Healthcare Trust of America, Inc.

Reported third-quarter same-store NOI growth was 2.5%. FFO per share was $0.44, up 2.3% versus 2020, and year-to-date earnings were $1.32 per share, up more than 3% versus 2020. Normalized FAD was $78 million, and year-to-date normalized FAD was $248 million, up 4% from 2020. G&A was $10.8 million, less than 10% of NOI. The company ended the quarter with $1.2 billion of liquidity and net debt-to-EBITDA of 5.8x, including unsettled Ford equity agreements totaling $218 million. Leasing totaled 670,000 square feet, including 227,000 square feet of new leases, and renewal spreads were 2.9% on 450,000 square feet of renewals. Acquisitions closed in the quarter totaled $135 million at an anticipated in-place year-one yield of 5.7%, with year-to-date investment activity of $188 million and expected total investment activity of over $400 million including $69 million of loan funding commitments. Management said it re-confirmed full-year guidance by tightening the range while leaving the midpoint intact, but did not state the figures on this call.

Interim CEO Peter Foss framed HTA as a scaled platform with room to unlock more value through better execution, talent additions, infrastructure, and data/analytics. He said the team is adding leasing, investment, HR, technology, and market research capabilities without meaningfully increasing costs relative to the growth they expect. His tone was upbeat and forward-looking, emphasizing that the quarter showed the business kept moving despite the noise around leadership changes and the board process.

CFO Robert Milligan said quarterly financial performance remained strong, supported by 2.5% same-store NOI growth, $0.44 FFO per share, and $78 million of normalized FAD. He highlighted $10.8 million of G&A, a $1.2 billion liquidity position, and the October refinancing of the $1.3 billion unsecured credit facility, which lowered borrowing costs and extended term by four years including options. He also detailed quarter acquisitions of $135 million, a $159 million pipeline under contract/LOI, and a development pipeline of five projects totaling almost $400 million and over 850,000 square feet of GLA.

Analysts focused on the strategic review, asking whether a permanent CEO implies an entity-level transaction, whether bids had been solicited, and how far along JV discussions are. Management repeatedly declined to discuss process specifics, but said the board is evaluating all alternatives and that JV discussions are active, with Robert Milligan saying private capital interest in MOB is high and that there are “a number good conversations currently in the works.” Questions also addressed the whistleblower investigation; Peter Foss said the fact-finding was complete, while declining to discuss discipline or remaining personnel actions.