | — | 49,416 | — | 2,021 | — | ||||||
| Construction in progress | 49,901 | — | 31,586 | — | 3,974 | — | |||||
| Investment in financing receivable, net | 2,366 | — | (66,509) | — | 186,745 | — | |||||
| Financing lease right-of-use assets, net | (1,616) | — | 52,249 | — | 11,909 | — | |||||
| Corporate Properties | — | — | 3,640 | 236 | — | — | |||||
| Retirement/dispositions | |||||||||||
| Real estate | (800,958) | (87,896) | (1,098,702) | (140,696) | (247,880) | (110,479) | |||||
| Ending balance | $13,408,713 | $2,227,766 | $14,076,475 | $1,645,271 | $5,104,942 | $1,338,743 | |||||
Schedule IV – Mortgage Loans on Real Estate Assets as of December 31, 2023
| Dollars in thousands · Final Maturity Date · Payment Terms · Prior Liens · Face Amount · Carrying Amount · Principal Amount of Loans Subject to Delinquent Principal or Interest | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage loan on real estate located in: | ||||||||||
| Texas | 7.00% | 7/1/2024 | (1) | $— | $31,150 | $31,150 | $— | |||
| North Carolina | 8.00% | 12/22/2024 | (2) | — | 6,000 | 5,796 | ||||
| Florida | 6.00% | 2/27/2026 | (3) | — | 32,156 | 32,112 | — | |||
| California | 6.00% | 3/29/2026 | (4) | — | 45,000 | 45,000 | — | |||
| Florida | 9.00% | 12/28/2026 | (5) | — | 7,700 | 7,700 | — | |||
| Mezzanine loans on real estate located in: | ||||||||||
| Texas | 8.00% | 6/24/2024 | (6) | — | 54,119 | 45,856 | 54,119 | |||
| Arizona | 9.00% | 12/20/2026 | (4) | — | 6,000 | 6,000 | — | |||
| Total real estate notes receivable | $— | $182,125 | $173,614 | $54,119 | ||||||
| 1 Twelve-month prefunded interest reserve, with principal sum and interest on unpaid principal due on the maturity date. | ||||||||||
| 2 Capitalized interest through maturity, with outstanding principal and accrued interest due on the maturity date. | ||||||||||
| 3 Construction loan up to $65 million with periodic disbursements. Interest only payments due with principal and any unpaid interest due on the maturity date. | ||||||||||
| 4 Interest only payments due with principal and any unpaid interest due on the maturity date. | ||||||||||
| 5 Monthly installment payments of principal and interest in the amount of $152,069. | ||||||||||
| 6 Interest only payments due with principal and any unpaid interest due on the maturity date. Loan on non-accrual status as of December 31, 2023. | ||||||||||
The following shows changes in the carrying amounts of mortgage loans on real estate assets during the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Balance as of the beginning of the year | $99,643 | $— | $— |
| Additions: | |||
| Fair value real estate notes assumed | — | 74,819 | — |
| New real estate notes | 58,700 | 23,325 | — |
| Draws on existing real estate notes | 19,103 | ||
| Capitalized interest | — | 1,499 | — |
| Accretion of fees and other items | 1,364 | — | — |
| Deductions: | |||
| Collection of real estate loans | — | — | — |
| Deferred fees and other items | — | — | — |
| Allowance for credit loss | $(5,196) | ||
| Balance as of the end of the year | $173,614 | $99,643 | $— |
All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are omitted because they are not required under the related instructions or are not applicable, or because the required information is shown in the consolidated financial statements or notes thereto.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.