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Healthcare Realty Trust Announces The Formation Of Joint Venture With TIAA

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Healthcare Realty Trust Incorporated (NYSE:HR) announced that it has entered into a joint venture agreement with Teachers Insurance and Annuity Association (“TIAA”) to invest in a broad range of medical office buildings.

The joint venture strengthens the Company’s efforts to sustain higher investment volume and earnings growth regardless of market volatility by further diversifying its funding sources. The Company is the managing member of the partnership and manages day-to-day operations and leasing of the properties in the joint venture.

Healthcare Realty owns a 50% interest in the joint venture and will fund its pro-rata share of future investments. The joint venture expects to purchase approximately $200 million of properties annually and does not contemplate using property level debt in most instances.

On November 12th, the joint venture purchased its first property for $16.6 million at a 5.1% cap rate. The 92,139 square foot building is located on Allina Healthcare’s Mercy campus in Minneapolis. The joint venture will seek to realize additional value through the lease up of the 80% occupied building. Property level debt was not associated with this initial acquisition. The Company intends to provide additional disclosure in its future quarterly supplemental materials regarding properties owned by the joint venture. BlackBirch Capital served as advisor to Healthcare Realty on this transaction.

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of September 30, 2020, the Company owned 211 real estate properties in 24 states totaling 15.5 million square feet and was valued at approximately $5.5 billion. The Company provided leasing and property management services to 11.9 million square feet nationwide.

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, 2019 under the heading “Risk Factors,” and in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 and other risks described from time to time thereafter in the Company’s SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.

 

Source: GlobeNewswire

Plano Medical Building Goes To Tennessee Investor

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A medical real estate investment firm has purchased a new Plano medical office building

The Plano Medical Pavilion is near Preston Road and Bush Turnpike across the street from Baylor Scott & White Heart Hospital Plano.

4825 Alliance Blvd., Plano, Texas

Heady Investments developed the 3-story, 20,000-square-foot building on Alliance Boulevard which was fully leased to U.S. Surgical Partners.

Tennessee-based Healthcare Realty Trust purchased the building. The real estate investment trust owns more than 2.4 million square feet of properties in North Texas, its top market.

“There were many, many buyers diligently pursuing the acquisition of this asset,” developer Randy Heady said.

Evan Kovac with JLL brokered the sale.

 

Source: Dallas News

Healthcare Realty Trust Acquires Four Medical Buildings For $121 Million

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Healthcare Realty Trust Incorporated (NYSE: HR) recently acquired four medical office buildings in three separate transactions for an aggregate purchase price of $121.0 million.

The transactions were primarily funded with net proceeds of $115.9 million from the Company’s equity offering completed on March 19, 2019. Following are details regarding these acquisitions:

— On March 28, 2019, the Company acquired a multi-tenant medical office building on the campus of Indiana University Health’s Methodist Hospital in Indianapolis for $47.0 million. The 143,499 square foot building is 100% leased.

— On March 28, 2019, the Company acquired two multi-tenant medical office buildings on the campus of Inova Health System’s Fair Oaks Hospital, in the Washington, D.C. area for $46.0 million. These buildings total 158,338 square feet and are 72.8% leased in the aggregate.

— On April 2, 2019, the Company acquired a multi-tenant medical office building adjacent to Piedmont Hospital in the Buckhead area of Atlanta for $28.0 million. This 47,936 square foot building is 100% leased.

In the aggregate, the four buildings are 87.7% leased and were acquired at an average capitalization rate of 5.3%. The properties expand Healthcare Realty’s presence in three of its top markets and extend the Company’s relationships with three market leading, investment-grade health systems.

Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of December 31, 2018, the Company owned 199 real estate properties in 27 states totaling 14.8 million square feet and was valued at approximately $4.9 billion. The Company provided leasing and property management services to 11.2 million square feet nationwide.

Additional information regarding the Company, including this quarter’s operations, can be found at www.healthcarerealty.com. Contact the Company at 615.269.8175 to request a printed copy of this information.

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, 2018 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. The Company disclaims any obligation to update forward-looking statements.

 

Source: AP News