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Tuesday, January 31, 2023

Healthcare Realty (NYSE: HR) and Healthcare Trust of America (NYSE: HTA) to Merge

Healthcare Realty Trust Incorporated (NYSE: HR) and Healthcare Trust of America, Inc. (NYSE: HTA) both have confirmed that they have decided to ink into a strategic business combination. After completion of the transaction, the new Company will continue to operate with the Healthcare Realty name and trade on the NYSE under the ticker symbol HR.

After the execution of the merger agreement, the firm will have its headquartered in Nashville and has additional corporate offices in Scottsdale and Charleston. The Company will deploy a thorough integration process to guarantee continuity for renters, staff members, and all stakeholders.

Furthermore, Todd Meredith, President, and CEO, and Kris Douglas, Executive VP, and CFO, will lead the Healthcare Realty executive team. The new Company will keep operating under the Healthcare Realty name and trade on the NYSE under the ticker symbol HR once the deal is completed.

Additionally, HTA shareholders will get a total implied value of $35.08 per share based on HR’s unchanged price of $30.26 on February 24, 2022, which includes a special cash dividend of $4.82 per share and a deal exchange ratio of 1:1. This deal combined two of the largest medical office building owners. It led to the creation of the foremost, pure-play medical office building REIT, which positions the combined firm to generate long-term shareholder value.

Moreover, the Company will have a pro forma equity market capitalization of nearly $11.6 billion and a total enterprise value of $17.6 billion based on implicit values at market close on February 24, 2022. The deal is projected to close in the Q3 of 2022, contingent upon standard closing conditions. HR’s Board of Directors and HTA’s Board of Directors both unanimously authorized the deal.

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