Leaders of Rendina, Cornerstone and Welltower comprised a panel at BOMA MOB conference
By John B. Mugford
“The CEO Perspective” panel discussion during the BOMA MOB conference included (from left to right): Richard Rendina of Rendina, Tag Birge of Cornerstone Companies, Shankh Mitra of Welltower and moderator John Nero of Newmark. (HREI photo)
If there was an overriding theme to this year’s three-day BOMA MOB conference, which wrapped up Nov. 3 in Dallas, it was how so much new capital, including that from a wide range of institutional investors, has flooded into the healthcare real estate (HRE) sector in a rather short period of time.
During one of about 20 sessions at BOMA International’s 2021 Medical Office Buildings + Healthcare Real Estate Conference, a trio of chief operating officers (CEOs) at well-known HRE firms discussed the impact that all of the new capital is having on the sector as well as a variety of other topics, such as the state of HRE, acquisition pricing in the medical office building (MOB) space, opportunities and challenges their firms are seeing, and, in response to a question from the audience, what they are most proud of in terms of being a CEO and running their firms.
“One of the themes across the board here for all three of the panelists is that each of them has announced a really meaningful joint venture transaction this year, in 2021,” said the panel moderator, John Nero, managing director with the Healthcare Capital Markets team of New York-based Newmark Group Inc. (Nasdaq: NMRK). “Two years ago at the BOMA (MOB conference), the last time we were all together in person, there was a joint venture panel that I … moderated and we talked about how investing in joint ventures (JVs) had become a much more prominent thesis in the sector. And it’s very clear, now … in the last 18 months, that it’s becoming an increasing trend.”
So much so that in another session during the conference, “The Investor Flight Toward Healthcare Real Estate,” panelist Mindy Berman, senior managing director with Jones Lang LaSalle Inc. (NYSE: JLL), said that although the sector has historically seen an average of one new institutional investor entering the space annually,
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
