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Ron Hubbard

投資者關係副總裁

P: 615.269.8290

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醫療房地產信託基金髮布第三季度成果報告

納什維爾, 田納西州, 2024年10月30日 - Healthcare Realty Trust Incorporated（紐交所：HR）今天宣佈了截至2024年9月30日的第三季度的業績。2024年9月30日三個月結束的普通股東應占淨（虧損）收入爲（93.0）百萬美元，每股稀釋普通股（0.26）美元。.

關鍵第三季度亮點

•每股標準化FFO爲0.39美元，較去年同期增長1.2%

•截至十月份，通過合資和資產出售交易獲得了87500萬美元的收入

•截至十月份，今年迄今已回購$44700萬的股份。

•159,000 平方英尺，或 49 個點子的多租戶吸納

•本季度簽訂了43.1萬平方英尺的新租約，這是連續第五個季度超過40萬的情況。

公司通過JV和資產銷售交易產生了約4億美元的收益，其中包括以下內容：

•公司從第二季度開始，關閉了合資創業公司和資產出售交易，總計$47800萬，截至10月份，收入約爲$87500萬，具體包括以下內容：

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。由合資企業交易中獲得52200萬美元

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。從資產銷售中獲得了35300萬美元

•公司還有其他合同下的交易和擬出售意向書，預計將使年收入增加約11億美元。

•截至十月，該公司已回購2710萬股，總計44680萬美元，平均每股價格爲16.48美元。

多租戶入住率和吸納量

•多租戶順序入住增長繼續朝着2024年全年預期方向發展，如下所示：

3Q 2024

截至2024年年度

吸納量（平方英尺）

158,720

341,473

入住增幅（單位爲BPS）

+ 49

+ 106

•多租戶投資組合的入住率爲86.5％，租賃比例爲9月30日爲87.8％。

•在過去的十二個月中，多租戶入住率上升了164個點子。對於傳統HTA物業來說，同一時期多租戶入住率提高了230個點子。


			HEALTHCAREREALTY.COm \| 第1頁，共8頁

•您可以在公司網站的關鍵亮點投資者演示文稿第5頁找到更新的多租戶佔用和淨營業收入橋表。

租約

•第三季度開始的投資組合租賃活動，涉及455份租約，總計164.1萬平方英尺。

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。1,054,000平方英尺的續約

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。新租賃和擴張租賃啓動面積達587,000平方英尺

•公司在本季度簽署了總面積達431,000平方英尺的新租約，這是連續第五個季度租約面積超過400,000平方英尺。

同店銷售

•第三季度同店現金淨收入較去年同期增長3.1%。

•第三季度租戶留存率爲80.5%。

•與去年同期相比，營業費用減少了1.5%。

•同店銷售組合的第三季度預測增長指標包括：

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。平均現場租金增長2.8%。

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。未來每年契約租賃漲幅爲3.1％，起始於該季度。

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。847,000平方英尺的MoB現金租賃利差加權平均爲3.9%。

▪7%（小於0%的差距）

▪7% (0-3%)

▪58% (3-4%)

▪28% (>4%)

資產負債表

•截至2024年9月30日，淨債務與調整後息稅折舊攤銷前利潤（EBITDA）比率爲6.7倍。預計淨債務與調整後EBITDA比率 6.5 在年底達到

•十月份，公司償還了到期於2025年7月的未擔保期限貸款剩餘10000萬美元。

•截至2024年9月30日，該公司在其信貸額度下大約有13億美元的可用額度。

紅利

•2024年8月支付了每股0.31美元的股息。2024年11月27日將向記錄於2024年11月12日的股東和OP份額持有人支付每股0.31美元的股息。



健康房地產信託股份有限公司			healthcarerealty.com \| 第2頁/共8頁

指導方針

•公司2024年每股指導範圍如下：


			預計2024年
	實際的		事先			當前
	3Q 2024	年初至		低	高		低	高
每股收益	$(0.26)	$(1.49)		$(1.50)	$(1.40)		$(1.60)	$(1.59)
NareIT 每股 FFO	$0.21	$0.23		$0.77	$0.82		$0.58	$0.59
標準化每股 FFO	$0.39	$1.16		$1.53	$1.58		$1.55	$1.56

•2024年指南範圍包括《附加信息》第29頁中預期FFO組成部分中概述的活動。

2024年全年指引範圍反映了公司對目前和未來市場條件的看法，包括對租金率、出租率、利率、經營費用和一般和行政費用的假設。公司的指引不考慮出售產生的收益或損失、潛在的減值或債務熄滅成本等影響。無法保證公司的實際業績不會高於或低於這些預期。如果實際結果與這些假設有所不同，公司的預期可能會發生變化。

HEALTHCARE REALTY TRUST的股票預期業績會議

業績會

•2024年10月30日星期三，東部時間上午11:00，Healthcare Realty Trust安排了一次電話會議，討論盈利結果、季度活動、公司的一般運營情況和行業趨勢。

•同時，投資者可以在https://investors.healthcarerealty.com/corporate-profile/webcasts網址的投資者關係部分，收聽公司電話會議的網絡直播。電話會議結束後，在同一網址將提供電話會議的網絡直播回放。

•直播電話會議接入詳情：

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。國內免費電話號碼：+1 404-975-4839，訪問碼470628；

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。所有板塊其他地點：+1 833-470-1428，訪問代碼470628。

•重播信息：

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。國內免費電話：+1 929-458-6194訪問碼780754；

◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。所有板塊其他地點：+1 866-813-9403，訪問代碼780754。

Healthcare Realty(紐交所: HR)是一家股權房地產投資信託(reits)，主要擁有和經營位於領先醫院校園周圍的醫療門診樓房。該公司通過物業收購和開發來有選擇性地擴展其投資組合。作爲首個也是最大的專注於醫療門診樓房的REIt，Healthcare Realty的投資組合包括分佈在15個增長市場內的650多個物業，總面積近4000萬平方英尺。

有關公司的更多信息，包括本季度的運營情況，可以在 www.healthcarerealty.com 找到。除了其中包含的歷史信息外，本新聞稿還包含了關於公司的某些前瞻性陳述。前瞻性陳述並非歷史事實描述，幷包括關於管理層意圖、信仰、期望、計劃或對未來的預測的陳述，符合 1933年修正案第27A節和 1934年修正案第21E節的證券法的規定。由於這類陳述包含風險、不確定性和偶發事件，實際結果可能與此類前瞻性陳述所述或暗示的結果有極大且不利的差異。這些風險、不確定性和偶發事件包括，但不限於：公司的預期結果可能無法實現；未能實現預期的收益



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 3 OF 8

Merger; significant transaction costs and/or unknown or inestimable liabilities; 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 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 2023 Annual Report on Form 10-K and in its other filings with the SEC.



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 4 OF 8


Consolidated Balance Sheets
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA


ASSETS
	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023
Real estate properties
Land	$1,195,116	$1,287,532	$1,342,895	$1,343,265	$1,387,821
Buildings and improvements	10,074,504	10,436,218	10,902,835	10,881,373	11,004,195
Lease intangibles	718,343	764,730	816,303	836,302	890,273
Personal property	9,246	12,501	12,720	12,718	12,686
Investment in financing receivables, net	123,045	122,413	122,001	122,602	120,975
Financing lease right-of-use assets	77,728	81,401	81,805	82,209	82,613
Construction in progress	125,944	97,732	70,651	60,727	85,644
Land held for development	52,408	59,871	59,871	59,871	59,871
Total real estate investments	12,376,334	12,862,398	13,409,081	13,399,067	13,644,078
Less accumulated depreciation and amortization	(2,478,544)	(2,427,709)	(2,374,047)	(2,226,853)	(2,093,952)
Total real estate investments, net	9,897,790	10,434,689	11,035,034	11,172,214	11,550,126
Cash and cash equivalents 1	22,801	137,773	26,172	25,699	24,668

Assets held for sale, net	156,218	34,530	30,968	8,834	57,638
Operating lease right-of-use assets	259,013	261,976	273,949	275,975	323,759
Investments in unconsolidated joint ventures	417,084	374,841	309,754	311,511	325,453
Other assets, net and goodwill	491,679	559,818	605,047	842,898	822,084
Total assets	$11,244,585	$11,803,627	$12,280,924	$12,637,131	$13,103,728

LIABILITIES AND STOCKHOLDERS' EQUITY
	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023
Liabilities
Notes and bonds payable	$4,957,796	$5,148,153	$5,108,279	$4,994,859	$5,227,413
Accounts payable and accrued liabilities	197,428	195,884	163,172	211,994	204,947
Liabilities of properties held for sale	7,919	1,805	700	295	3,814
Operating lease liabilities	229,925	230,601	229,223	229,714	273,319
Financing lease liabilities	71,887	75,199	74,769	74,503	74,087
Other liabilities	180,283	177,293	197,763	202,984	211,365
Total liabilities	5,645,238	5,828,935	5,773,906	5,714,349	5,994,945


Redeemable non-controlling interests	3,875	3,875	3,880	3,868	3,195

Stockholders' equity
Preferred stock, $0.01 par value; 200,000 shares authorized	—	—	—	—	—
Common stock, $0.01 par value; 1,000,000 shares authorized	3,558	3,643	3,815	3,810	3,809
Additional paid-in capital	9,198,004	9,340,028	9,609,530	9,602,592	9,597,629
Accumulated other comprehensive (loss) income	(16,963)	6,986	4,791	(10,741)	17,079
Cumulative net income attributable to common stockholders	481,155	574,178	717,958	1,028,794	1,069,327
Cumulative dividends	(4,150,328)	(4,037,693)	(3,920,199)	(3,801,793)	(3,684,144)
Total stockholders' equity	5,515,426	5,887,142	6,415,895	6,822,662	7,003,700
Non-controlling interest	80,046	83,675	87,243	96,252	101,888
Total Equity	5,595,472	5,970,817	6,503,138	6,918,914	7,105,588
Total liabilities and stockholders' equity	$11,244,585	$11,803,627	$12,280,924	$12,637,131	$13,103,728

12Q 2024 cash and cash equivalents includes $96.0 million of proceeds held in a cash escrow account from a portfolio disposition that closed on June 28, 2024 and was received by the Company on July 1, 2024.



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 5 OF 8


Consolidated Statements of Income
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA



	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023
Revenues
Rental income 1	$306,499	$308,135	$318,076	$322,076	$333,335
Interest income	3,904	3,865	4,538	4,422	4,264
Other operating	5,020	4,322	4,191	3,943	4,661
	315,423	316,322	326,805	330,441	342,260
Expenses
Property operating	120,232	117,719	121,078	121,362	131,639
General and administrative	20,124	14,002	14,787	14,609	13,396
Normalizing items 2	(6,861)	—	—	(1,445)	—
Normalized general and administrative	13,263	14,002	14,787	13,164	13,396
Transaction costs	719	431	395	301	769
Merger-related costs	—	—	—	1,414	7,450
Depreciation and amortization	163,226	173,477	178,119	180,049	182,989
	304,301	305,629	314,379	317,735	336,243
Other income (expense)
Interest expense before merger-related fair value	(50,465)	(52,393)	(50,949)	(52,387)	(55,637)
Merger-related fair value adjustment	(10,184)	(10,064)	(10,105)	(10,800)	(10,667)
Interest expense	(60,649)	(62,457)	(61,054)	(63,187)	(66,304)
Gain on sales of real estate properties and other assets	39,310	38,338	22	20,573	48,811
Gain on extinguishment of debt	—	—	—	—	62
Impairment of real estate assets and credit loss reserves	(84,394)	(132,118)	(15,937)	(11,403)	(56,873)
Impairment of goodwill	—	—	(250,530)	—	—
Equity income (loss) from unconsolidated joint ventures	208	(146)	(422)	(430)	(456)
Interest and other (expense) income, net	(132)	(248)	275	65	139
	(105,657)	(156,631)	(327,646)	(54,382)	(74,621)
Net (loss) income	$(94,535)	$(145,938)	$(315,220)	$(41,676)	$(68,604)
Net loss (income) attributable to non-controlling interests	1,512	2,158	4,384	1,143	760
Net (loss) income attributable to common stockholders	$(93,023)	$(143,780)	$(310,836)	$(40,533)	$(67,844)


Basic earnings per common share	$(0.26)	$(0.39)	$(0.82)	$(0.11)	$(0.18)
Diluted earnings per common share	$(0.26)	$(0.39)	$(0.82)	$(0.11)	$(0.18)

Weighted average common shares outstanding - basic	358,960	372,477	379,455	379,044	378,925
Weighted average common shares outstanding - diluted 3	358,960	372,477	379,455	379,044	378,925

1In 2Q 2024, rental income was reduced by $3.0 million for Steward Health revenue reserves. This consisted of $2.2 million for April and prepetition rent for May as well as $0.8 million for March. In addition, the Company reversed $2.2 million of straight-line rent receivable against rental income.

23Q 2024 and 4Q 2023 normalizing items primarily include severance-related costs.

3Potential 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 outstanding limited partnership units in the Company's operating partnership ("OP"), totaling 3,649,637 units were not included.



HEALTHCARE REALTY TRUST INCORPORATED			HEALTHCAREREALTY.COM \| PAGE 6 OF 8


Reconciliation of FFO, Normalized FFO and FAD 1,2,3
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA



	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023
Net loss attributable to common stockholders	$(93,023)	$(143,780)	$(310,836)	$(40,533)	$(67,844)
Net loss attributable to common stockholders/diluted share 3	$(0.26)	$(0.39)	$(0.82)	$(0.11)	$(0.18)

Gain on sales of real estate assets	(39,148)	(33,431)	(22)	(20,573)	(48,811)
Impairments of real estate assets	37,632	120,917	15,937	11,403	56,873
Real estate depreciation and amortization	167,821	177,350	181,161	182,272	185,143
Non-controlling loss from operating partnership units	(1,372)	(2,077)	(4,278)	(491)	(841)
Unconsolidated JV depreciation and amortization	5,378	4,818	4,568	4,442	4,421
FFO adjustments	$170,311	$267,577	$197,366	$177,053	$196,785
FFO adjustments per common share - diluted	$0.47	$0.71	$0.51	$0.46	$0.51
FFO	$77,288	$123,797	$(113,470)	$136,520	$128,941
FFO per common share - diluted 4	$0.21	$0.33	$(0.30)	$0.36	$0.34

Transaction costs	719	431	395	301	769
Merger-related costs	—	—	—	1,414	7,450
Lease intangible amortization	(10)	129	175	261	213
Non-routine legal costs/forfeited earnest money received	306	465	—	(100)	—
Debt financing costs	—	—	—	—	(62)
Restructuring and severance-related charges	6,861	—	—	1,445	—
Credit losses and gains on other assets, net 5	46,600	8,525	—	—	—
Impairment of goodwill	—	—	250,530	—	—
Merger-related fair value adjustment	10,184	10,064	10,105	10,800	10,667
Unconsolidated JV normalizing items 6	101	89	87	89	90
Normalized FFO adjustments	$64,761	$19,703	$261,292	$14,210	$19,127
Normalized FFO adjustments per common share - diluted	$0.18	$0.05	$0.68	$0.04	$0.05
Normalized FFO	$142,049	$143,500	$147,822	$150,730	$148,068
Normalized FFO per common share - diluted	$0.39	$0.38	$0.39	$0.39	$0.39

Non-real estate depreciation and amortization	276	313	485	685	475
Non-cash interest amortization, net 7	1,319	1,267	1,277	1,265	1,402
Rent reserves, net 8	(27)	1,261	(151)	1,404	442
Straight-line rent income, net	(5,771)	(6,799)	(7,633)	(7,872)	(8,470)
Stock-based compensation	4,064	3,383	3,562	3,566	2,556
Unconsolidated JV non-cash items 9	(376)	(148)	(122)	(206)	(231)
Normalized FFO adjusted for non-cash items	141,534	142,777	145,240	149,572	144,242
2nd generation TI	(16,951)	(12,287)	(20,204)	(18,715)	(21,248)
Leasing commissions paid	(10,266)	(10,012)	(15,215)	(14,978)	(8,907)
Building capital	(7,389)	(12,835)	(5,363)	(17,393)	(14,354)
Total maintenance capex	(34,606)	(35,134)	(40,782)	(51,086)	(44,509)
FAD	$106,928	$107,643	$104,458	$98,486	$99,733
Quarterly/dividends and OP distributions	$113,770	$118,627	$119,541	$118,897	$119,456
FFO wtd avg common shares outstanding - diluted 10	363,370	376,556	383,413	383,326	383,428

1Funds 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.”

2FFO, Normalized FFO and Funds Available for Distribution ("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 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.

3Potential 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.

4For 1Q 2024, basic weighted average common shares outstanding was the denominator used in the per share calculation.

53Q 2024 includes $46.8 million of credit loss reserves and $0.2 million gain on other assets. 2Q 2024 includes $11.2 million of credit loss reserves and $2.2 million write-off of prior period Steward Health straight-line rent, offset by $4.9 million gain on other assets.

6Includes the Company's proportionate share of normalizing items related to unconsolidated joint ventures such as lease intangibles and acquisition and pursuit costs.

7Includes the amortization of deferred financing costs, discounts and premiums, and non-cash financing receivable amortization.

82Q 2024 includes $0.8 million related to the Steward Health revenue reserve for March.

9Includes the Company's proportionate share of straight-line rent, net and rent reserves, net related to unconsolidated joint ventures.

10The Company utilizes the treasury stock method, which includes the dilutive effect of nonvested share-based awards outstanding of 760,552 for the three months ended September 30, 2024. Also includes the diluted impact of 3,649,637 OP units outstanding.



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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, and 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.

Cash NOI and 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 Cash NOI as rental income and less property operating expenses. 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. Cash NOI is historical and not necessarily indicative of future results.

Same Store Cash NOI compares 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.

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.



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