Intrinsic value of Healthcare Trust of America - HTA

Previous Close

$31.40

  Intrinsic Value

$2.10

stock screener

  Rating & Target

str. sell

-93%

Previous close

$31.40

 
Intrinsic value

$2.10

 
Up/down potential

-93%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HTA.

We calculate the intrinsic value of HTA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.11
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
Revenue, $m
  461
  571
  697
  838
  996
  1,169
  1,358
  1,562
  1,782
  2,016
  2,264
  2,527
  2,803
  3,093
  3,396
  3,712
  4,042
  4,386
  4,744
  5,115
  5,502
  5,903
  6,321
  6,754
  7,205
  7,674
  8,162
  8,670
  9,198
  9,749
  10,324
Variable operating expenses, $m
 
  439
  535
  644
  765
  898
  1,043
  1,200
  1,368
  1,548
  1,739
  1,940
  2,153
  2,375
  2,608
  2,851
  3,105
  3,369
  3,643
  3,929
  4,225
  4,534
  4,854
  5,187
  5,534
  5,894
  6,268
  6,658
  7,064
  7,487
  7,928
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  362
  439
  535
  644
  765
  898
  1,043
  1,200
  1,368
  1,548
  1,739
  1,940
  2,153
  2,375
  2,608
  2,851
  3,105
  3,369
  3,643
  3,929
  4,225
  4,534
  4,854
  5,187
  5,534
  5,894
  6,268
  6,658
  7,064
  7,487
  7,928
Operating income, $m
  99
  133
  162
  195
  231
  271
  315
  362
  413
  468
  525
  586
  650
  717
  788
  861
  938
  1,018
  1,101
  1,187
  1,276
  1,370
  1,466
  1,567
  1,672
  1,780
  1,894
  2,011
  2,134
  2,262
  2,395
EBITDA, $m
  274
  350
  426
  513
  609
  715
  831
  956
  1,090
  1,234
  1,386
  1,546
  1,715
  1,892
  2,078
  2,272
  2,474
  2,684
  2,903
  3,130
  3,367
  3,613
  3,868
  4,133
  4,409
  4,696
  4,995
  5,305
  5,629
  5,966
  6,317
Interest expense (income), $m
  51
  62
  79
  99
  121
  146
  173
  203
  235
  270
  306
  345
  387
  430
  476
  523
  573
  625
  679
  735
  793
  854
  917
  983
  1,051
  1,122
  1,195
  1,272
  1,352
  1,435
  1,521
Earnings before tax, $m
  47
  71
  82
  95
  110
  125
  142
  159
  178
  198
  219
  241
  264
  287
  312
  338
  365
  393
  422
  452
  483
  516
  549
  584
  621
  659
  698
  740
  782
  827
  874
Tax expense, $m
  0
  19
  22
  26
  30
  34
  38
  43
  48
  53
  59
  65
  71
  78
  84
  91
  99
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  200
  211
  223
  236
Net income, $m
  46
  52
  60
  70
  80
  91
  103
  116
  130
  145
  160
  176
  192
  210
  228
  247
  266
  287
  308
  330
  353
  376
  401
  427
  453
  481
  510
  540
  571
  604
  638

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,748
  4,644
  5,666
  6,816
  8,096
  9,505
  11,041
  12,702
  14,486
  16,389
  18,408
  20,542
  22,787
  25,143
  27,608
  30,182
  32,866
  35,660
  38,567
  41,589
  44,730
  47,995
  51,387
  54,913
  58,578
  62,390
  66,356
  70,485
  74,783
  79,262
  83,931
Adjusted assets (=assets-cash), $m
  3,737
  4,644
  5,666
  6,816
  8,096
  9,505
  11,041
  12,702
  14,486
  16,389
  18,408
  20,542
  22,787
  25,143
  27,608
  30,182
  32,866
  35,660
  38,567
  41,589
  44,730
  47,995
  51,387
  54,913
  58,578
  62,390
  66,356
  70,485
  74,783
  79,262
  83,931
Revenue / Adjusted assets
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
Average production assets, $m
  3,276
  4,058
  4,951
  5,957
  7,076
  8,307
  9,649
  11,101
  12,659
  14,322
  16,087
  17,952
  19,914
  21,973
  24,127
  26,376
  28,722
  31,164
  33,704
  36,345
  39,091
  41,943
  44,908
  47,989
  51,193
  54,524
  57,990
  61,598
  65,354
  69,269
  73,349
Working capital, $m
  0
  -14
  -17
  -20
  -24
  -28
  -33
  -37
  -43
  -48
  -54
  -61
  -67
  -74
  -81
  -89
  -97
  -105
  -114
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -196
  -208
  -221
  -234
  -248
Total debt, $m
  1,769
  2,271
  2,836
  3,471
  4,177
  4,955
  5,803
  6,720
  7,704
  8,755
  9,869
  11,047
  12,286
  13,587
  14,948
  16,368
  17,850
  19,392
  20,997
  22,665
  24,399
  26,201
  28,074
  30,020
  32,043
  34,148
  36,337
  38,616
  40,988
  43,461
  46,038
Total liabilities, $m
  2,061
  2,563
  3,128
  3,763
  4,469
  5,247
  6,095
  7,012
  7,996
  9,047
  10,161
  11,339
  12,578
  13,879
  15,240
  16,660
  18,142
  19,684
  21,289
  22,957
  24,691
  26,493
  28,366
  30,312
  32,335
  34,440
  36,629
  38,908
  41,280
  43,753
  46,330
Total equity, $m
  1,687
  2,080
  2,538
  3,054
  3,627
  4,258
  4,947
  5,691
  6,490
  7,342
  8,247
  9,203
  10,209
  11,264
  12,368
  13,522
  14,724
  15,976
  17,278
  18,632
  20,039
  21,502
  23,021
  24,601
  26,243
  27,951
  29,728
  31,577
  33,503
  35,510
  37,601
Total liabilities and equity, $m
  3,748
  4,643
  5,666
  6,817
  8,096
  9,505
  11,042
  12,703
  14,486
  16,389
  18,408
  20,542
  22,787
  25,143
  27,608
  30,182
  32,866
  35,660
  38,567
  41,589
  44,730
  47,995
  51,387
  54,913
  58,578
  62,391
  66,357
  70,485
  74,783
  79,263
  83,931
Debt-to-equity ratio
  1.049
  1.090
  1.120
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  52
  60
  70
  80
  91
  103
  116
  130
  145
  160
  176
  192
  210
  228
  247
  266
  287
  308
  330
  353
  376
  401
  427
  453
  481
  510
  540
  571
  604
  638
Depreciation, amort., depletion, $m
  175
  217
  265
  319
  378
  444
  516
  594
  677
  766
  860
  960
  1,065
  1,175
  1,290
  1,411
  1,536
  1,667
  1,802
  1,944
  2,090
  2,243
  2,401
  2,566
  2,738
  2,916
  3,101
  3,294
  3,495
  3,704
  3,922
Funds from operations, $m
  181
  269
  325
  388
  458
  535
  619
  710
  807
  910
  1,020
  1,136
  1,257
  1,385
  1,518
  1,657
  1,802
  1,953
  2,110
  2,273
  2,443
  2,619
  2,803
  2,993
  3,191
  3,397
  3,611
  3,834
  4,066
  4,308
  4,560
Change in working capital, $m
  -23
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
Cash from operations, $m
  204
  271
  328
  392
  462
  540
  624
  715
  812
  916
  1,026
  1,142
  1,264
  1,392
  1,525
  1,665
  1,810
  1,962
  2,119
  2,282
  2,452
  2,629
  2,813
  3,003
  3,202
  3,408
  3,623
  3,846
  4,079
  4,321
  4,574
Maintenance CAPEX, $m
  0
  -175
  -217
  -265
  -319
  -378
  -444
  -516
  -594
  -677
  -766
  -860
  -960
  -1,065
  -1,175
  -1,290
  -1,411
  -1,536
  -1,667
  -1,802
  -1,944
  -2,090
  -2,243
  -2,401
  -2,566
  -2,738
  -2,916
  -3,101
  -3,294
  -3,495
  -3,704
New CAPEX, $m
  -635
  -783
  -893
  -1,006
  -1,119
  -1,231
  -1,342
  -1,452
  -1,559
  -1,663
  -1,765
  -1,865
  -1,962
  -2,059
  -2,154
  -2,250
  -2,345
  -2,442
  -2,540
  -2,641
  -2,745
  -2,853
  -2,965
  -3,081
  -3,203
  -3,331
  -3,466
  -3,608
  -3,757
  -3,914
  -4,080
Cash from investing activities, $m
  -606
  -958
  -1,110
  -1,271
  -1,438
  -1,609
  -1,786
  -1,968
  -2,153
  -2,340
  -2,531
  -2,725
  -2,922
  -3,124
  -3,329
  -3,540
  -3,756
  -3,978
  -4,207
  -4,443
  -4,689
  -4,943
  -5,208
  -5,482
  -5,769
  -6,069
  -6,382
  -6,709
  -7,051
  -7,409
  -7,784
Free cash flow, $m
  -402
  -687
  -782
  -879
  -975
  -1,070
  -1,163
  -1,253
  -1,340
  -1,424
  -1,505
  -1,583
  -1,658
  -1,732
  -1,804
  -1,875
  -1,945
  -2,016
  -2,088
  -2,161
  -2,236
  -2,314
  -2,395
  -2,479
  -2,568
  -2,661
  -2,759
  -2,863
  -2,972
  -3,088
  -3,210
Issuance/(repayment) of debt, $m
  152
  502
  564
  635
  707
  778
  848
  917
  984
  1,050
  1,115
  1,178
  1,239
  1,300
  1,361
  1,421
  1,481
  1,542
  1,605
  1,668
  1,734
  1,802
  1,873
  1,946
  2,023
  2,104
  2,189
  2,279
  2,373
  2,472
  2,577
Issuance/(repurchase) of shares, $m
  419
  353
  398
  446
  493
  540
  585
  628
  669
  708
  745
  780
  814
  846
  876
  906
  936
  965
  994
  1,024
  1,055
  1,086
  1,119
  1,153
  1,189
  1,227
  1,267
  1,310
  1,355
  1,403
  1,454
Cash from financing (excl. dividends), $m  
  560
  855
  962
  1,081
  1,200
  1,318
  1,433
  1,545
  1,653
  1,758
  1,860
  1,958
  2,053
  2,146
  2,237
  2,327
  2,417
  2,507
  2,599
  2,692
  2,789
  2,888
  2,992
  3,099
  3,212
  3,331
  3,456
  3,589
  3,728
  3,875
  4,031
Total cash flow (excl. dividends), $m
  157
  169
  180
  202
  225
  248
  270
  292
  313
  334
  355
  375
  395
  414
  433
  452
  472
  491
  511
  531
  552
  574
  596
  620
  644
  670
  697
  726
  756
  787
  821
Retained Cash Flow (-), $m
  -308
  -404
  -458
  -516
  -573
  -631
  -688
  -744
  -799
  -852
  -905
  -956
  -1,006
  -1,055
  -1,104
  -1,153
  -1,202
  -1,252
  -1,302
  -1,354
  -1,407
  -1,462
  -1,520
  -1,580
  -1,642
  -1,708
  -1,777
  -1,849
  -1,926
  -2,007
  -2,092
Prev. year cash balance distribution, $m
 
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -225
  -278
  -313
  -348
  -384
  -418
  -452
  -485
  -518
  -550
  -581
  -611
  -641
  -671
  -701
  -731
  -761
  -791
  -823
  -855
  -889
  -923
  -960
  -998
  -1,038
  -1,080
  -1,124
  -1,170
  -1,219
  -1,271
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  -207
  -234
  -238
  -237
  -232
  -222
  -209
  -193
  -174
  -155
  -135
  -116
  -97
  -80
  -65
  -51
  -40
  -30
  -22
  -16
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.7
  90.0
  86.0
  82.4
  79.3
  76.5
  73.9
  71.7
  69.6
  67.8
  66.1
  64.6
  63.2
  61.9
  60.7
  59.6
  58.6
  57.6
  56.7
  55.9
  55.1
  54.3
  53.6
  52.9
  52.3
  51.6
  51.0
  50.4
  49.9
  49.3

Healthcare Trust of America, Inc. is a real estate investment trust. The Company is an owner and operator of medical office buildings (MOBs) in the United States. The Company focuses on owning and operating MOBs that serve healthcare delivery and are located on health system campuses, near university medical centers, or in community core outpatient locations. As of December 31, 2016, the Company's portfolio consisted of approximately 17.7 million square feet of gross leasable area. As of December 31, 2016, the Company's portfolio included MOBs, such as single-tenant and multi-tenant, and other healthcare facilities, such as hospitals and senior care. As of December 31, 2016, the Company's portfolio had 355 buildings located in 31 states. As of December 31, 2016, the Company's properties were located in various states of the United States, such as Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Nevada and Utah.

FINANCIAL RATIOS  of  Healthcare Trust of America (HTA)

Valuation Ratios
P/E Ratio 96.7
Price to Sales 9.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow -10.3
Growth Rates
Sales Growth Rate 14.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 105.5%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 104.9%
Total Debt to Equity 104.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.4%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 2.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68.8%
Gross Margin - 3 Yr. Avg. 69.1%
EBITDA Margin 59.2%
EBITDA Margin - 3 Yr. Avg. 59.7%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 345.7%

HTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HTA stock intrinsic value calculation we used $461 million for the last fiscal year's total revenue generated by Healthcare Trust of America. The default revenue input number comes from 2016 income statement of Healthcare Trust of America. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HTA stock valuation model: a) initial revenue growth rate of 23.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for HTA is calculated based on our internal credit rating of Healthcare Trust of America, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Healthcare Trust of America.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HTA stock the variable cost ratio is equal to 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HTA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Healthcare Trust of America.

Corporate tax rate of 27% is the nominal tax rate for Healthcare Trust of America. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HTA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HTA are equal to 710.5%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Healthcare Trust of America operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HTA is equal to -2.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1687 million for Healthcare Trust of America - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 200.537 million for Healthcare Trust of America is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Healthcare Trust of America at the current share price and the inputted number of shares is $6.3 billion.

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COMPANY NEWS

▶ Healthcare Trust of America reports 3Q results   [Oct-24-17 05:17PM  Associated Press]
▶ These 3 Stocks Just Raised Their Dividends   [Aug-07-17 08:01AM  Motley Fool]
▶ Welltower Compared to Other Industry Players after 2Q17   [Aug-04-17 09:07AM  Market Realist]
▶ How Welltower Fared in Terms of Cost Control in 2Q17   [Aug-02-17 08:57AM  Market Realist]
▶ Welltowers Main Revenue Drivers in 2Q17   [08:57AM  Market Realist]
▶ How Did Welltower Do in I2Q17 Results?   [08:57AM  Market Realist]
▶ Healthcare Trust of America reports 2Q results   [Jul-31-17 09:28PM  Associated Press]
▶ How Does Wall Street Rate Welltower among Healthcare REITs?   [Jul-19-17 09:06AM  Market Realist]
▶ How Well Does Welltower Manage Its Balance Sheet?   [Jul-18-17 10:36AM  Market Realist]
▶ Innovation and Foreign Investment Drive Welltowers Growth   [Jul-17-17 10:41AM  Market Realist]
▶ Will Welltower Maintain Its Business Momentum in the Future?   [Jul-14-17 06:05PM  Market Realist]
▶ REITs Deserve Cornerstone Status   [Jun-07-17 07:00AM  Forbes]
▶ Scott D. Peters Video Interview on Duke MOB Acquisition   [May-11-17 11:13AM  PR Newswire]
▶ Healthcare Trust of America reports 1Q results   [Apr-26-17 05:52PM  Associated Press]
▶ BlackRock: 'Make Room for Real Estate'   [Mar-20-17 01:12PM  Barrons.com]
▶ BlackRock: 'Make Room for Real Estate'   [01:12PM  at Barrons.com]
▶ A Peak Inside The Durable Income Portfolio   [Mar-06-17 07:00AM  at Forbes]
▶ Healthcare Trust of America reports 4Q results   [Feb-15-17 04:41PM  Associated Press]
Financial statements of HTA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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