SCOTTSDALE, Ariz., June 27, 2018 /PRNewswire/ — Healthcare Trust of America, Inc. (NYSE: HTA) announced today that it would redevelop the Medical Park of Cary, its existing 90,000 square foot medical park located adjacent to WakeMed Health & Hospital’s (“WakeMed”) – Cary Hospital. As part of the redevelopment, HTA will build a new 125,000 square foot, Class A medical office building which will be anchored by WakeMed, a leading health system based in Raleigh, North Carolina, and utilized for physician offices and outpatient services. Following this development, the Medical Park of Carywill increase to approximately 170,000 square feet of medical office space, including buildings that will remain operational throughout construction.
WakeMed Redevelopment Project Rendering
“This expansion aligns with WakeMed’s mission and our continued commitment to bring a broad range of needed and accessible health care resources closer to home; resources that will benefit patients and families for years to come,” commented Tom Cavender, vice president of Facilities & Construction for WakeMed. “We look forward to getting underway on this project with the goal of providing a facility that is patient-centered and embraces a healing environment for our patients, families, staff and physicians.”
HTA’s Chairman and CEO Scott D. Peters added, “We are excited to announce this redevelopment in partnership with WakeMed. The ability to transform our existing properties, which we acquired in 2010, into a state-of-the-art outpatient building creates value for all stakeholders, and furthers our strategy of investing in core, critical buildings in our key markets.”
Construction is expected to commence in the spring of 2019, with delivery by the beginning of 2021. Leasing and management of the property will be provided by HTA’s internal management platform. Planning for Phase 2 of this redevelopment, which would bring the total project to up to 225,000 square feet, will begin prior to completion.
About Healthcare Trust of America, Inc. (NYSE: HTA)
Healthcare Trust of America, Inc. (NYSE: HTA) is the largest dedicated owner and operator of medical office buildings in the United States, comprising over 24 million square feet of GLA, with over $7 billion invested primarily in medical office buildings. HTA provides real estate infrastructure for the integrated delivery of healthcare services in highly-desirable locations. Investments are targeted to build critical mass in 20 to 25 leading gateway markets that generally have leading university and medical institutions which translates to superior demographics, high-quality graduates, intellectual talent and job growth. The strategic markets HTA invests in support a strong, long-term demand for quality medical office space. HTA utilizes an integrated asset management platform consisting of on-site leasing, property management, engineering and building services, and development capabilities to create complete, state of the art facilities in each market. This drives efficiencies, strong tenant and health system relationships, and strategic partnerships that result in high levels of tenant retention, rental growth and long-term value creation. Headquartered in Scottsdale, Arizona, HTA has developed a national brand with dedicated relationships at the local level. Founded in 2006 and listed on the New York Stock Exchange in 2012, HTA has produced attractive returns for its stockholders that have significantly outperformed the S&P 500 and US REIT indices. More information about HTA can be found on the Company’s Website, Facebook, LinkedIn and Twitter.
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.
Robert A. Milligan
Chief Financial Officer
Healthcare Trust of America, Inc.
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