Healthcare Realty Trust Incorporated (HR) and Healthcare Trust of America (HTA) have agreed to enter into a strategic business combination.
The transaction brings together two of the largest owners of medical office buildings, creating the preeminent, pure-play medical office building REIT and positions the combined company to create long-term shareholder value. The company will have a pro forma equity market capitalization of approximately $11.6 billion and a total enterprise value of $17.6 billion based on the implied values at market close on Feb. 24.
The company will be led by the Healthcare Realty management team, with Todd Meredith as president and CEO and Kris Douglas as executive vice president and CFO. Upon 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.
The combination of Healthcare Realty and Healthcare Trust of America is expected to result in si