2009 LIKELY TO BRING MORE CHALLENGES AND OPPORTUNITIES FOR THIS SECTOR
As we enter 2009, many healthcare real estate investors have strong liquidity and limited near-term debt maturities, which suggests that they have the capacity to complete a significant volume of acquisitions.
However, the uncertainty related to future access to the public debt and equity markets has caused many of these investors to adopt much more conservative postures. As a result, we are seeing a growing divergence between the appetite for and pricing of high quality and well-leased portfolios relative to lower quality assets, especially to the extent those assets are not yet fully stabilized. The difficulty in accessing debt has also caused properties with attractive assumable debt to attract significantly more attention than would have been the case in a different environment.
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