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com Media Contact: Robert Milligan Senior Vice President of Corporate Finance Healthcare Trust of America, Inc. 480.998.3478 robertmilligan@htareit.com
Healthcare Trust of Americas Director of Leasing South/Southwest Region Interviewed by Commercial Executive Magazine SCOTTSDALE, ARIZONA (March 27, 2013) On March 27, 2013, Commercial Executive Magazine (CEM) published an interview with Chelsea Maddox, Healthcare Trust of America, Inc.s (HTA) Director of Leasing for the South/Southwest Region. The article, which discusses HTA and its new in-house leasing platform, was published on CEMs website (www.cem-az.com) and can also be located on HTAs home page (www.htareit.com). About Healthcare Trust of America, Inc. Healthcare Trust of America, Inc. (NYSE:HTA), a publicly traded real estate investment trust, is a fullyintegrated, leading owner of medical office buildings. HTA listed its shares of Class A Common Stock on the New York Stock Exchange on June 6, 2012. HTA is a full-service real estate company focused on acquiring, owning and operating high-quality medical office buildings that are predominantly located on or aligned with campuses of nationally or regionally recognized healthcare systems in the U.S. Since its formation in 2006, HTA has built a portfolio of properties that totals approximately $2.6 billion based on purchase price and is comprised of approximately 12.6 million square feet of gross leasable area located in 27 states. It operates its properties through regional offices in Scottsdale, Charleston, Atlanta, and Indianapolis.
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Women in poWer
Profiles on 12 of tHe VAlleys most influentiAl women in tHe commerciAl reAl estAte industry
Company profile: AlliAnce BAnk exeCutive profile: HeAltHcAre trust of AmericAs cHelseA mAddox latest industry updates: finAnce, legAl, industriAl Cem-az.Com issue 2, 2013
Executive Profile
A brAndnew dAy
New HTA leAsiNg direcTor is deTermiNed To mAke A differeNce
by debrA GelbArt
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Commercial Executive magazine
helsea Maddox is a builder, but not in the conventional sense. As director of leasing, South/Southwest Region, for Healthcare Trust of America, Inc. (HTA),Chelsea oversees the leasing of 3.4 million square feet of medical office space owned in Arizona and six other states. In this role, she intends to build a leasing brand for HTA. My ultimate goal is to make HTA the preferred medical office building (MOB) landlord in the Southwest, said Maddox, who before joining HTA was a senior associate with Cushman & Wakefield in the firms health care division where she represented a national tenant base. HTA strives to be the go-to MOB owner for health care tenants and health systems, and to build a consistent leasing brand throughout the South/Southwest. The leasing team at HTA will bring new energy and enthusiasm to every deal we encounter, and will take pride in each and every deal we touch.
by becoming the hospitals capital partner, Maddox said. Hospitals want to keep their employed physicians happy specifically with regard to the real estate assets they occupy. Owning, leasing and managing MOBs is what HTA does. As a healthcare REIT with a national asset management platform, we have knowledge, resources, and economies of scale which allow us to manage MOBs efficiently. We truly understand the nuances of a physicians real estate needs, and by allowing HTA to step in and take that responsibility off the hospitals plate, were able to ensure that their physicians are provided with the best possible experience from a professional, experienced MOB landlord. That approach has met with considerable success. HTA-owned buildings are 91 percent occupied across the companys 12.6 million-square-foot portfolio. In Arizona, HTA owns 1.3 million square feet of medical office space.
Executive Profile
Chelsea Maddox direcTor of leAsiNg, souTH/souTHwesT regioN, HeAlTHcAre TrusT of AmericA, iNc.
Executive Profile
Healthcare systems have a vested interest in the medical office buildings on their campuses because those MOBs house some of their greatest assets their physicians. These buildings, however, are expensive to own and manage and HTA can assist by becoming the hospitals capital partner.
Chelsea Maddox
HTA Key FAcTs: eNTerprise VAlue: $3.5 Billion gross leAsAble AreA (sf): 12.6 Million occupANcy: 91.1% % mob: 90% sTATes: 27 crediT rATed TeNANTs: > 56% 2012 TeNANT reTeNTioN: 87% ANNuAl reTurNs siNce iNcepTioN*: 10.4% diVideNd / yield: $0.575 iNVesTmeNT grAde crediT rATiNgs: BBB- / Baa3
* As of march 11, 2013
said Maddox, who works directly with HTAs EVP of Asset Management, Amanda Houghton. Once a building becomes part of the HTA portfolio, Maddox and her teamsenior leasing associate Katie Kelley, leasing associate Sumer Riddle and leasing coordinator Patti Perkins get to work. At HTA, we are extremely forward-thinking, entrepreneurial and certainly motivated to get results, Maddox said. We bring fresh ideas to the traditional methods of structuring deals. REITs traditionally have taken a cookie cutter approach to leasing. We acknowledge that were going to need to evolve with healthcare and demonstrate creativity in the way we look at deals to accommodate the changing needs of our existing and prospective tenants. With that said, we are accountable not only to our tenants but also to our shareholders, so each lease negotiation has a definite balance. However, when you own well maintained buildings in premier locations, leasing discussions are always a bit easier. She encourages inquiries, she said, from thirdparty brokers representing physicians and hospital systems in each of her markets. We know our markets and aim to be fair and collaborative in every lease negotiation.
and outpatient surgical facilities so they can more easily monitor patients who require more complex care. That demand will drive up rental rates in 2013 for high-quality, efficient and well-located medical office buildings, she said. We are seeing increased demand for larger spaces from practice groups who are joining together. Specialists who need easier access to hospital facilities and equipment will congregate in on-campus buildings and general practice physicians will continue locating out in the communities, closer to their patient base. Since HTA is an MOB-focused REIT, we are more interested in outpatient medical visits than hospitalbased care, Maddox said. Health care providers will respond to new demands for medical office space by increasing capacity, and we will provide them with the space in which to accommodate that increased patient volume. More procedures will be performed due to this growing insured population, and performing these procedures has become far more cost effective in MOBs than in hospitals. She also predicted that increased demand for medical office space wont necessarily result in renovating existing space especially conversion of traditional office space to medical. The cost to repurpose general office space is actually more expensive than building from the ground up, she said. Repurposing isnt a viable option in many cases because its not cost-effective. We acknowledge that well need to be flexible with the configuration of space within our building walls. Fortunately, thats easy to accomplish in our MOBs, HTA already owns MOBs in premier locations, which puts us a step ahead of our competition. In 2012, she pointed out, providersboth physicians and hospitalsbegan looking to commit to longer-term leases for quality space adjacent to or on a hospital campus. While markets differ, she said, we are seeing a significant increase in
Executive Profile
estrella Medical Center 9301 & 9305 west Thomas road phoenix, AZ
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Webb Medical Plaza Building B 14418 west meeker boulevard sun city west, AZ
desert Ridge Medical Campus 20940 & 20950 N. Tatum boulevard phoenix, AZ
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leasing activity across our major markets, including Indianapolis, Atlanta and Phoenix. She expects that this trend will continue throughout 2013. Health systems are actively recruiting physician groups, creating demand for supplemental medical office space, she said. Vacancy rates will decline over the next 12 months, given the steady demand for space originating from large group practices and the hospital systems. She said the medical practices most affected by health care reform are smaller physician groups without hospital affiliation. These smaller physician groups have already or are considering joining with a health system versus continuing to operate and compete as a stand alone practice. In many cases, we have found that given the added requirements and costs to conform with federal reform standards, it often makes sense to combine operations with other
smaller practices, share resources and ultimately increase efficiencies if the physician groups are not joining with a health system. Also struggling are practices focused on senior care and dependent on Medicare and Medicaid reimbursements, as healthcare reform has taken a toll on reimbursement rates in such categories. For the last 2 years, HTA has focused on inhousing its property management. Now nearly 80% of our portfolio is managed in-house and we are reaping benefits from doing so by visibly increased retention rates and decreased costs. For the next 2 years, our leasing platform is our focus. My role with HTA offers the opportunity to create a superior, best-in-class leasing brand, and you can expect we will do things differently to achieve. Im really looking forward to whats ahead for my team and for HTA. l To leArN more, VisiT:
www.htareit.com
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