Health Care REIT Looking Healthy
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Health Care REIT (HCN) SVP Mike Noto is definitely a numbers man, and we're following all of his numerical good news. He tells us that the company manages a $3.5B portfolio of medical office buildings through 37 offices nationwide, averaging a 94.5% occupancy rate and an 80% retention rate. This represents approximately 15% of HCN's total holdings. That's about 15M SF of MOB space in 218 buildings nationwide. With new money continuing to come into the MOB space, acquisition prices remain high, so HCN's response: a robust pipeline of development projects, including MOB repurposing projects wherein standard "doc in the box" buildings are converted to those that are more integrated and reflective of where healthcare delivery is heading. For more info on our sponsor, click here.