Healthcare Realty Trust announces strategic joint venture with KKR

Healthcare Realty Trust Incorporated has entered into a strategic joint venture relationship with KKR to jointly own and invest in quality medical outpatient buildings.

Healthcare Realty expects to receive approximately $300 million in proceeds for the contribution of a seed portfolio to the joint venture and will partner with KKR to explore additional acquisitions, including the potential contribution of more Healthcare Realty properties to the joint venture.

Under the terms of the agreement, Healthcare Realty will contribute 12 of its existing properties to seed the joint venture at a value of $382.5 million, representing a cap rate of approximately 6.6 percent. KKR will make an equity contribution to the joint venture equal to 80 percent of the value of the properties. Healthcare Realty will retain a 20 percent interest and will manage the joint venture, as well as continue to oversee day-to-day operations and leasing of the properties. KKR has also committed up to