Fitch: Healthcare Realty Ratings Driven by Credit Metrics, Unencumbered Pool, & Portfolio Makeup

NEW YORK--(BUSINESS WIRE)--Fitch Ratings' recent affirmation of Healthcare Realty Trust, Inc.'s (HR) Issuer Default Rating (IDR) at 'BBB' reflects the following:

--HR's solid leverage and coverage metrics;

--Geographic diversity of HR's portfolio;

--HR's sizable pool of unencumbered assets and solid unencumbered asset to unsecured debt ratio of 2.2 times (x) as of March 31, 2009;

--HR's portfolio composition, of which 84.6% is comprised of investments in medical office and physicians clinics - defensive, non-cyclical property types with strong demographics and high financeability.

Fitch acknowledges HR's relatively small size and capitalization relative to other Fitch-rated health care REITs, the potential for reduced financial flexibility due to the possibility of HR increasing its utilization of secured debt, and the uncertainty surrounding the refinancing of HR's unsecured line of credit, which Fitch expects to be renewed, albeit at a higher interest rate. Fitch also notes that the source of any type of new financing will likely negatively impact HR's fixed-charge coverage ratios, according to the latest credit analysis update by Fitch.

Fitch affirmed Healthcare Realty Trust, Inc.'s IDR at 'BBB' with a Negative Outlook on June 11, 2009. Fitch's latest credit analysis update on Healthcare Realty Trust, Inc. (published July 21, 2009) provides more detail supporting Fitch's ratings and is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's current ratings for Healthcare Realty Trust, Inc. (NYSE: HR) are as follows:

Healthcare Realty Trust, Inc.

--IDR 'BBB';

--Revolving credit facility 'BBB';

--Senior unsecured notes 'BBB';

--Perpetual preferred stock 'BBB-'.

The Rating Outlook is Negative.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.