Healthcare Trust of America, Inc. Announces the Completion of Medical Office Building Development in Raleigh, NC

Rhea-AI Summary

Healthcare Trust of America (HTA) has announced the completion of a new 125,000 square foot Class A medical office building in Cary, North Carolina. Located adjacent to WakeMed Cary Hospital, the project includes the demolition of 45,000 square feet of outdated medical office space. This development adds to HTA's Medical Park of Cary, expanding its total footprint to approximately 233,000 square feet. The facility will serve outpatient services and includes features like energy-efficient systems and patient-friendly amenities. This marks HTA's 18th medical office building in the Raleigh Metro area.

Positive

• Completion of a new 125,000 SF medical office building in Cary, NC.
• Expansion of total medical office space to approximately 233,000 SF.
• 30,000 SF available for lease targeting high-level specialists.

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• None.

SCOTTSDALE, Ariz., Nov. 2, 2020 /PRNewswire/ -- Healthcare Trust of America, Inc. ("HTA") (NYSE: HTA) (the "Company"), the largest dedicated owner and operator of medical office buildings in the United States, announced today the completion of a new 125,000 SF, Class A medical office building located at 210 Ashville Avenue Cary, NC. The new MOB is adjacent to WakeMed Cary Hospital, the largest hospital in southwest Wake County and one of three hospitals within the WakeMed Health & Hospitals system. HTA demolished 45,000 sf of outdated medical office space to build new MOB and parking structure. Development information and time-lapse video of construction can be found on website.

The building is anchored by WakeMed, the leading health system based in Raleigh, North Carolina, and will be utilized for physician offices, outpatient services, and an ambulatory surgery center. This development will become the centerpiece of HTA's Medical Park of Cary and will increase the total footprint to approximately 233,000 square feet of medical office space. The building has 30,000 square feet of space available for lease and will offer comfortable and adaptable space for additional high-level specialists to meet the healthcare needs of the growing Cary community.

The building was designed keeping environmentally friendly options in the forefront, including energy efficient mechanical systems and sustainability materials. Amenities include an inviting courtyard for patient and employee comfort, a first floor bistro, an abundance of natural light throughout lobby and common areas, and three patient elevators intended to reduce wait time and enhance patient and family access to needed services in the building.

"This new development demonstrates HTA's unique ability and capital to invest in areas with high growth potential," comments Robert Milligan, Chief Financial Officer for HTA. "Our team recognized the need for additional medical office space near WakeMed Cary Hospital and provided both the hospital and the surrounding community with a brand new state of the art building."

Tom Cavender, Vice President of Facilities and Construction for WakeMed, shared Robert Milligan's thoughts and further noted, "The partnership that has been forged with HTA, from conceptualizing the rebirth of Medical Park of Cary to the actualization of a new, patient centered facility, has been outstanding - with both organizations sharing a common goal of delivering exceptional patient care in exceptional spaces."

The building will become HTA's 18th medical office building in the Raleigh Metro area, bringing total square feet owned and managed in the market to approximately 750,000 SF.

For more information on leasing or to schedule a tour contact leasing@ htareit.com or (919) 439-2007.

About Healthcare Trust of America, Inc.

Healthcare Trust of America, Inc. (NYSE: HTA) is the largest dedicated owner and operator of MOBs in the United States, comprising approximately 24.9 million square feet of GLA, with $7.3 billion invested primarily in MOBs.  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, Facebook, LinkedIn and Twitter.

About WakeMed Health & Hospitals 

Serving the community since 1961, WakeMed is a not-for-profit health care system founded and based in Raleigh, N.C. WakeMed exists to improve the health and well-being of our community by providing outstanding and compassionate care to all. WakeMed's 941-bed system comprises a network of facilities throughout the Triangle area, including three full-service hospitals, seven emergency departments, a dedicated Children's Hospital and Rehabilitation Hospital, more than 80 physician offices and Wake County's only Level I Trauma Center. WakeMed's mission-driven team includes more than 9,800 employees, 1,500 volunteers and 1,300 affiliated physicians, along with the more than 580 physicians and providers with WakeMed Physician Practices – all representing the best minds and the biggest hearts and the finest quality in health care and community health. For more information, visit wakemed.org or follow WakeMed on Facebook, Twitter and Instagram.

Forward-Looking Language

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:

• the Company's ability to effectively deploy proceeds of offerings of securities;
• changes in economic conditions affecting the healthcare property sector, the commercial real estate market and the credit market;
• competition for acquisition and development of medical office buildings and other facilities that serve the healthcare industry;
• the Company's ability to acquire or develop real properties, and to successfully operate those properties once acquired or developed;
• pandemics and other health concerns, and the measures intended to prevent their spread, including the currently ongoing COVID-19 pandemic;
• economic fluctuations in certain states in which the Company's investments are geographically concentrated;
• financial stability and solvency of the Company's tenants, including the ability and willingness of the Company's tenants or borrowers to satisfy obligations under their respective contractual arrangements with the Company and the potential inability of the Company to enforce its rights under its leases during the pendency of any pandemic;
• the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration of the leases or the Company's ability to reposition its properties on the same or better terms in the event of a nonrenewal or in the event the Company exercises its right to replace an existing tenant;
• fluctuations in reimbursements from third party payors such as Medicare and Medicaid;
• supply and demand for operating properties in the market areas in which the Company operates;
• changes in operating expenses of the Company's properties including, but not limited to, expenditures for property taxes, property and liability insurance premiums, and utility rates;
• the Company's ability and the ability of its tenants to obtain and maintain adequate property, liability and other insurance from reputable, financial stable providers;
• restrictive covenants on certain of the Company's properties subject to ground leases that may restrict or limit the uses of its properties and the types of tenants the Company is able to lease to, and the Company's ability to attract new tenants;
• the impact from damage to the Company's properties from, or increased operating costs associated with, catastrophic weather and other natural events and the physical effect of climate change;
• retention of the Company's senior management team and its ability to attract and retain qualified key personnel;
• legislative and regulatory changes, including changes to laws governing the taxation of real estate investment trusts ("REITs") and changes to laws governing the healthcare industry;
• changes in interest rates, including changes a as result of the potential phasing out of the London Inter-bank Offered Rate ("LIBOR");
• the availability of capital and financing;
• restrictive covenants in the Company's credit facilities;
• changes in the Company's credit ratings;
• HTA's ability to remain qualified as a REIT;
• changes in accounting principles generally accepted in the United States of America, policies and guidelines applicable to REITs; and
• the risk factors set forth in HTA's most recent Annual Report on Form 10-K and in HTA's most recent Quarterly Reports on Form 10-Q.

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.

Financial Contact:
Robert A. Milligan
Chief Financial Officer
Healthcare Trust of America, Inc.
480.998.3478
RobertMilligan@htareit.com

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SOURCE Healthcare Trust of America, Inc.

FAQ

What is the new development announced by HTA in Cary, NC?

HTA announced the completion of a new 125,000 SF Class A medical office building in Cary, NC.

How does the new building impact HTA's total space in Cary?

The new building increases HTA's total medical office space in Cary to approximately 233,000 SF.

What are the features of the new medical office building completed by HTA?

The building features energy-efficient systems, an inviting courtyard, a first-floor bistro, and enhanced access for patients.

How many medical office buildings does HTA have in the Raleigh Metro area?

With this new addition, HTA now has 18 medical office buildings in the Raleigh Metro area.