Healthcare Realty Trust Announces Recent Acquisitions

Rhea-AI Summary

Healthcare Realty Trust (NYSE:HR) has acquired three medical office buildings for $140.8 million, increasing its year-to-date acquisitions to $269.5 million. Located in San Diego, Los Angeles, and Houston, the properties are fully leased and strategically expand the company’s footprint in existing markets. Notably, the San Diego building is a 160,000 square foot facility leased to Palomar Health. The company is also poised for additional property purchases exceeding $200 million within its markets, pending closing conditions.

Positive

• Acquisition of three medical office buildings for $140.8 million enhances market presence.
• Year-to-date acquisitions totaling $269.5 million indicate strong growth.
• Strategic expansion in existing markets may lead to increased rental income.

Negative

• None.

NASHVILLE, Tenn., June 08, 2021 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) today announced the recent acquisition of three medical office buildings in three separate transactions for $140.8 million, bringing year-to-date acquisitions to $269.5 million. The Company is also under contract or letter-of-intent to purchase additional properties located in its existing markets for more than $200 million, subject to execution of definitive documentation and satisfaction of customary closing conditions.

All three acquisitions closed in May 2021 and are located in the Company’s existing markets including:

• In San Diego, a 160,000 square foot on campus building for $102.7 million that is 100% leased to Palomar Health and is the Company’s fourth property in the San Diego market.
• In Los Angeles, a 73,000 square foot building for $24.6 million located on MemorialCare Health System’s Saddleback Medical Center campus. This property was acquired under the TIAA joint venture, with the Company funding 50% of the purchase price. The Company now owns five buildings around this campus and nineteen properties in the Los Angeles market.
• In Houston, a 45,000 square foot building for $13.5 million adjacent to Houston Methodist’s Willowbrook Hospital and is the Company’s eleventh property in the Houston market.
  

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 March 31, 2021, the Company was invested in 228 real estate properties in 24 states totaling 16.5 million square feet and was valued at approximately $5.9 billion. The Company provided leasing and property management services to 13.1 million square feet nationwide.

Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com. Please 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, 2020 under the heading "Risk Factors," 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.

Carla Baca
Associate Vice President, Investor Relations
P: 615.269.8175

FAQ

What are the details of Healthcare Realty Trust's recent acquisitions?

Healthcare Realty Trust acquired three medical office buildings for $140.8 million, totaling $269.5 million in year-to-date acquisitions.

How much is Healthcare Realty Trust planning to invest in additional properties?

The company is under contract for additional properties exceeding $200 million, pending closing conditions.

What locations are involved in the recent acquisitions by HR?

The recent acquisitions are located in San Diego, Los Angeles, and Houston.

What is the significance of these acquisitions for Healthcare Realty Trust?

These acquisitions strengthen Healthcare Realty Trust's presence in existing markets and may enhance its rental income and overall portfolio.