HRT will contribute the assets to a new joint venture in two phases. The first phase, which should be completed in August, will see the contribution of eight current HRT properties valued at $193 million.
Healthcare Realty Trust Incorporated just announced the completion of $338 million of asset sales during the fourth quarter of 2023 bringing full year additional dispositions to $656 million at an average cap rate of 6.6%.
The full year additional dispositions resulted in proceeds of $597 million as well as $59 million of seller financing across three transactions, including $14 million of seller financing in the fourth quarter. Proceeds were used for general corporate purposes, including the funding of development commitments and repayment of debt. Healthcare Realty had no outstanding balance on its revolving credit facility as of December 31, 2023.
The 2023 additional dispositions of $656 million do not include the $112.5 million of asset sales in January 2023 that fully repaid the July 2022 merger-related special dividend.
Healthcare Realty is a real estate investment trust that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes more than 700 properties totaling over 40 million square feet concentrated in 15 growth markets.
In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2022 under the heading “Risk Factors,” and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the company’s judgment as of the date of this release. Healthcare Realty disclaims any obligation to update forward-looking statements.
Source: HREI
Two investors have teamed up to buy a Frisco hospital complex.
Chicago-based Remedy Medical Properties and Kayne Anderson Real Estate of Florida have purchased the Baylor Scott & White Frisco Medical Center.
The 161,264-square-foot, 68-bed specialty hospital is at 5601 Warren Parkway, west of the Dallas North Tollway. The medical center is near The Star, the headquarters and training facility of the Dallas Cowboys.
The 7.4-acre campus is fully occupied by Texas Health Ventures Group, a joint venture between Baylor Scott & White and United Surgical Partners International.
Built in 2001, the medical center was previously owned by Nashville-based Healthcare Realty Trust.
“This was an attractive opportunity to secure a fully leased medical center that has a strong growth trajectory in one of the hottest markets in the country,” Joe Magliochetti, chief investment officer for Remedy Medical, said in a statement. “The BSW Frisco Medical Center is performing very well, and is benefiting from a notable increase in outpatient and ambulatory services, with orthopedic care as the primary driving force. In addition, Remedy has existing relationships with Baylor Scott & White and USPI, and we are pleased to be able to further strengthen those relationships through this acquisition.”
The Frisco medical complex includes 11 operating rooms, an emergency department, onsite pharmacy, private rooms and a two-story parking garage. Terms of the purchase were not disclosed.
“The Dallas-Fort Worth region is growing rapidly, and the Frisco market area is the epicenter of that growth,” Antonio Minchella, senior managing director with Kayne Anderson Real Estate said. “Baylor Scott & White is committed to serving the Frisco area through this location. They entered a long-term lease extension prior to the purchase, and are investing in the building to both improve the patient experience and upgrade and enhance surgical capacity.”
Remedy Medical Properties owns almost 30 million square feet of medical real estate in 43 states. The company’s holdings include the Healthcare Associates of Texas medical center in Irving.
Kayne Anderson Real Estate is based in Boca Raton and manages more than $14.5 billion in real estate assets.
Source: The Dallas Morning News
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