Healthcare Realty Trust is in the selling mood, particularly for its off-campus assets.
Last week it announced the completion of $1.14 billion of asset sales and joint venture contributions since July 2022 at a 4.86% cap rate.
The transactions described above include the sale or expected sale of 34 properties and the contribution of 11 properties to joint ventures, according to a release.
These assets comprise 49% off-campus; 30% single-tenant; and 12% non-MOB.
These transactions enhance the quality and growth profile of the company by increasing portfolio exposure to higher-growth, multi-tenant, on-campus medical office buildings.
The company generated net proceeds of $1.03 billion from these transactions after accounting for HR’s joint venture interest as well as closing-related prorations and capital adjustments.
Furthermore, it has more than $100 million in assets under contract, which is expected to close by the end of February.
Healthcare Realty Trust integrates owning, managing, financing, and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States.