Analyst Ranjini Venkatesan at Moody's Investors Service has lifted his rating on the debt of Healthcare Realty Trust to Baa2 from Baa3, saying the Nashville-based company has improved its operations, signing more tenants to and generating more cash from its properties.
Over the last 2 years, Healthcare Realty has materially reduced its exposure to new developments. New projects announced at the end of 2Q2015 are modest in terms of scale, accounting for an investment of 1% of gross assets. The REIT acquired two MOB assets in 2015 for $53 million and expects to close another $50-100 million by year-end. Given the strong investor interest in high quality MOB assets, Moody's expects that it would be challenging to consistently find good assets at reasonable cap rates over the longer term.
SEE ALSO: Word of Fitch's upgrade of Healthcare Realty's paper back in March
The Nashville Health Care Council has added June Manning as director of the Council Fellows program.
Manning will head the Council's initiative for senior industry executives. In her new role, she will establish the Fellows program goals, curriculum design and recruitment. She previously served as conference services manager for Butler | Snow. Prior to that, she was editor-in-chief of VerusMed. The Fellows program is currently co-led by Sen. Bill Frist and Vanderbilt professor Larry Van Horn.
Healthways has landed three new contracts for the Dr. Ornish's Program for Reversing Heart Disease.
The Nashville company has partnered with Hawaii Pacific Health, KentuckyOne Health and The Heart Health Center, a provider group in St. Louis. Terms of the contracts were not released.
"The addition of our first large provider group demonstrates the breadth of demand for solutions that combat the root causes of the most serious diseases," Alfred Lumsdaine (pictured), Healthways interim CEO, said in a release. "The Ornish Reversal Program offers patients a powerful alternative to high-cost treatment such as surgery and offers hospitals and providers a proven solution that supports the transition to value-based care."
Healthways has licensed the Dr. Ornish program since 2013. Shares of Healthways (Ticker: HWAY) were up slightly to $11.99 Thursday. Year to date, they're down nearly 40 percent.
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