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Healthcare Realty Trust Inc (HR) filed its fiscal 2015 10-K annual report with the SEC on Feb 22, 2016.

Top risk flagged: Healthcare regulation: tenant licenses, certificates of need, Medicare and Medicaid reimbursement changes threatening rent payments

Healthcare Realty Trust Inc FY2015 10-K analysis

AI summary of each section, grounded in the filing text

REIT focused on owning and operating strategically located U.S. medical office buildings, funded by rental income and asset appreciation
2015 acquisitions: $280.9 million across approximately 805,000 square feet in six key markets
Portfolio concentration strengthened: 97% aligned with recognized healthcare systems and 91% in the 75 largest U.S. metropolitan areas
Internal operating platform expanded to 94% of the portfolio, up from 30% five years earlier
Portfolio reached 15.5 million square feet, with 92.0% leased and 91.4% occupied as of December 31, 2015

Revenue $403.8M, up 8.7% YoY or $32.3M, driven by acquisitions and contractual rent increases
Normalized FFO $195.9M, up 4.8%, with Same-Property Cash NOI $224.0M, up 2.9%
Best performance: acquisitions added $28.9M NOI; worst: dispositions reduced NOI, with six MOBs sold for $35.7M
Operating cash flow $191.1M, capex $29.3M, acquisitions $279.3M, dividends $146.4M, no buybacks disclosed
Outlook: 2016 capital improvements $20M to $30M; risks from occupancy, rental rates, leasing costs and capital requirements

Healthcare regulation: tenant licenses, certificates of need, Medicare and Medicaid reimbursement changes threatening rent payments
Credit-market downturn: $1.6 billion debt exposed to higher interest costs, refinancing difficulty and property-value declines
Ground-lease concentration: leasehold properties represented 32% of total GLA, with transfer restrictions requiring landlord consent
Tenant concentration: 61% of annualized base rent from rated tenants, but ratings do not ensure lease performance
Key-person dependency: executive officers difficult to replace, with no key-person life insurance coverage

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

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