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Company
Profile
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Our experience has taught us that health systems must view their medical properties as long-term assets with strategic value. Discerning this value enhances their clinical mission, aligns interests and establishes lasting relationships.
David R. Emery Chairman and Chief Executive Officer
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Healthcare Realty Trust, listed on the New York Stock Exchange (HR), is a real estate investment trust ("REIT") that integrates owning, managing and developing properties associated with the delivery of outpatient healthcare services throughout the United States. The Company maintains a conservative business-risk profile, with a portfolio focused on medical office and outpatient facilities, which the Company believes represent the lowest risk and highest growth asset class in the healthcare sector.
As of June 30, 2008, Healthcare Realty Trust's real estate portfolio was comprised of six different facility types, located in 24 states, totaling approximately 10.8 million square feet. The Company’s investments totaled approximately $1.8 billion in 181 real estate properties and mortgages, excluding assets classified as held for sale and including investments in three unconsolidated limited liability companies. The Company provides property management services to approximately 7.2 million square feet nationwide.
Founded in 1992, Healthcare Realty sought to differentiate itself from typical medical real estate firms. As a non-sponsored real estate investment trust (i.e., the Company was not divested from or affiliated with any other organization), the Company attracted an independent board that includes among its members healthcare, real estate and finance professionals. Together with the Company's management team, they formulated a strategy that viewed real estate from a long-term, business perspective that balanced the interests of health systems, physicians and the Company. Healthcare Realty has focused on the medical office and outpatient sectors of the healthcare industry because of their high occupancy and low turnover rates, diverse tenancy with high rent coverages, and the largely private pay attributes of medical office tenants.
With a long-term, strategic perspective, the Company has focused its investments on building relationships with leading health systems where we meet all of their real estate needs for medical office and outpatient facilities. Healthcare Realty’s integrated approach to real estate investment includes equity funding, project development, design and construction, and property management. We have found that when a company has an established relationship with a health system and mutual interests are aligned, the usual short-term transactional focus related to ancillary properties can be replaced with strategic goals that will survive the vagaries of day-to-day operations.
Over recent years, the Company has constructed more than $500 million worth of medical real estate facilities. There are significant opportunities for development on hospital campuses or in adjacent markets where medical office/outpatient facilities are, in most cases, several years overdue. Hospitals have become increasingly focused on improving outpatient services for cost efficiency, new treatments, and preventing physicians from competing with the hospital by expanding facilities and services on their own. Long-term, the aged population is expected to nearly double by the year 2050, prompting proactive health systems to expand capacity and attract more physicians with whom it has a relationship.
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