Healthcare Realty Trust Expands Nuveen JV, Bringing Total Year-to-Date Proceeds to Approximately $700 Million
Healthcare Realty Trust (NYSE:HR) has expanded its joint venture (JV) with Nuveen Real Estate, contributing eight properties worth $193 million to a new 80/20 JV.
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Rhea-AI Summary
Healthcare Realty Trust (NYSE:HR) has expanded its joint venture (JV) with Nuveen Real Estate, contributing eight properties worth $193 million to a new 80/20 JV. This brings the total value of JVs with Nuveen to over $600 million. Year-to-date, HR has completed over $800 million in JV and asset sales transactions, generating approximately $700 million in proceeds at an average cap rate of 6.6%.
The company expects additional asset sales and JV transactions to increase total proceeds to over $1 billion. These funds will be used for accretive, leverage neutral share repurchases and existing capital commitments. The expansion demonstrates HR's progress towards its goal of generating more than $1 billion in capital and highlights the value of its national operating platform in the outpatient medical real estate sector.
Positive
- Expanded JV with Nuveen Real Estate, contributing 8 properties worth $193 million
- Year-to-date proceeds from JV and asset sales reached $700 million
- Average cap rate of 6.6% on transactions
- Expected to increase total proceeds to over $1 billion
- Funds to be used for accretive, leverage neutral share repurchases
Negative
- None.
Details
News Market Reaction – HR
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NASHVILLE, Tenn., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) completed the contribution of eight properties for
Year-to-date the Company has completed over
“The expansion of our joint venture with Nuveen shows steady progress towards our goal of generating more than
About Healthcare Realty
Healthcare Realty is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes nearly 675 properties totaling approximately 40 million square feet concentrated in 15 growth markets. Additional information regarding the Company can be found at www.healthcarerealty.com.
Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290
In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty, including its Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors,” and in its Quarterly Reports filed thereafter and in the Company’s other SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.
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