Q3 2013 Earnings Call Transcript

Transcript Call Date 11/05/2013

Operator: Good morning, and welcome to the Healthcare Trust of America Third Quarter 2013 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Robert Milligan, Senior Vice President of Corporate Finance. Please go ahead.

Robert Milligan - SVP, Corporate Finance: Thank you. Welcome to Healthcare Trust of America's third quarter earnings call. Joining me on the call today are Scott Peters, our President and Chief Executive Officer; and Kellie Pruitt, our Chief Financial Officer. We'll be happy to take your questions at the conclusion of our prepared remarks.

Last night, we filed our third quarter earnings release for 2013. This document can be found on the Investor Relations section of our website or with the SEC. This call is being webcast live from our website and will be available for replay for the next 90 days.

During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the current beliefs of the management and the information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance. Therefore, our actual future results can be expected to materially differ from our expectations. For a more detailed description on some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website.

I will now turn the call over to Scott Peters, President and CEO of Healthcare Trust of America.

Scott D. Peters - Chairman, President and CEO: Thank you, Robert and good morning, everyone. We appreciate you joining our call today as we discuss Healthcare Trust of America's third quarter performance. Last night, we released our financial results for our third quarter 2013. As we will discuss today, we believe that our results reflect the steady and consistent performance of HTA's MOB portfolio, and the continual impact from our national in-house leasing and property management platform. This quarter we again grew our same-store operating performance by over 3%. This is the fourth consecutive quarter of over 3% same-store growth.

On the acquisition front, we acquired approximately $150 million of what we believe to be Class A, core critical medical office buildings in our key markets of Dallas, Pittsburg and Denver, as well as entering a new key market in South Florida. Finally, we continued our disciplined philosophy of maintaining a balance sheet that is investment grade and maintains the financial flexibility that positions HTA for future earnings growth regardless of any short-term uncertainty in the capital markets.

Turning to events in Washington, the implementation of the Affordable Care Act continued this quarter with the rollout of the healthcare insurance exchanges. Our view on this has been relatively consistent over the last year. We believe the first phase of the implementation will take a few years to complete, certainly longer than originally planned. However, this will prove to be a good thing for our tenants, the healthcare systems, physicians and physician groups that generally move slowly and could use the additional time to adapt.

Read our Earnings Call Transcript disclaimer.
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