Healthcare Realty Trust Incorporated (NYSE: HR) said in a statement that it has signed a joint venture to invest in a wide variety of medical office buildings with the Teachers Insurance and Annuity Association. By further diversifying its capital streams, the joint venture enhances the company’s attempts to achieve higher investment rates and earnings growth irrespective of market fluctuations. The Corporation is the controlling member of the partnership which handles day-to-day activities of the joint venture and rents the assets. A 50 percent stake in the joint venture is owned by Healthcare Realty which will fund the pro-rata portion of potential acquisitions. The joint venture plans to buy nearly 200 million in land annually and in most circumstances, does not contemplate using property-level debt.
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The joint venture acquired its first property on November 12th for $16.6 million at a 5.1 percent cap rate. The 92,139 square foot complex is located on the Mercy campus of Allina Healthcare in Minneapolis. Via the leasing of the 80% occupied building, the joint venture would aim to realize an incremental profit. Debt at the property level was not related to this initial purchase.
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In its forthcoming quarterly supplementary materials about assets owned by the joint venture, the Corporation plans to include further disclosure. BlackBirch Capital played the role of Healthcare Realty’s counsel on this deal.
Healthcare Realty Trust Incorporated (NYSE: HR) is an investment trust in real estate that combines the ownership, operation, funding, and creation of property revenue-producing facilities mainly associated with the delivery of outpatient healthcare services across the United States. The Corporation owned 211 real estate properties measuring 15.5 million square feet in 24 states as of September 30, 2020 and was estimated at approximately $5.5 billion. The Organization supplied 11.9 million square feet nationally with leasing and land maintenance facilities.
