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HTA Healthcare Trust of America

Healthcare Trust of America, Inc. is the largest dedicated owner and operator of medical office buildings in the United States, comprising approximately 25.4 million square feet of GLA, with $7.5 billion invested primarily in medical office buildings as of December 31, 2020. HTA provides real estate infrastructure for the integrated delivery of healthcare services in highly-desirable locations. Investments are targeted to build critical mass in 20 to 25 leading gateway markets that generally have leading university and medical institutions, which translates to superior demographics, high-quality graduates, intellectual talent and job growth. The strategic markets HTA invests in support a strong, long-term demand for quality medical office space. HTA utilizes an integrated asset management platform consisting of on-site leasing, property management, engineering and building services, and development capabilities to create complete, state of the art facilities in each market. This drives efficiencies, strong tenant and health system relationships, and strategic partnerships that result in high levels of tenant retention, rental growth and long-term value creation. Headquartered in Scottsdale, Arizona, HTA has developed a national brand with dedicated relationships at the local level.

Company profile

Ticker
HTA
Exchange
Website
CEO
Scott Peters
Employees
Incorporated
Location
Fiscal year end
Former names
Grubb & Ellis Healthcare REIT, Inc., Healthcare Trust of America Holdings, LP, NNN Healthcare/Office REIT, Inc.
SEC CIK
Subsidiaries
Healthcare Management of America, Inc. • Healthcare Trust of America Holdings, LP • HTA - MOB Acquisition, LLC • HTA - 10115 Kincey Avenue, LLC • HTA - 1060 Day Hill, LLC • HTA - 1070 North Curtis Road, LLC • HTA - 1080 Day Hill, LLC • HTA - 1092 Madison, LLC • HTA - 1223 Washington, LLC • HTA - 125 Rampart MOB, LLC ...

HTA stock data

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Calendar

5 Aug 21
15 Oct 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
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Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 118.77M 118.77M 118.77M 118.77M 118.77M 118.77M
Cash burn (monthly) 37.49M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 356.23M n/a n/a n/a n/a n/a
Cash remaining -237.46M n/a n/a n/a n/a n/a
Runway (months of cash) -6.3 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Sep 21 Foss Peter N Common Stock Grant Acquire A No No 30.61 105,660 3.23M 132,589
16 Sep 21 Blair W Bradley Ii Common Stock Grant Acquire A No No 30.61 17,593 538.52K 91,689
7 Jul 21 Fix Warren D Common Stock Grant Acquire A No No 27.24 3,671 100K 76,460
7 Jul 21 Leupp Jay P Common Stock Grant Acquire A No No 27.24 3,671 100K 9,088
7 Jul 21 Foss Peter N Common Stock Grant Acquire A No No 27.24 3,671 100K 26,929

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 358 351 +2.0%
Opened positions 49 55 -10.9%
Closed positions 42 37 +13.5%
Increased positions 144 124 +16.1%
Reduced positions 108 114 -5.3%
13F shares
Current Prev Q Change
Total value 5.6B 5.9B -5.0%
Total shares 221.81M 225.79M -1.8%
Total puts 101.2K 75.8K +33.5%
Total calls 46.3K 61.3K -24.5%
Total put/call ratio 2.2 1.2 +76.8%
Largest owners
Shares Value Change
Vanguard 31.31M $835.89M +0.6%
CNS Cohen & Steers 22.09M $589.83M -4.0%
BLK Blackrock 16.58M $442.72M -0.2%
PFG Principal Financial Group Inc - Registered Shares 16.26M $434.22M +2.8%
Daiwa Asset Management 12.33M $0 0.0%
APG Asset Management US 11.63M $312.63M +2.4%
STT State Street 7.62M $205.77M +6.9%
DSECF Daiwa Securities 5.33M $142.24M -5.1%
PGGM Investments 4.46M $119.17M -4.2%
American Century Companies 4.39M $117.31M +45.1%
Largest transactions
Shares Bought/sold Change
Victory Capital Management 229.12K -5.94M -96.3%
V3 Capital Management 2.34M +2.34M NEW
RY Royal Bank Of Canada 3.23M -1.87M -36.7%
American Century Companies 4.39M +1.37M +45.1%
Ceredex Value Advisors 576.23K -1.35M -70.0%
Millennium Management 1.95M +1.13M +139.4%
CNS Cohen & Steers 22.09M -929.43K -4.0%
Nuveen Asset Management 2.36M +814.23K +52.5%
Waterfront Capital Partners 648.33K +648.33K NEW
JEF Jefferies 638.6K +638.6K NEW

Financial report summary

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Risks
  • Risks Related to Our Business
  • We are dependent on investments in the healthcare property sector, making our profitability more vulnerable to a downturn or slowdown in that specific sector than if we were investing in multiple industries.
  • Our ability to make future acquisitions may be impeded, or the cost of these acquisitions may be increased, due to a variety of factors, including competition for the acquisition of MOBs and other facilities that serve the healthcare industry.
  • We may not be able to maintain or expand our relationships with hospitals, healthcare systems and developers, which may impede our ability to identify and complete acquisitions directly from hospitals, healthcare systems and developers, and may otherwise adversely affect our growth, business, financial condition and results of operations, the market price of our common stock and our ability to make distributions to our stockholders.
  • Our results of operations, our ability to pay distributions to our stockholders and our ability to dispose of our investments are subject to general economic conditions affecting the commercial real estate and credit markets.
  • Our growth depends on external sources of capital that are outside of our control, which may affect our ability to seize strategic opportunities, satisfy debt obligations and make distributions to our stockholders.
  • Our success depends to a significant degree upon the continued contributions of our Board members, and certain of our key personnel, each of whom would be difficult to replace. If we were to lose the benefit of the experience, efforts and abilities of one or more of these individuals, our operating results could suffer.
  • We rely on information technology in our operations; any material failure, inadequacy, interruption or security failure of that technology could harm our business, results of operations and financial condition.
  • Pandemics and other health concerns, including the currently ongoing COVID-19 pandemic, and the measures intended to prevent their spread, could have a material adverse effect on our business, results of operations, cash flows and financial condition.
  • Risks Related to Our Organizational Structure
  • We may structure acquisitions of property in exchange for limited partnership units of our operating partnership on terms that could limit our liquidity or our flexibility.
  • Our Board of Directors may change our investment objectives and major strategies and take other actions without seeking stockholder approval.
  • Certain provisions of Maryland law could delay, defer or prevent a change of control transaction.
  • Risks Related to Investments in Real Estate and Other Real Estate Related Assets
  • We are dependent on the financial stability of our tenants.
  • We face potential adverse consequences of bankruptcy or insolvency by our tenants.
  • Our tenant base may not remain stable or could become more concentrated which could harm our operating results and financial condition.
  • Our MOBs, developments, redevelopments, and other facilities that serve the healthcare industry and our tenants may be subject to competition.
  • The hospitals on whose campuses our MOBs are located and their affiliated healthcare systems could fail to remain competitive or financially viable, which could adversely impact their ability to attract physicians and physician groups to our MOBs and our other facilities that serve the healthcare industry.
  • The unique nature of certain of our properties, including our senior healthcare properties, may make it difficult to lease or transfer our property or find replacement tenants, which could require us to spend considerable capital to adapt the property to an alternative use or otherwise negatively affect our performance.
  • We face possible risks and costs associated with the effects of climate change and severe weather.
  • Uninsured losses relating to real estate and lender requirements to obtain insurance may reduce stockholder returns.
  • We may fail to successfully operate acquired properties.
  • We may not be able to control our operating costs or our expenses may remain constant or increase, even if our revenue does not increase, which could cause our results of operations to be adversely affected.
  • Increases in property taxes could adversely affect our cash flow.
  • Our ownership of certain MOB properties and other facilities are subject to ground leases or other similar agreements which limit our uses of these properties and may restrict our ability to sell or otherwise transfer such properties.
  • Our real estate development, redevelopment and construction platform is subject to risks that could adversely impact our results of operations.
  • Uncertain market conditions relating to the future disposition of properties or other real estate related assets could cause us to sell our properties or real estate assets on unfavorable terms or at a loss in the future.
  • The mortgage or other real estate-related loans in which we have in the past, and may in the future, invest may be impacted by unfavorable real estate market conditions and delays in liquidation, which could decrease their value.
  • Rents associated with new leases for properties in our portfolio may be less than expiring rents (lease roll-down) on existing leases, which may adversely affect our financial condition, results of operations and cash flow.
  • Costs associated with complying with the Americans with Disabilities Act of 1990 may result in unanticipated expenses.
  • Risks Related to the Healthcare Industry
  • New laws or regulations affecting the heavily regulated healthcare industry, changes to existing laws or regulations, loss of licensure or failure to obtain licensure could result in the inability of our tenants to make rent payments to us.
  • Comprehensive healthcare reform legislation could adversely affect our business, financial condition and results of operations, the market price of our common stock and our ability to pay distributions to stockholders.
  • Reductions in reimbursement from third party payors, including Medicare and Medicaid, could adversely affect the profitability of our tenants and hinder their ability to make rent payments to us.
  • Government budget deficits could lead to a reduction in Medicaid and Medicare reimbursement, which could adversely affect the financial condition of our tenants.
  • Risks Related to Debt Financing
  • We have and intend to incur indebtedness, which may increase our business risks, could hinder our ability to make distributions and could decrease the value of our Company.
  • Changes to, or the elimination of, LIBOR may adversely affect interest expense related to our indebtedness.
  • Covenants in the instruments governing our existing indebtedness limit our operational flexibility and a covenant breach could adversely affect our operations.
  • Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and negatively impact the market price of our securities, including our common stock.
  • Risks Related to Joint Ventures
  • The terms of joint venture agreements or other joint ownership arrangements into which we have entered and may enter could impair our cash flow, our operating flexibility and our results of operations.
  • Failure to qualify as a REIT for U.S. federal income tax purposes would subject us to federal income tax on our taxable income at regular corporate rates, which would substantially reduce our ability to make distributions to our stockholders.
  • To continue to qualify as a REIT and to avoid the payment of U.S. federal income and excise taxes, we may be forced to borrow funds, use proceeds from the issuance of securities or sell assets to pay distributions, which may result in our distributing amounts that may otherwise be used for our operations or cause us to forgo otherwise attractive opportunities.
  • To preserve our qualification as a REIT, our charter contains ownership limits with respect to our capital stock that may delay, defer or prevent a change of control of HTA or other transaction that may be benefit our stockholders.
  • Risks Related to Our Common Stock
  • The price of our common stock has and may continue to fluctuate significantly, which may make it difficult for you to sell our common stock when you want or at prices you find attractive.
  • Future offerings of debt securities, which would be senior to our common stock, or equity securities, which would dilute our existing stockholders and may be senior to our common stock, may adversely affect the market price of our common stock.
  • Our dividends to stockholders may change, which could adversely affect the market price of our common stock.
  • Increases in market interest rates may result in a decrease in the value of our common stock.
  • If securities analysts do not publish research or reports about our business or if they downgrade our common stock or the healthcare-related real estate sector, the price of our common stock could decline.
  • Risks Related to Forward Sale Agreements
  • Settlement provisions contained in a forward sale agreement could result in substantial dilution to our earnings per share and return on equity or result in substantial cash payment obligations.
  • The U.S. federal income tax treatment of the cash that we might receive from cash settlement of a forward sale agreement is unclear and could jeopardize our ability to meet the REIT qualification requirements.
  • In case of our bankruptcy or insolvency, any forward sale agreements will automatically terminate, and we would not receive the expected proceeds from any forward sales of our common stock.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • The use of the words “we,” “us,” or “our” refers to HTA and HTALP, collectively.
  • The information set forth below is intended to provide readers with an understanding of our financial condition, changes in financial condition and results of operations.
Content analysis
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Positive
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Readability
H.S. sophomore Avg
New words: Accommodation, began, Blair, Bradley, Chairman, charter, counsel, director, EAT, Exact, independent, investigation, investor, mezzanine, outcome, pending, Peter, pledge, possession, President, remote, removal, resigned, Scott, thinly, Titleholder, unamortized, undrawn, unfunded, whistleblower, written
Removed: amendment, disruption, experienced, minimal, monitor, noncontrolling, prolonged, recoverability, substantively