Hormel Foods Corporation
Industry: Food Processing

Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust that integrates owning, acquiring, managing and developing income-producing real estate properties and mortgages associated with the delivery of healthcare services throughout the United States. The Company has investments of approximately $1.7 billion in 218 income-producing real estate properties and mortgages associated with the delivery of healthcare services. As of December 31, 2003, its real estate portfolio, containing approximately 10 million square feet, was comprised of 10 facility types and was operated pursuant to contractual arrangements with 55 healthcare providers. The Company's mortgage portfolio, containing approximately 1.4 million square feet, was comprised of four major facility types and was operated by nine healthcare providers. As of December 31, 2003, Healthcare Realty provided property management services for 110 healthcare-related properties nationwide.

Business Summary
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products, and the marketing of those products throughout the United States. Hormel Foods Corporation's products primarily consist of meat and other food products. The meat products are sold fresh, frozen, cured, smoked, cooked and canned. The Poultry category is composed primarily of Jennie-O Turkey Store (JOTS) products. The Other category primarily consists of nutritional food products and supplements, sugar and sugar substitutes, salt and pepper products, dessert mixes and industrial gelatin products. During the fiscal year ended October 30, 2004 (fiscal 2004), the Company sold Vista International Packaging, Inc., acquired the assets of Concept Foods Inc. (Concept) in October 2004, and on December 29, 2004, the Company acquired Clougherty Packing Company (Clougherty). Clougherty is a privately held Southern California pork processor and creator of the Farmer John brand of pork products.

Financial Summary
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the U.S. For the 9 months ended 7/31/05, net sales increased 15% to $3.94B. Net income increased 6% to $171.7M. Revenues reflect improved market conditions and favorable pricing. Net income was partially offset by higher selling and marketing expenses, and increased administatrive costs.