Healthcare Trust of America, Inc. Transitions Boston Portfolio to Internal Management Platform
SCOTTSDALE, Ariz., May 20, 2013 /PRNewswire/ -- Healthcare Trust of America, Inc. (NYSE: HTA) ("HTA") announced today that it had reached an agreement with Steward Health Network ("Steward") to transition the operations of its 359,000 square foot Boston portfolio to HTA's internal asset management platform. HTA originally purchased the leasehold interest in this portfolio in a sale leaseback transaction with Steward in March 2012. As part of this agreement, HTA acquired the fee simple interest in each of the 12 properties, assumed the property management responsibilities, and converted approximately 11% of the portfolio's gross leasable area to direct leases with independent physician practices located in multi-tenanted buildings.
"This transition enables HTA to bring its focus and expertise in medical office management to a significant health system relationship located in one of the key markets in the Northeast," stated Chairman and CEO Scott D. Peters. "This continues our corporate philosophy of direct asset management and expands our local presence in this important market."
About Healthcare Trust of America, Inc.
Healthcare Trust of America, Inc. (NYSE: HTA), a publicly traded real estate investment trust, is a fully-integrated, leading owner of medical office buildings. HTA listed its shares of Class A common stock on the New York Stock Exchange on June 6, 2012. HTA 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 built a portfolio of properties that totals approximately $2.7 billion based on purchase price and is comprised of approximately 12.8 million square feet of gross leasable area located in 27 states. It operates its properties through regional offices in Scottsdale, Charleston, Atlanta, and Indianapolis.
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;
- 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; and
- The risk factors set forth in HTA's 2012 Annual Report on Form 10-K for the year ended December 31, 2012 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.
Kellie S. Pruitt
Chief Financial Officer
Healthcare Trust of America, Inc.
SOURCE Healthcare Trust of America, Inc.