Earnings Call Excerpt
Healthcare Realty Trust Inc. (HR)
Q4 2008 Earnings Call
February 24, 2009 10:00 am ET
Executives
David Emery – Chairman and Chief Executive Officer
Scott Holmes – Chief Financial Officer
Doug Whitman – Chief Operating Officer
Bethany Mancini – Corporate Communications
Gabrielle Andres – Corporate Communications
Analysts
Rob Mains – Morgan Keegan & Company
Tayo Okusanya – UBS
[Connor Feneti] – Deutsche Bank
[Doug Sanfisto]
Jerry Doctrow – Stifel Nicolaus & Co.
Stephen Swett – Keefe, Bruyette & Woods
Michael Mueller – JP Morgan
Rosemary Pugh – Green Street
[Ben Lentz]
Presentation
Operator
Welcome to the Healthcare Realty Trust fourth quarter results conference call. (Operator Instructions) I would now like to turn the conference over to your host, David Emery. Sir, you may begin.
David Emery
Joining us on the call today are Scott Holmes Chief Financial Officer, Doug Whitman Chief Operating Officer and Bethany Mancini and Gabrielle Andres in our communications. Ms. Andres will now read the disclaimer.
Gabrielle Andres
Except for the historical information contained within, the matters discussed in this call may contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. These risks are more specifically discussed in our Form 10-K filed with the SEC for the year ended December 31, 2008. These forward-looking statements represent the company's judgment as of the date of this call. The company disclaims any obligation to update this forward-looking material.
The matters discussed in this call may also contain certain non-GAAP financial measures, such as funds from operations, FFO or FFO per share, funds available for distribution, FAD or FAD per share. A reconciliation of these measures to the most comparable GAAP financial measures maybe found in the company's earnings press release for the fourth quarter ended December 31, 2008. The company's earnings press release, supplemental information and Form 10-K are available on the company's website.
David Emery
Healthcare Realty Trust completed a productive fourth quarter. As our core portfolio continued to perform well, with stable occupancy and increases in renewal rental rates and property level in line. Despite difficult economy, outpatient medical office continues to be resilient having sound operating fundamentals that continue to follow the broader context of positive historical growth trends.
Since 1972, through six recessions, physician office employment has grown annually by approximately 4.8% compared with the national private employment growth rate of only 1.8%. We view healthcare employment as the best indicator of demand for facility utilization and our managing our expectations of lease rates and the time necessary to lease up new buildings.
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