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Healthcare Trust of America Closes $89 Million of Acquisitions, Reaching $300 Million for 2014
|By PR Newswire
|September 3, 2014 05:00 AM EDT
SCOTTSDALE, Ariz., Sept. 3, 2014 /PRNewswire/ -- Healthcare Trust of America, Inc. (NYSE:HTA) announced today that it had closed on approximately $89 million of investments in August 2014, increasing its total investment activity to approximately $300 million in 2014. This represents an approximate 10 percent portfolio growth rate year to date for HTA.
These third quarter acquisitions includes two separate investments in medical office buildings ("MOBs") located in the attractive markets of Westchester County, NY and Charleston, SC. These properties total over 250,000 square feet and were approximately 94% occupied at closing. In addition, the properties are located in or near HTA's existing key markets, will be operated by HTA's property management and leasing platform, and are immediately accretive to shareholders.
In Westchester, HTA acquired a destination medical campus that includes five MOBs totaling 188,500 square feet located in one of the wealthiest counties in the country. This campus is part of a high traffic, regional medical corridor and is immediately adjacent to the new Memorial Sloan Kettering Cancer Center-West Harrison opening next month. The campus also includes sufficient land to support the development of a new MOB to meet the growing regional demand.
In Charleston, HTA acquired the Tides Medical Arts Building, a 69,000 square foot class A MOB located near the foot of the Ravanel Bridge which connects Mt. Pleasant and Charleston. The Tides MOB was developed in 2006 and was purchased from multiple physician group tenants. Tides MOB also serves as one of the primary outpatient centers for Roper St. Francis Healthcare-related physician groups in Mt. Pleasant. The asset is 100 percent leased with an average lease term of 7 years with strong imbedded annual rent growth. This investment is in close proximity to HTA's existing regional office downtown Charleston and expands the Company's Charleston presence to over 176,000 square feet.
About Healthcare Trust of America, Inc.
Healthcare Trust of America, Inc. (NYSE:HTA), a publicly traded real estate investment trust, is a full-service real estate company focused on acquiring, owning and operating high-quality medical office buildings that are predominantly located on or aligned with campuses of nationally or regionally recognized healthcare systems in the U.S. Since its formation in 2006, HTA has invested approximately $3.3 billion to build a portfolio of properties that is comprised of approximately 14.9 million square feet of gross leasable area located in 27 states. It operates its properties through regional offices in Scottsdale, Albany, Atlanta, Boston, Charleston, Dallas, Indianapolis, Miami and Pittsburgh.
For more information on Healthcare Trust of America, Inc., please visit www.htareit.com.
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:
- changes in economic conditions affecting the healthcare property sector, the commercial real estate market and the credit market;
- competition for acquisition of medical office buildings and other facilities that serve the healthcare industry;
- economic fluctuations in certain states in which HTA's property investments are geographically concentrated;
- retention of HTA's senior management team;
- financial stability and solvency of HTA's tenants;
- supply and demand for operating properties in the market areas in which HTA operates;
- HTA's ability to acquire real properties, and to successfully operate those properties once acquired;
- changes in property taxes;
- legislative and regulatory changes, including changes to laws governing the taxation of REITs and changes to laws governing the healthcare industry;
- fluctuations in reimbursements from third party payors such as Medicare and Medicaid;
- delays in liquidating defaulted mortgage loan investments
- changes in interest rates;
- the availability of capital and financing;
- restrictive covenants in HTA's credit facilities;
- changes in HTA'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 2013 Annual Report on Form 10-K for the year ended December 31, 2013 and in HTA's 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.
Chief Financial Officer
Healthcare Trust of America, Inc.
SOURCE Healthcare Trust of America, Inc.
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