Healthcare Realty Trust Incorporated (NYSE:HR) today announced that its board of directors has authorized the repurchase of up to $500 million of the company’s Class A common stock. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, or by other means, in accordance with applicable securities laws. The timing and total amount of stock repurchases will depend on business, economic, and market conditions, as well as regulatory requirements, prevailing stock prices, and other considerations. Share repurchases are expected to be funded on a leverage neutral basis with proceeds from asset sales.
“We are committed to prudently allocating capital to create value for our shareholders. We expect to further refine our portfolio through asset sales to increase our focus on key markets where we have the greatest potential for scale, concentrated clusters, and strong relationships that drive internal growth. This authorization represents the confidence we have in our business and strategy to drive long term growth, which we believe is not reflected in the current market valuation,” said Todd Meredith, the Company’s President and CEO.
The board’s authorization expires on May 31, 2024, and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of Class A common stock. The Company does not intend to use debt to fund the share repurchase program.
