Healthcare Realty Trust Inc.
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.
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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 (
Wells Fargo Securities - part of
Wells Fargo & Company (
; and Barclays Capital Inc - part of
Barclays PLC (
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.