Healthcare Trust, Healthcare Realty Negotiating Asset Sales, Other Deals

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By Will Feuer

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Healthcare Trust of America Inc. and Healthcare Realty Trust Inc. said they are in advanced negotiations with three unnamed institutional investors for a combination of joint ventures and asset sales totaling $1.7 billion.

Net proceeds from the deals would be about $1.6 billion, the companies said.

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In February, HTA and Healthcare Realty said that they agreed to merge in a deal that will give the combined companies a market capitalization of about $11.6 billion, bringing together two real-estate investment trusts that own medical-office buildings.
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The deal includes a special dividend of $4.82 a share for Healthcare Trust shareholders, the companies said at the time.

Healthcare Realty Chief Executive Todd Meredith said Monday that the proceeds from the joint ventures and asset sales will be used to fund the $1.1 billion special cash dividend.

Healthcare Realty’s management will lead the combined company, with Mr. Meredith remaining as CEO. The company will keep Healthcare Realty’s name and trade on the New York Stock exchange under ticker symbol HR.

The combined companies will own 727 properties totaling 44 million square feet, they said. Together they will operate more efficiently and improve their balance sheet and access to capital, the companies said.

The deal is expected to close in the third quarter of 2022.

Write to Will Feuer at [email protected]


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