SCOTTSDALE, Ariz., June 12, 2017 /PRNewswire/ -- Healthcare Trust of America, Inc. (NYSE: HTA), the largest dedicated owner and operator of medical office buildings in the United States, announced today that it had completed its addition of the Duke Realty's ("Duke") Healthcare development and construction platform. This best-in-class development platform, to be renamed HTA-Development, has been responsible for over $1.0 billion in medical real estate development over the last 10 years. The team has a history of working with established healthcare relationships and was recently ranked as the #1 developer of outpatient medical based on a joint survey by Revista and HREI.
As part of this transition, HTA also announced the appointment of Keith Konkoli to the newly created position of Executive Vice President – Development. Mr. Konkoli will be responsible for HTA -Development's national development and construction activities and will lead the team of 15 experienced development and construction professionals who will be joining HTA from Duke and have specific expertise in healthcare real estate.
"Healthcare Trust of America is the leader in medical office buildings in the United States. The addition of the HTA – Development team creates a full service entity that can consistently provide real estate solutions for healthcare providers with efficiencies of scale and other synergies that will benefit our tenants and shareholders for years to come," said Chairman and Chief Executive Officer Scott D. Peters. "We are committed to maintaining a leadership team that will take us to the next level, and are pleased to have Keith as an integral part of our team as we pursue these growth opportunities.
"I am extremely excited about my new appointment and being part of the largest dedicated owner and operator of medical office buildings in the county," said Executive Vice President, Keith Konkoli. "This is a great opportunity for me and the development and construction team to create value within this established organization that is focused exclusively on growing a first class medical office portfolio that is well aligned with world class healthcare providers."
Mr. Konkoli has 28 years of development and construction experience, predominantly in the healthcare real estate industry, which include extensive experience in ground-up development, redevelopment and expansion projects. Formerly, Mr. Konkoli spent more than 19 years at Duke Realty, most recently as the Executive Vice President of Duke Realty Healthcare. Mr. Konkoli received his Bachelor's degree in Business from Baldwin-Wallace University.
Healthcare Trust of America, Inc. is the largest dedicated owner and operator of medical office buildings in the United States, based on gross leasable area ("GLA"). We provide the real estate infrastructure for the integrated delivery of healthcare services in highly desirable locations. Over the last decade through March 31, 2017, we have invested $4.3 billion primarily in medical office buildings and other healthcare assets comprising 17.8 million square feet of GLA. Our investments are targeted in 15 to 20 key markets that we believe have superior healthcare demographics that support strong, long-term demand for medical office space. We have achieved, and continue to achieve, critical mass within these key markets by expanding our presence through accretive acquisitions, and utilizing our in-house operating expertise through our regionally located property management and leasing platform.
Founded in 2006 and listed on the New York Stock Exchange in 2012, HTA has produced attractive returns for its stockholders that we believe have significantly outperformed the S&P 500 and US REIT indices.
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;
- changes in accounting principles generally accepted in the United States of America, policies and guidelines applicable to REITs;
- delays in liquidating defaulted mortgage loan investments; 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.
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SOURCE Healthcare Trust of America, Inc.