Healthcare Realty Trust Expands Joint Venture with KKR
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Healthcare Realty Trust Expands Joint Venture with KKR
Healthcare Realty Trust Incorporated (NYSE:HR) has recently announced an expansion of its joint venture with KKR, contributing an additional $118 million worth of properties. This strategic move is projected to generate approximately $94 million in proceeds, raising the total value of the joint venture to around $500 million. Both Healthcare Realty and KKR are actively seeking further acquisitions to bolster the venture, which may include more contributions from Healthcare Realty's portfolio.
Further Plans and Expectations
In a prior announcement made in July, Healthcare Realty disclosed that it has additional asset sales and joint venture transactions in various stages, which are expected to increase total proceeds from sales to over $1 billion. A significant portion of these transactions is anticipated to conclude in the third quarter of the financial year. The generated proceeds are expected to support share repurchases that are accretive and maintain a leverage-neutral position, as well as meet existing capital commitments.
CEO's Statement on Growth
Todd Meredith, the President and CEO of Healthcare Realty, emphasized the importance of this venture's expansion, stating, “The expansion of our joint venture with KKR shows continued progress towards our goal of generating more than $1 billion of proceeds from asset sale and joint venture transactions.” Meredith also mentioned that existing joint venture relationships are integral in providing proceeds amid current market conditions while serving as alternate sources for future growth capital.
About Healthcare Realty
Healthcare Realty is recognized as a leader in the real estate investment trust (REIT) sector, focusing on the ownership and operation of medical outpatient buildings primarily situated around leading hospital campuses. The company pursues growth through judicious property acquisition and development strategies. Being the first and the largest REIT to specialize in medical outpatient properties, Healthcare Realty boasts a diverse portfolio that encompasses nearly 675 properties, totaling approximately 40 million square feet, strategically concentrated in 15 key growth markets.
Contact Information
For more information regarding Healthcare Realty, interested parties can reach out to:
Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290
Frequently Asked Questions
What is the recent development involving Healthcare Realty Trust?
Healthcare Realty Trust has announced the expansion of its joint venture with KKR by contributing $118 million in properties, aiming to enhance its growth platform.
How much did Healthcare Realty contribute to the joint venture?
The company contributed $118 million of additional properties to its joint venture with KKR.
What are the expected proceeds from the new joint venture contributions?
The expansion is expected to generate approximately $94 million in proceeds, raising the joint venture's total value to around $500 million.
What are Healthcare Realty's long-term goals with this partnership?
Healthcare Realty aims to generate over $1 billion from asset sales and joint venture transactions as part of their long-term growth strategy.
How can investors get in touch with Healthcare Realty for inquiries?
Investors can contact Ron Hubbard, the Vice President of Investor Relations, at 615.269.8290 for any inquiries regarding the company.
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