Jul. 2, 2014, 7:22 AM
- Citing a preference for more economically-sensitive REIT sectors, Goldman downgrades the Healthcare REIT sector to Neutral from Attractive. Alongside the sector cut, the team downgrades Omega Healthcare Investors (OHI) to Neutral. It's off 1% premarket.
- Among the other names in the sector: HCN, HCP, MPW, HTA, SNH, VTR, LTC, AVIV.
May. 30, 2014, 4:05 PM
May. 2, 2014, 8:13 AM
- Normalized FFO of $80.1M or $0.43 per share vs. $79M and $0.43 a year ago. Dividend is $0.39 per share.
- SNH acquired one property in April for $32.7M, and has another under agreement for purchase price of about $1.125B. Continuing to move away from reliance on government programs, company has nine properties on the market - the majority of their revenues come from Medicare, Medicaid, and related.
- CC at 1 ET
- Source: Press Release
- Previously: Senior Housing Properties Trust FFO in-line, misses on revenue
May. 2, 2014, 8:03 AM| Comment!
May. 1, 2014, 5:30 PM
Apr. 16, 2014, 5:37 PM
Apr. 16, 2014, 4:30 PM| 1 Comment
Apr. 2, 2014, 8:46 AM| 2 Comments
Mar. 19, 2014, 12:35 PM
- A check of other REITs externally managed by the Portnoys' Reit Management & Research - and thus possibly activist targets - finds no noticeable reaction to the dissident shareholder victory which likely means the removal of the entire CommonWealth board.
- Hospitality Properties Trust (HPT -1.7%), Senior Housing Properties (SNH), Government Properties Income Trust (GOV -0.4%), Select Income REIT (SIR -0.8%), RMR Real Estate Income Fund (RIF +0.1%). Other companies (not REITs managed by RMR): Five Star Quality Care (FVE -0.3%), TravelCenters of America (TA -1.2%).
Feb. 26, 2014, 8:57 AM
- "For a long time nobody thought a REIT could be successfully attacked, so nobody bothered," says Darren Novak, whose firm advises companies and activist investors. "If CommonWealth (CWH) falls, that perception will change."
- Activist battles and hostile takeovers in REITs are rare, write the WSJ's Robbie Whelan and Liz Hoffman, partly because of tax rules and corporate charters preventing any one investor from owning more than roughly 10% of a company's shares. Plus, REITs typically have hefty dividends, robbing activists of a typical complaint of not enough cash being returned to shareholders. Add to that the fact that REITs usually trade near book value, making it hard to argue about unlocking hidden value.
- If Corvex and Related are successful in tossing out CommonWealth REITs board and management, who might be the next target? Quickly coming to mind are Senior Housing Properties Trust (SNH), Government Property Trust (GOV), Select Income REIT (SIR), and Hospitality Properties Trust (HPT) - all also managed by the Portnoy's RMR.
- See also: Phil Goldstein's Bulldog Investors successfully pushes for faster buybacks at Javelin Mortgage.
Feb. 26, 2014, 8:22 AM
- Normalized FFO of $80.5M or $0.43 per share compares to $75.5M or $0.43 a year ago. Float at year's end was 188.2M shares vs. 176.6M at end of 2012. Full year normalized FFO per share of $1.69 falls from $1.75 in 2012.
- Since Oct. 1 company has acquired seven properties in five transactions for $56.4M. Company has one property under agreement to be purchased for price of about $1.125B.
- Continuing to focus on relying less on revenue from Medicare and Medicaid, company has for sale nine senior living communities with 708 living units and four MOBs.
- CC at 1 ET
- Press release, Q4 results
- SNH no trades premarket
Feb. 26, 2014, 8:03 AM
Feb. 26, 2014, 12:05 AM
Feb. 25, 2014, 5:30 PM
Jan. 7, 2014, 8:28 AM
- "We see a company in transition with greater disposition volumes recently announced and changes to its management agreement with RMR, to name a few," says Wells Fargo, cutting Senior Housing Properties (SNH) to a Sell, with the valuation range lowered to $20-$21 from $23-$25. "While several of these changes we view favorably, further asset sales could weigh on the shares as well as limit visibility into cash flow growth in 2014."
- The team notes SNH has had a recent history of hiking its dividend in October, but the date came and went this year without a move.
- Shares -0.7% premarket
- See also: Wells cuts Omega Healthcare to Sell.
Jan. 3, 2014, 8:06 AM| Comment!
SNH vs. ETF Alternatives
Senior Housing Properties Trust is a real estate investment trust. It owns and operates independent living and assisted living communities, continuing care retirement communities, nursing homes, wellness centers.
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