1、2015Healthcare Realty TrustAnnual Report to Shareholders2015Annual Report to Shareholders2|HEALTHCARE REALTY ANNUAL REPORT TO SHAREHOLDERSIn 2015,Healthcare Realty Trust Incorporated continued to execute its strategy of investing in medical office and outpa-tient facilities.Healthcare Realtys low bu
2、siness-risk model and its established relationships with investment-grade health systems have yielded a distinct portfolio of hospital-centric outpatient facilities with stable tenants,superior rent cover-ages and sustainable growth.Revenue and FFO growth showed positive gains from strong internal o
3、perations and selective acquisitions.For the full year of 2015,revenue grew 4.8%,normalized FFO grew 10.9%and normalized FFO per share increased 7.4%.We continue to pursue opportunities to refine the portfo-lio and enhance the Companys internal growth.Healthcare Realtys operating metrics and active
4、leasing reflected healthy momentum for the year.Same store NOI grew 5.2%for the year 2015.Occupancy in the same store portfolio increased to 90%,and tenant retention increased to approximately 91%in the multi-tenant properties at year-end.Annual con-tractual rent growth among in-place multi-tenant l
5、eases averaged 3%in 2015,cash leasing spreads averaged 3.6%for the year,and same store revenue per occupied square foot increased 2.8%over the prior year.We believe our portfolio has a higher propensity for lease renewals and strong performance,with approximately 89%of our$3.3 billion in properties
6、associated with credit-rated health systems,and an average lease size of only 4,820 square feet in the multi-tenant properties.As health insurance reform policies weed out inefficiency and under-performing hospi-tals,off-campus properties with mere hospital affiliation can quickly become orphan asse