www.reit.com The demand for health care facilities is approaching a point where it will outstrip supply, according to Jay Flaherty, chairman, president and CEO of HCP Inc. (NYSE HCP). In a REIT.com video interview at REITWeek 2011: NAREIT’s Investor Forum at the Waldrof=Astoria in New York, Flaherty discussed the latest developments with his company and the health care real estate sector in general. He said the aging baby boomers will continue to drive demand in the space in the long term. “There’s virtually nothing that would stop that demand driver – not for this year, not for the next decade, not for the next several decades,” Flaherty said. “At some point, there’s not enough supply to absorb that demand.” Within HCP’s five property types – medical office buildings, hospitals, life science facilities, senior housing and post-acute properties – Flaherty said his company is seeing more opportunities in the senior housing and post-acute sub-sectors. He also noted that HCP currently has development or redevelopment efforts going on in every sub-sector except hospitals. Flaherty said HCP is using the programs as test cases for how it will operate when demand really heats up. “If you add all these up, they’re very fine development and redevelopment opportunities, but they’re not of a scale in the aggregate that is really going to move the needle for our company,” he said. “To a certain extent, we’re doing this as a little bit of an experiment. They will have very fine …
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