Short answer

Healthcare Realty Trust Inc (HR) filed its fiscal 2014 10-K annual report with the SEC on Feb 23, 2015.

Top risk flagged: Healthcare reform: Patient Protection and Affordable Care Act implementation through 2018 could weaken tenants’ operations and rent-paying capacity

Healthcare Realty Trust Inc FY2014 10-K analysis

AI summary of each section, grounded in the filing text

REIT owning and operating U.S. medical office buildings, targeting stable dividends and property appreciation through healthcare-focused real estate
2014 acquisitions added $439.5 million and 1.2 million square feet, including entry into Honolulu, Hawaii
New asset recycling program launched, selling three MOB portfolios for $82.9 million and generating $27.9 million gains
Internal asset management expanded to 90% of the portfolio from 69% two years earlier
Portfolio reached 14.8 million square feet, with 96% campus-aligned or affiliated with recognized healthcare systems

Revenue $371.5M, up 15.5% YoY, driven by acquisitions and contractual rent increases
NOI $258.0M, up 15.0%; Same-Property Cash NOI $206.0M, up 3.0%
Net income $46.0M vs $24.7M; Normalized FFO $176.6M, up 13% to $1.46 per diluted share
Acquisitions led performance: $439.5M purchased; dispositions totaled $82.9M
Operating cash flow $168.5M; capex $29.0M; dividends $137.2M; 2015 capital improvements estimated at $15M-$25M
Outlook: continued acquisitions and leasing; risks include occupancy declines, lower rents, higher leasing costs and capital expenditures

Healthcare reform: Patient Protection and Affordable Care Act implementation through 2018 could weaken tenants’ operations and rent-paying capacity
Credit-market downturn: $1.4 billion debt outstanding exposed to higher borrowing costs, refinancing difficulty and foreclosure risk
Tenant concentration: 57% of annualized base rent from rated tenants, with ratings not guaranteeing lease performance
Ground-lease restrictions: Properties representing 32% of total GLA subject to limits on use or transfer
Acquisition competition: Larger healthcare REITs’ lower cost of capital could raise MOB prices and restrict attractive opportunities

Generated from the filing text; verify against the original. How to read a 10-K

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