Newly announced MOB investments would bring REIT’s 2019 total to $3.5 billion
By John B. Mugford
Welltower could account for 30 percent or more of total MOB acquisitions this year. (Photo courtesy of Welltower)
Final 2019 medical office building (MOB) sales volume totals were not yet available when this edition of Healthcare Real Estate Insights™ went to press. But whatever the country’s total ends up being for last year – and well over $10 billion looks to be a good bet – Toledo-based Welltower Inc. (NYSE: WELL) is certainly going to account for a large share, possibly 30 percent or more, of that total.
During a third quarter (Q3) earnings conference call with securities analysts on Oct. 29, Chairman and CEO Thomas J. DeRosa noted that so far in 2019 the healthcare real estate investment trust (REIT) had grown its MOB portfolio “by approximately $2 billion … and the year is not over.”
Indeed it wasn’t.
Less than two weeks later, on Nov. 11, Welltower announced that it had agreed to make additional MOB acquisitions totaling $1.67 billion that, if they closed before the end of the year, would bring its 2019 MOB investment total to a staggering $3.5 billion.
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