After buying 29 properties for $87.0 million in cash during the second quarter, Community Healthcare Trust had a quieter Q3, paying $13.1 million for three properties and funding an $11.0 million mortgage. Also in the works, company officials said Friday, are five purchases for $24.8 million and work to turn 18 non-binding term sheets for $29.4 million into done deals.
If those efforts are successful, Community Healthcare Trust will have acquired 55 properties for $154 million. Community Healthcare Trust went public four months ago with agreements to pay $115 million for 35 properties in 18 states. Since the IPO, its shares (Ticker: CHCT) have fallen about 20 percent, taking the company's market cap down to about $120 million.
Seth Basham at Wedbush Securities is lifting his earnings estimates for Tractor Supply, saying the Brentwood-based specialty retailer should be able to accelerate its profit growth in 2016 after “somewhat of an investment year.” Basham has a price target of $100 for Tractor Supply (Ticker: TSCO), which opened Tuesday’s trading session at $83.91.
Mizuho analysts have hiked their target for shares of National Health Investors to $63 from $59 but kept their ‘neutral’ rating for the senior living-focused real estate investment trust. The move comes less than a month after the firm slashed its NHI target from $72. Shares of Murfreesboro-based NHI (Ticker: NHI) opened this morning’s trading at $59.01 and are down about 15 percent so far this year.
Analyst Ranjini Venkatesan at Moody's Investors Service has lifted his rating on the debt of Healthcare Realty Trust to Baa2 from Baa3, saying the Nashville-based company has improved its operations, signing more tenants to and generating more cash from its properties.
Over the last 2 years, Healthcare Realty has materially reduced its exposure to new developments. New projects announced at the end of 2Q2015 are modest in terms of scale, accounting for an investment of 1% of gross assets. The REIT acquired two MOB assets in 2015 for $53 million and expects to close another $50-100 million by year-end. Given the strong investor interest in high quality MOB assets, Moody's expects that it would be challenging to consistently find good assets at reasonable cap rates over the longer term.
SEE ALSO: Word of Fitch's upgrade of Healthcare Realty's paper back in March
Stifel Nicolaus analyst Dan Bernstein has upgraded shares of Healthcare Realty Trust to 'buy' from 'hold,' saying the Nashville-based REIT is a good value for investors to step in after it slipped from above to $25 to below $23 in the recent market swoon. Bernstein sees more than 20 percent upside for Healthcare Realty (Ticker: HR), which was changing hands at almost $23.20 Wednesday afternoon. Read more here.
Just as the dust is settling on the second-quarter earnings season, John Ransom at Raymond James has raised his rating on shares of Community Health Systems to 'outperform' from 'market perform.' He had gone in the other direction following the Supreme Court's Obamacare ruling in June, but the stock has since retreated near to pre-ruling levels. His new price target for the stock is $70. It was changing hands Friday morning (Ticker: CYH) at about $57.60.
Another analyst has weighed in on the prospects for shares of National Health Investors following word of the pending exit of CEO Justin Hutchens. And just like Juan Sanabria at Bank of America Merrill Lynch, John Kim at BMO Capital Markets says Hutchens' departure is a blow for NHI. He sees "very little managerial depth" at the Murfreesboro-based company and has lowered his rating on the company to 'market perform' from 'outperform.' He also has trimmed his price target more than 10 percent to $65. NHI (Ticker: NHI) is trading at about $58.50.
Bank of America Merrill Lynch analyst Juan Sanabria is a little unsettled by the looming and unexpected departure at National Health Investors of CEO Justin Hutchens. Sanabria on Tuesday downgraded shares of the Murfreesboro-based real estate investment trust to ‘underperform’ from ‘neutral,’ saying Hutchens’ exit creates added uncertainty. NHI shares (Ticker: NHI) slipped a bit Wednesday to $59.29. So far this year, they’re down about 15 percent.
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