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SCOTTSDALE, Ariz., September 13, 2021 / PRNewswire / – Healthcare Trust of America, Inc. (NYSE: HTA or the “Company”) provided a business update regarding its recent investment and development activities.
“Our recent advances across the portfolio demonstrate HTA’s continued success in entering key markets and positioning the company to benefit from the industry’s ongoing shift towards ambulatory care,” said Peter Foss, Interim President and Chief Executive Officer of HTA. “With a dedicated board and management team, a strong balance sheet and an extensive pipeline of projects in development, HTA is well positioned to continue serving our properties and tenants, implementing infrastructure initiatives and driving value for shareholders.”
Investment activity
away August 31, 2021, HTA completed four medical office investments in the third quarter of 2021. These investments total $ 130 million with 469,000 square feet of GLA expected with an annual return of 5.7%. These acquisitions increase market density in HTA’s existing key markets and include:
- Houston Medical Center MOB (Houston, Texas). HTA acquired the MOB 6655 Travis in the Texas Medical Center with 127,000 square feet of GLA. Including the previously announced development of the Horizon Tower, HTA’s presence in the Texas Medical Center will expand to more than 1 million square feet of GLA with more than $ 300 million invested. Texas Medical Center is the largest medical complex in the world with 10 million patient visits per year and more than 50 million square feet of patient care, research, and education.
- Twelve Oaks MOB (Houston, Texas). HTA acquired a 140,000 square foot MOB in Houston, 4 miles northwest of the Texas Medical Center. This toll building is located on the River Oaks Medical Center campus.
- Clint Moore Medical Facility (Boca Raton, FL). HTA acquired a MOB with 102,000 square feet of GLA. This MOB is 100% occupied and is located in close proximity to Tenet’s Delray Medical Center and two academic institutions.
- Austin Bluffs MOB (Colorado Springs, Colorado). HTA acquired a 100,000 square foot GLA MOB in a dynamic Denver submarket.
HTA has been closed on since the beginning of the year $ 183 million of total medical office investments totaling more than 625,000 square feet of GLA, with additional $ 121 million of investments in excess of 280,000 square feet of GLA under contracts or exclusive letters of intent, subject to customary closing conditions. These properties are approximately 85% let at the time of closing and are in good locations in HTA’s key markets.
Development update
In August, HTA completed the core and shell of its 109,000 square foot Class A medical office building in HCA’s new Medical City Heart & Spine Hospital. away Dallas, Texas. 74% of this building is currently pre-let; bar rents are expected to start in the fourth quarter of 2021.
CEO search process
As announced on September 9, 2021, In connection with its search process to identify the next Chief Executive Officer of HTA, the Board of Directors has formed an independent search committee, which is made up of Chairman of the Board W. Bradley Blair, IIand directors Vicki U. Booth and Jay P. Leuppto monitor the search process. The board has retained Spencer Stuart, a leading global executive search company, to support these efforts.
About HTA
Healthcare Trust of America, Inc. (NYSE: HTA) is the largest committed owner and operator of medical office buildings in The United States, with approximately 25.3 million square feet of GLA, with $ 7.5 billion has been investing primarily in medical practices since June 30th, 2021. HTA offers real estate infrastructure for the integrated provision of health services in sought-after locations. The investments aim to build critical mass in 20-25 leading gateway markets, which typically have leading universities and medical facilities, which translates into superior demographics, quality alumni, intellectual talent and job growth. The strategic markets HTA invests in to support strong, long-term demand for high quality medical office space. HTA leverages an integrated asset management platform consisting of on-site leasing, property management, engineering and building services, and development capabilities to create complete, state-of-the-art facilities in every market. This promotes efficiency, strong relationships with tenants and healthcare systems, and strategic partnerships that result in high levels of tenant retention, rental growth and long-term value creation. Headquarters in Scottsdale, Arizona, HTA has developed a national brand with committed relationships at the local level.
Founded in 2006 and listed on the New York Stock Exchange in 2012, HTA has generated attractive returns for its shareholders that have outperformed the US REIT index. For more information about HTA, please visit the company’s website (www.htareit.com), Facebook, LinkedIn, and Twitter.
Forward-looking language
This press release contains certain forward-looking statements. Forward-looking statements are based on current expectations, plans, estimates, assumptions and beliefs, including expectations, plans, estimates, assumptions and beliefs regarding HTA, shareholder value and earnings growth.
The forward-looking statements contained in this press release are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Assumptions relating to the foregoing include judgments relating to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of HTA. Although HTA believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, actual results and performance of HTA could differ materially and adversely from those expressed in the forward-looking statements. Some of the factors that could have a materially negative impact on the operation and future prospects of HTA include:
- the company’s ability to effectively use proceeds from its offering of securities;
- Changes in economic conditions affecting the healthcare real estate sector, commercial real estate market and credit market;
- Competition for the acquisition and development of medical office buildings and other facilities that serve the healthcare industry;
- the company’s ability to acquire or develop real estate and to successfully operate that real estate once acquired or developed;
- Pandemics and other health concerns and measures to prevent them from spreading, including the ongoing COVID-19 pandemic;
- economic fluctuations in certain countries in which the Company’s investments are geographically concentrated;
- the financial stability and solvency of the Company’s tenants, including the ability and willingness of the Company’s tenants or borrowers to meet obligations under their respective contractual arrangements with the Company, and the Company’s potential inability to exercise its rights under its leases during the pandemic ;
- the ability and willingness of the company’s tenants to renew their lease agreements with the company after the lease expires, or the company’s ability to reposition its real estate on equal or better terms in the event of a non-renewal or in the event that the company expires its Replace right to an existing tenant;
- Fluctuations in reimbursements from third party payers such as Medicare and Medicaid;
- Supply and demand for corporate real estate in the market areas in which the company operates;
- Changes in the cost of operating the Company’s properties including, but not limited to, expenses for property taxes, property and liability insurance premiums, and utility fees;
- the ability of the company and its tenants to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers;
- restrictive arrangements for certain Company properties subject to long leases that may limit or restrict the use of its properties and the types of tenants to which the Company can lease and the Company’s ability to attract new tenants;
- the impact of damage to Company properties or increased operating costs related to catastrophic weather conditions and other natural events and the physical effects of climate change;
- Maintain the company’s senior management team and its ability to attract and retain qualified personnel in key positions;
- Legislative and regulatory changes, including changes to the taxation laws of Real Estate Investment Trusts (“REITs”) and changes to the healthcare industry laws;
- Changes in interest rates, including changes resulting from the phasing out of the London Interbank Offered Rate (“LIBOR”) in effect June 30, 2023;
- the availability of capital and funding;
- restrictive covenants in the company’s credit facilities;
- Changes in the company’s creditworthiness;
- HTA’s ability to remain qualified as a REIT;
- Changes in generally accepted accounting principles the United States of America, Policies and Guidelines for REITs; and
- the risk factors set out in HTA’s most recent annual report on Form 10-K and in HTA’s most recent quarterly reports on Form 10-Q.
Forward-looking statements only apply at the time of their publication. Unless otherwise required by federal securities laws, HTA assumes no obligation to update forward-looking statements to reflect events or circumstances that have occurred after the date of their publication. Because of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or made elsewhere by or on behalf of HTA from time to time.
SOURCE Healthcare Trust of America, Inc.
similar links
http://www.htareit.com
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