Hegarty discussed the company’s decision earlier this year to sell a 45 percent interest in two class-A waterfront life science buildings in Boston. He noted that the resulting joint venture “certainly creates an opportunity for us going forward to tap into that type of structure, but I don’t envision any more in the near term.”
Turning to developments in senior housing, Hegarty noted that the current competitive environment has prompted the company to make additional investments across its portfolio.
“New construction keeps coming online all the time,” Hegarty noted. However, funds invested by the company in the last year or two are “bearing fruit right now,” he added.
Meanwhile, Hegarty pointed out that although there is still a steady flow of investment opportunities to consider in medical office and senior housing, the number of large portfolios are declining.
“Everything is very competitively priced right now, and we’re not stretching to buy a lot of that product. We’re buying individual properties here and there that we believe are inefficiently priced with potential upside,” Hegarty said.