1、2017Healthcare Realty TrustAnnual Report to Shareholders2017Annual Report to ShareholdersHEALTHCARE REALTY ANNUAL REPORT TO SHAREHOLDERS|1Healthcare Realty completed another successful year in 2017,with steady growth derived from a focused strat-egy of investing in medical office and outpatient faci
2、li-ties.This growth has been cultivated over three decades of a firm commitment to owning a distinct portfolio of hospital-centric outpatient facilities that are affiliated with respected healthcare providers in strong demo-graphic markets.The Companys strategy remains on point with the current tren
3、ds in the healthcare industry,and is differentiated by our selective investment criteria,low business-risk profile and conservative balance sheet.The Companys operational performance in 2017 con-tinued to surpass expectations with same store NOI growth of 4%,led by the multi-tenant properties at nea
4、rly 5%growth.This internal growth is built on strong leasing fundamentals,including key drivers such as cash leasing spreads,tenant retention,contractual rent increases and expense controls.The consistent per-formance of the Companys multi-tenant medical office buildings year to year exemplifies our
5、 commitment to the pursuit of lasting value from on-campus medical of-fice properties.Over the past ten years,the Company has refined its portfolio to focus on properties with a higher propen-sity to deliver meaningful internal growth,while also reducing portfolio risk.We continue to selectively div
6、est off-campus,single-tenant assets and reinvest proceeds in the acquisition,development and redevelopment of on-campus,multi-tenant outpatient properties.At the end of 2017,medical office properties represented 94%of the Companys total square footage,versus 82%in 2007;with 87%of these properties lo