Healthcare Realty Trust Reports Results for the Third Quarter
NASHVILLE, Tenn., Nov. 03, 2023 (GLOBE NEWSWIRE) — Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the third quarter ended September 30, 2023. The Company reported net loss attributable to common stockholders of $67.8 million, or $0.18 per diluted common share, for the quarter ended September 30, 2023. Normalized FFO for the three months ended September 30, 2023 totaled $148.1 million, or $0.39 per diluted common share.
The following applies to all same store disclosures reported in this press release. Subsequent to its merger with Healthcare Trust of America (“Legacy HTA”) on July 20, 2022, the Company began reporting combined same store results in the third quarter of 2022, which are now referred to as Merger Combined Same Store. Merger Combined Same Store includes the Company’s same store properties, including Legacy HTA properties, that were owned for the full comparative period, and that meet all elements of the Company’s same store criteria. The Company presents the combined companies’ same store portfolios to provide an understanding of the operating performance and growth potential of the combined company.
Salient quarterly highlights include:
- Normalized FFO per share totaled $0.39.
- Merger combined total same store cash NOI for the third quarter increased 2.3% over the prior year, and 2.8% for the trailing twelve months ended September 30, 2023.
- Predictive growth measures in the Merger Combined Same Store portfolio include:
- Average in-place rent increases of 2.8%
- Future annual contractual increases of 3.0% for leases commencing in the quarter.
- Weighted average MOB cash leasing spreads of 4.8% on 622,000 square feet renewed:
- 1% (<0% spread)
- 3% (0-3%)
- 77% (3-4%)
- 19% (>4%)
- Tenant retention of 76.1%
- Year-over-year absorption of 56,000 square feet resulted in an average occupancy increase of 20 basis points to 89.2%.
- Portfolio leasing activity that commenced in the third quarter totaled 1,139,000 square feet related to 360 leases:
- 692,000 square feet of renewals
- 401,000 square feet of new and 46,000 square feet of expansion leases
- The Company executed new leases totaling 447,000 square feet in the quarter that will commence in future periods, an increase of 19% over the second quarter and 86% over the first quarter.
- New leasing momentum for the legacy HTA properties was particularly strong, representing 62% of activity year-to-date, while comprising approximately one-half of the multi-tenant portfolio square footage.
- The multi-tenant leased percentage was 87.2% at September 30, which was 210 basis points greater than occupancy.
- The multi-tenant Legacy HTA leased percentage was 85.2%, which was 250 basis points greater than occupancy.
- As of October 23, 2023, the pipeline of new leasing activity totaled 1.7 million square feet, which includes 16% in the lease documentation phase, 37% in the proposal and letter of intent phase, and 47% active prospects in the touring phase.
- During the third quarter, the Company sold five properties totaling $208.7 million and year-to-date has sold nine properties totaling $318.3 million. The Company expects to generate $138 million of proceeds from properties under contract that are expected to close by year-end. An additional $182 million of proceeds are expected to be generated from properties under letter of intent to sell with closings expected to be completed in fourth quarter 2023 and first quarter 2024.
- Net debt to adjusted EBITDA was 6.6 times at the end of the quarter. Leverage is expected to decline from additional asset sales and underlying portfolio NOI growth. The Company’s variable rate debt reduced from 14.6% to 13.0% of net debt as of June 30 and September 30, respectively. In October, the Company executed interest rate swaps totaling $200 million in anticipation of expiring interest rate swaps in January 2024.
- A dividend of $0.31 per share was paid in August. A dividend of $0.31 per share will be paid on November 30, 2023 to stockholders and OP unitholders of record on November 14, 2023.
- On Friday, November 3, 2023, at 12:00 p.m. Eastern Time, Healthcare Realty Trust has scheduled a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends. Simultaneously, a webcast of the conference call will be available to interested parties at https://investors.healthcarerealty.com/corporate-profile/webcasts under the Investor Relations section. A webcast replay will be available following the call at the same address. Conference Call Access Details: Domestic Dial-In Number: +1 646-904-5544 access code 681379; All Other Locations: +1 833-470-1428 access code 681379. Replay Information: Domestic Dial-In Number: +1 929-458-6194 access code 207459; All Other Locations: +1 866-813-9403 access code 207459.
Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes more than 700 properties totaling over 40 million square feet concentrated in 15 growth markets.
Additional information regarding the Company, including this quarter’s operations, can be found at www.healthcarerealty.com. In addition to the historical information contained within, this press release contains certain forward-looking statements with respect to the Company. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially and in adverse ways from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, without limitation, the following: the Company’s expected results may not be achieved; failure to realize the expected benefits of the Merger; significant transaction costs and/or unknown or inestimable liabilities; the risk that HTA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to future opportunities and plans for the Company, including the uncertainty of expected future financial performance and results of the Company; the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline; general adverse economic and local real estate conditions; changes in economic conditions generally and the real estate market specifically; legislative and regulatory changes, including changes to laws governing the taxation of REITs and changes to laws governing the healthcare industry; the availability of capital; changes in interest rates; competition in the real estate industry; the supply and demand for operating properties in the Company’s proposed market areas; changes in accounting principles generally accepted in the US; policies and guidelines applicable to REITs; the availability of properties to acquire; the availability of financing; pandemics and other health concerns, and the measures intended to prevent their spread, including the currently ongoing COVID-19 pandemic; and the potential material adverse effect these matters may have on the Company’s business, results of operations, cash flows and financial condition. Additional information concerning the Company and its business, including additional factors that could materially and adversely affect the Company’s financial results, include, without limitation, the risks described under Part I, Item 1A – Risk Factors, in the Company’s 2022 Annual Report on Form 10-K and in its other filings with the SEC.
| Consolidated Balance Sheets | ||||||||||||||||
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | ||||||||||||||||
| ASSETS | ||||||||||||||||
| 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | 3Q 2022 | ||||||||||||
| Real estate properties | ||||||||||||||||
| Land | $1,387,821 | $1,424,453 | $1,412,805 | $1,439,798 | $1,449,550 | |||||||||||
| Buildings and improvements | 11,004,195 | 11,188,821 | 11,196,297 | 11,332,037 | 11,439,797 | |||||||||||
| Lease intangibles | 890,273 | 922,029 | 929,008 | 959,998 | 968,914 | |||||||||||
| Personal property | 12,686 | 12,615 | 11,945 | 11,907 | 11,680 | |||||||||||
| Investment in financing receivables, net | 120,975 | 121,315 | 120,692 | 120,236 | 118,919 | |||||||||||
| Financing lease right-of-use assets | 82,613 | 83,016 | 83,420 | 83,824 | 79,950 | |||||||||||
| Construction in progress | 85,644 | 53,311 | 42,615 | 35,560 | 43,148 | |||||||||||
| Land held for development | 59,871 | 78,411 | 69,575 | 74,265 | 73,321 | |||||||||||
| Total real estate investments | 13,644,078 | 13,883,971 | 13,866,357 | 14,057,625 | 14,185,279 | |||||||||||
| Less accumulated depreciation and amortization | (2,093,952 | ) | (1,983,944 | ) | (1,810,093 | ) | (1,645,271 | ) | (1,468,736 | ) | ||||||
| Total real estate investments, net | 11,550,126 | 11,900,027 | 12,056,264 | 12,412,354 | 12,716,543 | |||||||||||
| Cash and cash equivalents | 24,668 | 35,904 | 49,941 | 60,961 | 57,583 | |||||||||||
| Assets held for sale, net | 57,638 | 151 | 3,579 | 18,893 | 185,074 | |||||||||||
| Operating lease right-of-use assets | 323,759 | 333,224 | 336,112 | 336,983 | 321,365 | |||||||||||
| Investments in unconsolidated joint ventures | 325,453 | 327,245 | 327,746 | 327,248 | 327,752 | |||||||||||
| Other assets, net and goodwill | 822,084 | 797,796 | 795,242 | 693,192 | 587,126 | |||||||||||
| Total assets | $13,103,728 | $13,394,347 | $13,568,884 | $13,849,631 | $14,195,443 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | 3Q 2022 | ||||||||||||
| Liabilities | ||||||||||||||||
| Notes and bonds payable | $5,227,413 | $5,340,272 | $5,361,699 | $5,351,827 | $5,570,139 | |||||||||||
| Accounts payable and accrued liabilities | 204,947 | 196,147 | 155,210 | 244,033 | 231,018 | |||||||||||
| Liabilities of properties held for sale | 3,814 | 222 | 277 | 437 | 10,644 | |||||||||||
| Operating lease liabilities | 273,319 | 278,479 | 279,637 | 279,895 | 268,840 | |||||||||||
| Financing lease liabilities | 74,087 | 73,629 | 73,193 | 72,939 | 72,378 | |||||||||||
| Other liabilities | 211,365 | 219,694 | 232,029 | 218,668 | 203,398 | |||||||||||
| Total liabilities | 5,994,945 | 6,108,443 | 6,102,045 | 6,167,799 | 6,356,417 | |||||||||||
| Redeemable non-controlling interests | 3,195 | 2,487 | 2,000 | 2,014 | — | |||||||||||
| Stockholders’ equity | ||||||||||||||||
| Preferred stock, $0.01 par value; 200,000 shares authorized | — | — | — | — | — | |||||||||||
| Common stock, $0.01 par value; 1,000,000 shares authorized | 3,809 | 3,808 | 3,808 | 3,806 | 3,806 | |||||||||||
| Additional paid-in capital | 9,597,629 | 9,595,033 | 9,591,194 | 9,587,637 | 9,586,556 | |||||||||||
| Accumulated other comprehensive income (loss) | 17,079 | 9,328 | (8,554 | ) | 2,140 | 5,524 | ||||||||||
| Cumulative net income attributable to common stockholders | 1,069,327 | 1,137,171 | 1,219,930 | 1,307,055 | 1,342,819 | |||||||||||
| Cumulative dividends | (3,684,144 | ) | (3,565,941 | ) | (3,447,750 | ) | (3,329,562 | ) | (3,211,492 | ) | ||||||
| Total stockholders’ equity | 7,003,700 | 7,179,399 | 7,358,628 | 7,571,076 | 7,727,213 | |||||||||||
| Non-controlling interest | 101,888 | 104,018 | 106,211 | 108,742 | 111,813 | |||||||||||
| Total Equity | 7,105,588 | 7,283,417 | 7,464,839 | 7,679,818 | 7,839,026 | |||||||||||
| Total liabilities and stockholders’ equity | $13,103,728 | $13,394,347 | $13,568,884 | $13,849,631 | $14,195,443 | |||||||||||
| Consolidated Statements of Income | ||||||
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | ||||||
| 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | |||
| Revenues | ||||||
| Rental income | $333,335 | $329,680 | $324,093 | $329,399 | ||
| Interest income | 4,264 | 4,233 | 4,214 | 4,227 | ||
| Other operating | 4,661 | 4,230 | 4,618 | 4,436 | ||
| 342,260 | 338,143 | 332,925 | 338,062 | |||
| Expenses | ||||||
| Property operating | 131,639 | 125,395 | 122,040 | 117,009 | ||
| General and administrative | 13,396 | 15,464 | 14,935 | 14,417 | ||
| Acquisition and pursuit costs 1 | 769 | 669 | 287 | 92 | ||
| Merger-related costs | 7,450 | (15,670) | 4,855 | 10,777 | ||
| Depreciation and amortization | 182,989 | 183,193 | 184,479 | 185,275 | ||
| 336,243 | 309,051 | 326,596 | 327,570 | |||
| Other income (expense) | ||||||
| Interest expense before merger-related fair value | (55,637) | (54,780) | (52,895) | (52,464) | ||
| Merger-related fair value adjustment | (10,667) | (10,554) | (10,864) | (11,979) | ||
| Interest expense | (66,304) | (65,334) | (63,759) | (64,443) | ||
| Gain on sales of real estate properties | 48,811 | 7,156 | 1,007 | 73,083 | ||
| Gain on extinguishment of debt | 62 | — | — | 119 | ||
| Impairment of real estate assets and credit loss reserves | (56,873) | (55,215) | (31,422) | (54,452) | ||
| Equity(loss) gain from unconsolidated joint ventures | (456) | (17) | (780) | 89 | ||
| Interest and other income (expense), net | 139 | 592 | 547 | (1,168) | ||
| (74,621) | (112,818) | (94,407) | (46,772) | |||
| Net loss | $(68,604) | $(83,726) | $(88,078) | $(36,280) | ||
| Net loss attributable to non-controlling interests | 760 | 967 | 953 | 516 | ||
| Net loss attributable to common stockholders | $(67,844) | $(82,759) | $(87,125) | $(35,764) | ||
| Basic earnings per common share | $(0.18) | $(0.22) | $(0.23) | $(0.10) | ||
| Diluted earnings per common share | $(0.18) | $(0.22) | $(0.23) | $(0.10) | ||
| Weighted average common shares outstanding – basic | 378,925 | 378,897 | 378,840 | 378,617 | ||
| Weighted average common shares outstanding – diluted 2 | 378,925 | 378,897 | 378,840 | 378,617 | ||
| 1. | Includes third party and travel costs related to the pursuit of acquisitions and developments. |
| 2. | Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. As a result, the Company’s OP totaling 4,042,993 units was not included. |
| Reconciliation of FFO, Normalized FFO and FAD 1,2,3 | |||||||||
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||
| 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2022 | ||||||
| Net loss attributable to common stockholders | $(67,844) | $(82,759) | $(87,125) | $(35,764) | |||||
| Net loss attributable to common stockholders per diluted share 3 | $(0.18) | $(0.22) | $(0.23) | $(0.10) | |||||
| Gain on sales of real estate assets | (48,811) | (7,156) | (1,007) | (73,083) | |||||
| Impairments of real estate assets | 56,873 | 55,215 | 26,227 | 54,452 | |||||
| Real estate depreciation and amortization | 185,143 | 185,003 | 186,109 | 186,658 | |||||
| Non-controlling loss from partnership units | (841) | (1,027) | (1,067) | (382) | |||||
| Unconsolidated JV depreciation and amortization | 4,421 | 4,412 | 4,841 | 4,020 | |||||
| FFO adjustments | $196,785 | $236,447 | $215,103 | $171,665 | |||||
| FFO adjustments per common share – diluted | $0.51 | $0.62 | $0.56 | $0.45 | |||||
| FFO | $128,941 | $153,688 | $127,978 | $135,901 | |||||
| FFO per common share – diluted | $0.34 | $0.40 | $0.33 | $0.35 | |||||
| Acquisition and pursuit costs | 769 | 669 | 287 | 92 | |||||
| Merger-related costs | 7,450 | (15,670) | 4,855 | 10,777 | |||||
| Lease intangible amortization | 213 | 240 | 146 | 137 | |||||
| Non-routine legal costs/forfeited earnest money received | — | 275 | — | 194 | |||||
| Debt financing costs | (62) | — | — | 625 | |||||
| Allowance for credit losses 4 | — | — | 8,599 | — | |||||
| Merger-related fair value adjustment | 10,667 | 10,554 | 10,864 | 11,979 | |||||
| Unconsolidated JV normalizing items 5 | 90 | 93 | 117 | 96 | |||||
| Normalized FFO adjustments | $19,127 | $(3,839) | $24,868 | $23,900 | |||||
| Normalized FFO adjustments per common share – diluted | $0.05 | $(0.01) | $0.06 | $0.06 | |||||
| Normalized FFO | $148,068 | $149,849 | $152,846 | $159,801 | |||||
| Normalized FFO per common share – diluted | $0.39 | $0.39 | $0.40 | $0.42 | |||||
| Non-real estate depreciation and amortization | 475 | 802 | 604 | 624 | |||||
| Non-cash interest amortization, net 6 | 1,402 | 1,618 | 682 | 2,284 | |||||
| Rent reserves, net | 442 | (54) | 1,371 | (100) | |||||
| Straight-line rent income, net | (8,470) | (8,005) | (8,246) | (9,873) | |||||
| Stock-based compensation | 2,556 | 3,924 | 3,745 | 3,573 | |||||
| Unconsolidated JV non-cash items 7 | (231) | (316) | (227) | (316) | |||||
| Normalized FFO adjusted for non-cash items | 144,242 | 147,818 | 150,775 | 155,993 | |||||
| 2nd generation TI | (21,248) | (17,236) | (8,882) | (13,523) | |||||
| Leasing commissions paid | (8,907) | (5,493) | (7,013) | (7,404) | |||||
| Capital expenditures | (14,354) | (8,649) | (8,946) | (25,669) | |||||
| Total maintenance capex | (44,509) | (31,378) | (24,841) | (46,596) | |||||
| FAD | $99,733 | $116,440 | $125,934 | $109,397 | |||||
| Quarterly dividends | 119,456 | $119,444 | $119,442 | $119,323 | |||||
| FFO wtd avg common shares outstanding – diluted 8 | 383,428 | 383,409 | 383,335 | 383,228 | |||||
| 1. | Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by NAREIT. NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.” |
| 2. | FFO, Normalized FFO and Funds Available for Distribution (“FAD”) do not represent cash generated from operating activities determined in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered alternatives to net income attributable to common stockholders as indicators of the Company’s operating performance or as alternatives to cash flow as measures of liquidity. |
| 3. | Potential common shares are not included in the computation of diluted earnings per share when a loss exists, as the effect would be an antidilutive per share amount. |
| 4. | In Q1 2023, allowance for credit losses included a $5.2 million credit allowance for a mezzanine loan included in “Impairment of real estate and credit loss reserves” on the Statement of Income and $3.4 million reserve included in “Rental Income” on the Statement of Income for previously deferred rent and straight line rent for three skilled nursing facilities. |
| 5. | Includes the Company’s proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs. |
| 6. | Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization. |
| 7. | Includes the Company’s proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures. |
| 8. | The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 432,597 for the three months ended September 30, 2023. Also includes the diluted impact of 4,042,993 OP units outstanding. |
| Reconciliation of Non-GAAP Measures |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA – UNAUDITED |
Management considers funds from operations (“FFO”), FFO per share, normalized FFO, normalized FFO per share, funds available for distribution (“FAD”) to be useful non-GAAP measures of the Company’s operating performance. A non-GAAP financial measure is generally defined as one that purports to measure historical financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company’s business and useful to investors.
The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income (determined in accordance with GAAP), as indicators of the Company’s financial performance, or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company’s needs.
FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as “net income (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.” The Company defines Normalized FFO as FFO excluding acquisition-related expenses, lease intangible amortization and other normalizing items that are unusual and infrequent in nature. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense and rent reserves, net; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company’s definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and FAD do not represent cash generated from operating activities determined in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.
Management believes FFO, FFO per share, Normalized FFO, Normalized FFO per share, and FAD provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, including depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, gains or losses from sales of real estate, and other normalizing items that are unusual and infrequent, FFO, FFO per share, Normalized FFO, Normalized FFO per share and FAD can facilitate comparisons of operating performance between periods. The Company reports these measures because they have been observed by management to be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because these measures are consistently reported, discussed, and compared by research analysts in their notes and publications about REITs.
Merger Combined Cash NOI and Merger Combined Same Store Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level operating results. The Company defines Merger Combined Cash NOI as rental income and less property operating expenses. Merger Combined Cash NOI excludes non-cash items such as above and below market lease intangibles, straight-line rent, lease inducements, lease termination fees, tenant improvement amortization and leasing commission amortization. Merger Combined Cash NOI is historical and not necessarily indicative of future results.
Merger Combined Same Store Cash NOI compares Merger Combined Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties.
The Company utilizes the redevelopment classification for properties where management has approved a change in strategic direction for such properties through the application of additional resources including an amount of capital expenditures significantly above routine maintenance and capital improvement expenditures. These properties are described in additional detail in Footnote 6 to the Condensed Consolidated Financial Statements.
Any recently acquired property will be included in the same store pool once the Company has owned the property for eight full quarters. Newly developed or redeveloped properties will be included in the same store pool eight full quarters after substantial completion.
Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290
