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Healthcare Realty Trust Incorporated (NYSE: HR) is a pioneering real estate investment trust (REIT) that specializes in the ownership, management, development, and financing of medical office and outpatient healthcare properties across the United States. Founded in 1992 and headquartered in Nashville, Tennessee, Healthcare Realty Trust has built a robust portfolio comprising nearly 700 properties, totaling over 40 million square feet, concentrated in 15 high-growth markets.
Core Business: The company's primary focus is on medical outpatient buildings, strategically located around leading hospital campuses. These facilities are integral to the operations of hospitals and healthcare systems, providing a stable and growing rental income. Healthcare Realty Trust's portfolio is diversified by geographic location, physician specialties, and healthcare system affiliations, ensuring a balanced and resilient investment strategy.
Recent Achievements: In 2023, Healthcare Realty Trust completed additional dispositions totaling $656 million, excluding $112.5 million in asset sales in January that fully repaid a merger-related special dividend. The company has also entered into a strategic joint venture with global investment firm KKR, contributing a seed portfolio valued at $382.5 million. This partnership is expected to generate proceeds of approximately $300 million, with KKR committing up to $600 million for future acquisitions.
Current Projects: The joint venture with KKR will see Healthcare Realty retaining a 20% interest and continuing to manage the day-to-day operations and leasing of the properties. This strategic move underscores the company's commitment to expanding its portfolio and enhancing its financial stability. Additionally, Healthcare Realty has several transactions under contract, expected to generate over $300 million by early August 2024.
Financial Condition: For the first quarter ended March 31, 2024, the company reported a net loss of $310.8 million, or $(0.82) per diluted common share. However, the normalized funds from operations (FFO) per share stood at $0.39. The company's strategic capital allocation, including share repurchases totaling over $175 million since April 2024, aims to improve dividend coverage and accelerate FFO growth.
Partnerships and Market Position: Healthcare Realty Trust collaborates with developers who have strong local ties to healthcare systems and physicians, ensuring the acquisition and development of high-quality medical facilities. The company's selective growth strategy through property acquisitions and development has solidified its position as the largest REIT specializing in medical outpatient buildings.
For the latest updates and detailed information about Healthcare Realty Trust's performance, projects, and financial reports, visit www.healthcarerealty.com.
Healthcare Realty Trust announced its merger with Healthcare Trust of America (HTA) will be effective prior to trading on July 21, 2022. HTA will operate under the name Healthcare Realty Trust Incorporated (NYSE: HR) post-merger, becoming a constituent of the S&P MidCap 400 Index. As of March 31, 2022, the company managed 263 properties across 23 states, spanning 17.9 million square feet with an enterprise value of approximately $6.1 billion. This strategic move aims to enhance operational capabilities and market presence.
Healthcare Realty Trust (NYSE: HR) will report its Q2 2022 results on August 9, 2022, prior to market opening. The company will hold a conference call at 11:00 a.m. CT to discuss earnings and operations, with a simultaneous webcast available. As of March 31, 2022, Healthcare Realty Trust manages 263 properties across 23 states, totaling 17.9 million square feet, with an enterprise value of approximately $6.1 billion. The company provides leasing and property management for 14.8 million square feet nationally.
Healthcare Realty Trust shareholders overwhelmingly approved the merger with Healthcare Trust of America on July 15, 2022, with 79% of outstanding shares voting in favor, representing 92% of votes cast. The strategic business combination, initially announced on February 28, 2022, will close on or around July 20, 2022. Shareholders will receive one share of HTA stock for each share of Healthcare Realty stock. The combined entity will continue under the Healthcare Realty name, trading under the ticker symbol HR.
Healthcare Realty Trust (NYSE: HR) has received favorable recommendations from both ISS and Glass Lewis for shareholders to vote 'FOR' its upcoming merger with Healthcare Trust of America (NYSE: HTA) at the special meeting scheduled for July 15, 2022. The merger includes a 1:1 stock exchange ratio and a special cash dividend of $4.82 per share, totaling $1.1 billion. Funding for this dividend will primarily come from asset sales, with agreements in place for $807 million in contractual sales and $295 million from properties under letter of intent.
Healthcare Realty Trust (NYSE: HR) has declared a cash dividend of $0.2010 per share, payable on July 19, 2022 to stockholders of record as of July 14, 2022. This pro-rated dividend reflects the company’s regular quarterly amount for the period beginning on the last record date of May 16 and ending on July 14. The dividend adjustment is tied to the upcoming merger with Healthcare Trust of America (HTA), expected to close on July 20, 2022. Post-merger, HR aims to continue its regular quarterly dividend payments.
Healthcare Realty Trust has successfully secured agreements from over 97% of HR Notes holders to participate in an exchange offer, as of the Early Consent Date on June 28, 2022. The company aims to exchange HR Notes for new notes issued by Healthcare Trust of America Holdings, LP, which will amend restrictive covenants in the existing indenture. Significant participation rates include 99.62% for the 2.050% Senior Notes due 2031. The Exchange Offers are scheduled to close on July 20, 2022, and are contingent on the successful completion of a planned merger with Healthcare Trust of America.
Healthcare Realty Trust (NYSE: HR) is focused on finalizing its merger with Healthcare Trust of America (NYSE: HTA). This strategic combination aims to create a leading medical office building REIT with enhanced market scale and operational synergies. Shareholders will vote on the merger on July 15, 2022, with a projected closing date around July 20, 2022. The companies believe this merger will provide increased liquidity, a larger development pipeline, and significant cost efficiencies. Shareholder support for the deal has been favorable, with no concerns expressed by Land & Buildings since its announcement.
Land & Buildings Investment Management opposes Healthcare Realty's merger with Healthcare Trust of America (NYSE: HTA) and intends to vote against the deal at the July 15 Special Meeting. They argue that HTA's lower quality portfolio and higher debt levels will negatively impact HR's valuation. Moreover, they criticize HR's management for not engaging with Welltower, whose all-cash offer provides a 28% premium over HR's current share price. Investor disapproval is evident, with an 11% drop in share price following the merger announcement.
Healthcare Trust of America, Inc. (HTA) announced its operating partnership will commence exchange offers for all validly tendered and accepted HR Notes, currently issued by Healthcare Realty Trust Incorporated (HR), in light of the pending merger expected by July 20, 2022. The exchange involves newly issued HTA Notes, with details regarding interest rates and amounts for various HR Notes specified. The offers are conditioned on completion of the merger and will expire on July 20, 2022, unless extended. The proposed amendments to the HR Notes' indenture will eliminate restrictive covenants.
Healthcare Trust of America (NYSE: HTA) reported Q1 2022 net income of $0.08 per diluted share and Funds From Operations (FFO) of $0.40 per share. Normalized FFO, adjusted for merger-related costs, was $0.44 per share. The company experienced Same-Property Cash Net Operating Income growth of 0.8%, impacted by increased operating expenses. HTA is undergoing a merger with Healthcare Realty Trust (NYSE: HR), valuing the transaction at $35.08 per share for HTA investors. Quarterly dividends of $0.325 will be paid on July 15, 2022.
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