Healthcare Realty Trust (HR) forms acquisition JV with TIAA.

Healthcare Realty Trust (HR) announced that it has formed a joint venture with Teachers Insurance and Annuity Association (TIAA) to invest in "a broad range of medical office buildings."  HR said the partnership expects to purchase approximately $200 million of properties annually, primarily on an unlevered basis.  Healthcare Realty will own a 50% interest in the venture and will be responsible for all leasing and operating activities.  On November 12, the JV purchased its first property for $16.6 million at a 5.1% cap rate.

Based in Nashville, TN, Healthcare Realty is a mid-cap health care REIT specializing in the ownership and management of outpatient medical office buildings throughout the United States.  HR has a total market capitalization of approximately $5.7 billion and is a component of the S&P MidCap 400 index.