Healthcare Trust of America, Inc. Executes Agreement to Acquire an Approximately 60,300 Square Foot Medical Office Building in Sugar Land, Texas
SCOTTSDALE, Ariz., Feb. 24 Healthcare Trust of America, Inc. ("HTA"), a self-managed, non-traded, real estate investment trust, announced the execution of a purchase and sale agreement to acquire a medical office building located in Sugar Land, Texas for approximately $12,400,000. The closing of the acquisition is subject to the satisfaction of a number of conditions.
Sugar Land Medical Building II is an approximately 60,300 square foot facility located near three acute-care hospitals: Sugar Land Medical Center, St. Luke's Hospital, and Methodist Sugar Land Hospital. The three story building is 100% leased with 83% of the space occupied by Texas Children's Health Centers through 2019. Texas Children's Health Centers is a wholly-owned subsidiary of Texas Children's Hospital, one of the largest pediatric hospitals in the U.S.
"This acquisition is appealing because of its quality tenants as well as its location in a rapidly growing Houston submarket," stated Mark D. Engstrom, Executive Vice President of Acquisitions for HTA. "This acquisition expands our Texas portfolio to approximately 965,000 square feet with a location near several significant hospitals."
For more information on Healthcare Trust of America, Inc. and to download the current prospectus, please visit www.htareit.com.
About Healthcare Trust of America, Inc.
Healthcare Trust of America, Inc. is a self-managed, publicly registered, non-traded, real estate investment trust. In 2009, HTA acquired approximately $494 million in medical office and healthcare-related assets. These assets include a total of 13 acquisitions and one other real estate-related asset, representing approximately 2.3 million square feet. Since its formation in 2006, HTA has made 53 geographically diverse acquisitions valued at approximately $1.46 billion based on purchase price, which includes 179 buildings and two other real estate-related assets. HTA's portfolio totals approximately 7.4 million square feet, and includes 160 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings located in 21 states.
This press release contains certain forward-looking statements with respect to the growth and value of HTA's portfolio and the value that the new building adds to HTA. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the acquisition of the building may not be completed if the conditions to closing are not satisfied; the strength and financial condition of the building; the strength and financial condition of the tenants; uncertainties relating to the local economy of Sugar Land, Texas; uncertainties relating to changes in general economic and real estate conditions; uncertainties regarding changes in the healthcare industry; uncertainties relating to the implementation of HTA's investment strategy; and other risk factors as outlined in HTA's prospectus, as amended from time to time, and as detailed from time to time in HTA's periodic reports, as filed with the Securities and Exchange Commission.
SOURCE Healthcare Trust of America, Inc.
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