Seeking Alpha

MLV & Co. initiates coverage on healthcare REIT names

  • LTC properties (LTC +0.2%) is started with a Buy rating and $42 PT, with analyst Paul Morgan noting the company's focus on memory care facilities amid expectations the number of Alzheimer's cases should grow by 40% over the next decade.
  • AVIV REIT (AVIV) is rated Hold with $30 PT. The company is exposed to risk from higher rates due to its long-term triple-net leases.
  • BioMed Realty Trust (BMR) is initiated at Hold with $23 PT, with Morgan saying the valuation reflects the near-term positives.
  • Smaller player Sabra Health Care REIT (SBRA +1.1%) rates a Buy with $31 PT, with Morgan noting a $60M investment for this company gets the same bang-per-buck as a $1B deal does for the sector's big three. He also sees synergies across the senior care landscape.
  • Physicians Realty Trust (DOC +0.3%) is started a Buy with $16 price target, with Morgan taking note of $344M in acquisitions of outpatient medical offices over the past year and another $200M coming in H2 of 2014.
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