The deal could give Ventas an "inside track" to own the investments if Colony decides to exit health care, writes Capital One analyst Daniel Bernstein.
It's also provides an indirect way for Ventas to invest in skilled nursing, with about one-third of Colony's health-care NOI comes from skilled nursing, he writes.
Reiterates overweight recommendation and $69 price target for Ventas.
Sell-side average rating Neutral (2 Buy, 17 Hold, 2 Sell), average price target $63.
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