HTA announces stock repurchase program
Scottsdale-based Healthcare Trust of America, Inc. (HTA) (NYSE: HTA), a leading owner of medical office buildings, announced today that its Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $100 million of its Class A common stock from time to time prior to June 7, 2020.
Stock may be repurchased in open market and stock repurchases, and the amount and timing of any repurchase, will be dependent on various factors, including the Company’s capital position and needs, market conditions, other capital management objectives and opportunities, and applicable legal requirements. The Company intends to finance any stock repurchases through available cash and its revolving credit facility.
“We are committed to effectively using our capital, when appropriate, to increase shareholder value,” said Scott D. Peters, Chairman and Chief Executive Officer of the Company. “We believe the strength of our balance sheet, the quality of our portfolio and the stability of our cash flow affords us a strong capital allocation strategy.”
Healthcare Trust of America 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.