Healthcare Trust of America, Inc. Provides Business Update
SCOTTSDALE, Ariz., Sept. 13, 2021 /PRNewswire/ -- Healthcare Trust of America, Inc. (NYSE:HTA or the "Company") provided a business update regarding recent investment and development activities.
"Our recent progress across the portfolio demonstrates HTA's continued success in penetrating key markets and positioning the Company to capitalize on the ongoing industry shift toward outpatient 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 servicing our properties and tenants, executing on infrastructure initiatives, and driving shareholder value creation."
As of August 31, 2021, HTA has closed on four medical office building investments in the third quarter of 2021. These investments total $130 million with 469,000 square feet of GLA anticipated with in-place year one yields of 5.7%. These acquisitions increase market densification in HTA's existing key markets and include:
Year-to-date, HTA has closed on $183 million of medical office investments totaling more than 625,000 square feet of GLA, with an additional $121 million of investments encompassing more than 280,000 square feet of GLA under contract or exclusive letters of intent, subject to customary closing conditions. These properties are approximately 85% leased as of closing and are well located within HTA's key markets.
In August, HTA completed core and shell construction on its 109,000 square feet Class A medical office development located on HCA's new Medical City Heart & Spine Hospital in Dallas, Texas. This building is currently 74% pre-leased with cash rents expected to commence in the fourth quarter of 2021, and HTA's investment on this campus exceeds more than 300,000 square feet of fee-simple MOBs, with additional land for a fourth MOB on-site.
CEO Search Process
As previously 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 comprising Chairman of the Board W. Bradley Blair, II, and directors Vicki U. Booth and Jay P. Leupp, to oversee the search process. The Board has retained Spencer Stuart, a leading global executive search firm, to assist with these efforts.
Healthcare Trust of America, Inc. (NYSE: HTA) is the largest dedicated owner and operator of medical office buildings in the United States, comprising approximately 25.3 million square feet of GLA, with $7.5 billion invested primarily in medical office buildings as of June 30, 2021. HTA provides real estate infrastructure for the integrated delivery of healthcare services in highly-desirable locations. Investments are targeted to build critical mass in 20 to 25 leading gateway markets that generally have leading university and medical institutions, which translates to superior demographics, high-quality graduates, intellectual talent and job growth. The strategic markets HTA invests in support a strong, long-term demand for quality medical office space. HTA utilizes 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 each market. This drives efficiencies, strong tenant and health system relationships, and strategic partnerships that result in high levels of tenant retention, rental growth and long-term value creation. Headquartered in Scottsdale, Arizona, HTA has developed a national brand with dedicated relationships at the local level.
Founded in 2006 and listed on the New York Stock Exchange in 2012, HTA has produced attractive returns for its stockholders that have outperformed the US REIT index. More information about HTA can be found on the Company's Website (www.htareit.com), Facebook, LinkedIn and Twitter.
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 about HTA, stockholder value and earnings growth.
The forward-looking statements included 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 involve judgments with respect 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 HTA's control. Although HTA believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, HTA's actual results and performance could differ materially and in adverse ways from those set forth in the forward-looking statements. Factors which could have a material adverse effect on HTA's operations and future prospects include, but are not limited to:
Forward-looking statements speak only as of the date made. Except as otherwise required by the federal securities laws, HTA undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, HTA.
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SOURCE Healthcare Trust of America, Inc.
Company Codes: NYSE:HTA
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