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Healthcare Realty Trust Inc. ( (
- Snapshot Report
), a real estate investment trust (REIT), recently announced a public offering of 8 million shares to enhance its liquidity. The company has also decided to provide a 30-day option to the underwriters to purchase an additional 1.2 million shares.
Healthcare Realty intends to utilize the net proceeds from the transaction for the funding of two build-to-suit healthcare facilities, the acquisition of healthcare facilities and for general corporate purposes.
J.P. Morgan - part of J.P Morgan Chase & Co ( JPM - Analyst Report ) ); Wells Fargo Securities - part of Wells Fargo & Company (WFC); and Barclays Capital Inc - part of Barclays PLC (BCS) are acting as joint book-running managers for the offering.
At the end of second quarter 2012, Health Care Realty had cash and cash equivalents of $3.1 million. Total debt by the end of the quarter was $1.4 billion with a leverage ratio of approximately 48.1%. The company expects to meet its liquidity needs in fiscal 2012, including dividend payouts, repayment of maturing debt and funding other debt service through available cash.
Healthcare Realty owns, manages, and develops real estate properties that are associated with delivery of healthcare services throughout the U.S. The company primarily focuses on outpatient-related facilities that are strategically located on or near the campuses of large acute care hospitals and are associated with leading health systems. As of June 30, 2012, the company had investments of approximately $2.9 billion in 205 real estate properties and mortgages.
Health Care Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We also have our long-term Neutral recommendation on the stock.
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