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August 29, 2016

Healthcare property investor's 2Q up 41%

By Matt Pilon

A major owner-operator of medical real estate that recently ramped up its Connecticut holdings said its second-quarter profits rose 41 percent on higher rental income and the sale of property.

Arizona-based Healthcare Trust of America (HTA) earlier this month reported profits of $13.1 million, or 9 cents per diluted share, up from $9.3 million, or 7 cents, in the same quarter a year ago.

In April, HTA acquired nearly 30 medical office buildings in the Hartford and New Haven areas from Avon’s Casle Corp. for approximately $178 million.

The buildings are affiliated with Hartford HealthCare, Eastern Connecticut Health Network and Yale New Haven Hospital.

HTA said its second-quarter revenue rose 14 percent over the year, to $113.2 million.

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